Happy New Year

Today, for a lot of us, is the 1st working day of the new year. Start off the new year on the right foot by keeping in mind your new year’s resolution. Whether it is to save more for retirement, save more for an emergency fund, pay off a credit card, reduce other debt, live within your means, save for your child’s college education, or give more, your salary is the bulk, if not the sole source, of your income. So, today, look at your most recent paycheck – gross pay & net pay.

Now, knowing what your net pay will be, determine how you will fulfill that new year’s resolution. If you don’t know, may I suggest you write down every expense by deducting each from your net pay.

Still no money left to fulfill that new year’s resolution? Well, you are in luck. This year the tax collected for social security has been cut by 2%. So you will have a few more dollars in your paycheck. Don’t squander those extra dollars. Ideally, one should set aside that money as if it wasn’t there. But you can use it for that new year’s resolution.

But remember, it’s only for 2011. When the clock strikes for 2012, the percentage of tax deducted for social security will return to the 2010 level.

Wishing you financial wellness for 2011.

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