#86 – Paycheck Review

When was the last time you looked at your paycheck stub? Most paychecks now are electronic so you have to be intentional to look it up online. It’s not just the amount that gets deposited that you need to review. It’s all the deductions…the money you don’t see. It is your responsibility to make sure it is correct so you don’t have a big surprise at tax season.

Easy Challenge: Look at your last pay stub. Do you understand what each deduction line means? If not, google it or ask your HR. Are the dollar amounts correct?

Medium Challenge: Look at your past months paychecks. We’re there any differences?

Hard Challenge: Start setting long term goals for your money. Long term means 5+ years out. Maybe it’s to earn a certain dollar amount which means you need to work for a promotion or starting a side hustle. Maybe it’s to have a certain amount in your 401k which means you may need to contribute more to it now?

Tip: Make sure you at least match your employers 401k match. That’s easy free money to you. That’s the minimum amount you should contribute.