30 Day Financial Cleanse: Day 4 Know How Much You Make

As a reminder this post series is all about getting a handle on your finances! I heard about Personal Capital, a personal finance software company, and their 30 Day Cleanse and decided to take the pledge and encourage my readers to do the same!

Check your pay stub and see how much you actually take home after taxes, health insurance, etc

This one may seem like a no brainer. Know how much you make! And if you have a partner, know their income as well. I for one have a lot of money coming out of my check. I participate in my company's 403b (which is a 401K for non-profit organizations), health insurance, and flex spending. It was really important for me to know what was coming out of my paycheck. Now for me, I do not work on commission or have any reason for my paycheck to fluctuate. For those that do, I imagine this step is even more crucial. Also, another note about my goals for my paycheck: since I know exactly what we need "take home" to meet our financial goals, any raise I may get is an opportunity for me to increase how much is going into retirement. If I don't ever get used to spending that extra money, I don't miss it. I just increase the percentage of how much of my paycheck goes into retirement based on the dollar amount I would see increased on my paycheck. 

Stay tuned for Day 5: Know How Much You Spend!


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