New Visitors Privacy Policy Sponsorship Contact Us Media
Baby Boomers Family Green Home and Auto In Critical Condition Just Starting Out Lifestyle Money
- advertisement -
Bankrate.com
News & Advice Compare Rates Calculators
Rate Alerts  |  Glossary  |  Help
Mortgage Home
Equity
Auto CDs &
Investments
Retirement Checking &
Savings
Credit
Cards
Debt
Management
College
Finance
Taxes Personal
Finance

9 ways to stretch your paycheck

1.

Take charge of your salary. Get organized, and develop a spending plan. Keep it simple -- track money earned and spent. At month's end, compare. Where can you cut and save?

2. If the opportunity exists, work overtime or an extra shift at least once or twice a month.
3. Participate in a 401(k) or 403(b) plan. Your contributions are made with pretax dollars. You save for the future while reducing today's taxable income.
4. Set up a tax-advantaged IRA or Roth IRA account to build up your retirement savings.
- advertisement -
5. Take full advantage of all the employer-sponsored benefits such as flexible spending accounts, retirement plans and direct deposit to save time and money.
6. Participate in an employee-sponsored health plan. These plans allow you to pay for health-care premiums on a tax-free basis.
7. Save your raise. The next time you get a raise at work or a tax refund, consider directing half to savings. If you're not used to the money, you won't miss it.
8. Get paid weekly or biweekly? Then several times a year, you get an extra paycheck in the month. Put it in a savings account or put it in your rainy-day jar.
9. Rather than spending that 3 percent cost-of-living raise, bank it. Then the next time you get a raise, increase your disposable income by the amount of your last raise.
 
 
 
-- Updated: April 29, 2005
     

 

 
 
Print   E-mail

30 yr fixed mtg 4.08%
48 month new car loan 3.21%
1 yr CD 0.66%
Alerts


Mortgage calculator
See your FICO Score Range -- Free
How much money can you save in your 401(k) plan?
Which is better -- a rebate or special dealer financing?
VIEW MORE CALCULATORS

BASICS SERIES
Begin with personal finance fundamentals:
Auto Loans
Checking
Credit Cards
Debt Consolidation
Insurance
Investing
Home Equity
Mortgages
Student Loans
Taxes
Retirement

MORE ON BANKRATE
Ask the experts  
Frugal $ense contest  
Quizzes  
Form Letters


- advertisement -
 
- advertisement -

About Bankrate | Privacy Policy/Your California Privacy Rights | Online Media Kit | Partnerships | Investor Relations | Press Room | Contact Us | Sitemap
NYSE: RATE | RSS Feeds |

* Mortgage rate may include points. See rate tables for details. Click here.
* To see the definition of overnight averages click here.

Bankrate.com ®, Copyright © 2014 Bankrate, Inc., All Rights Reserved, Terms of Use.