10 Things I Know About... Keeping Your Money
Mary Ellen Regele of Worcester has more than 20 years of experience managing business budgets and provides coaching for small and home-based businesses. She can be reached at thebudgetcoach@aol.com.
10. REVIEW THE OFFERINGS
Your company may offer many or just a few benefits to its employees. Review them each year and take advantage of as many as possible.
9. GET FLEXIBLE
A Flexible Spending Account (FSA) provides you the opportunity to pay for health- and dental-related expenses pre-tax. This can save you 10 to 25 percent in your spending as it is not taxed as income.
8. CONSIDER DEPENDENTS
A Flexible Dependent Spending Account (FDSA) provides you the opportunity to pay for dependent-related expenses pre-tax. Elect this option to save on child or elder care.
7. FINANCIAL MATCH
Find out the maximum contribution that your company will make towards your retirement fund. Make sure you match to that limit to receive the full contribution of your company. This is free cash that will grow.
6. HEALTH CHECK
Review all of the options available to you for health care every year with your human resources department. Some plans offer larger deductibles or co-pays that can save you significant premiums up front.
5. THINK TAXES
Fill out a W-4 each year to maximize your net pay. Go to the IRS website to download the form. With your pay stubs and tax forms in hand, fill out the online withholding calculator to discover the correct withholding.
4. INSURANCE NEEDS
Take advantage of life insurance offered through your company. Your company may offer plans to employees for little or no premium.
3. COLLECT RECEIPTS
Keep a record of expenses not reimbursed to you by your employer. You may be entitled to a tax deduction for unreimbursed expenses such as uniforms, safety equipment or dues.
2. SAVINGS RATE
Keep track of contributions to IRAs you make after tax. Contributions you make on your own to IRAs may be tax deductible.
1. GET HELP
Meet with an expert to plan a budget, organize your spending and plan for your next tax year in advance.
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