Information is great. But taking small steps now can lead to big changes.
Today
Check your withholding. A simple rule of thumb is to take one additional withholding on your W-4 for every $1,000 in tax refunds you received last year. It will reduce your refund but put more money in your paycheck.
If you haven’t already, sign up for direct deposit if you have an account at a bank or credit union.
If you don’t have a bank account, determine whether to open a checking account or use a payroll card/prepaid debit card. Think about the potential advantages and costs of checking account or payroll/prepaid debit card
Next Week
Enroll in employer-sponsored benefits If you happen to work for a place that offers a match for contributions to retirement, enroll in the retirement program. Your HR department can provide you with information about choices regarding your retirement account.
Use the checklist to make sure you’re making the most of your employee benefits.
During the Next Few Months
Set up a linked savings account to build savings.
Make sure you understand your benefits. If you have questions or concerns, meet with human resources staff where you work.
