I have a challenge for you today.
It's a really good one.
The benefits of this challenge include:
-- heightened awareness of your money
-- potential for extreme money savings
-- feeling proud of yourself for learning something new
So... are you ready?
Today's challenge is:
LOOK AT YOUR PAYCHECK DEDUCTIONS.
Let's be serious for a minute. Don't lie to me-- have you ever really looked at all those deductions?
They are probably all acronyms- do you know what they all mean? Do you have any idea how much money gets removed from your paycheck before the money gets deposited into your bank account?
For those who have been reading for awhile, you might recall that last summer I realized that I had been paying for life insurance and hadn't even known it. I bet I was doing that for AT LEAST 2 years, maybe more!
At $10/paycheck, I was spending $260 per year on insurance that I didn't want.
Ugh. To this day, it still makes me SO upset that it took me so long to notice.
That is one of the reasons that the FIRST thing I do with my Budget Coaching clients is have them fill out a spreadsheet with every.single.deduction from their paycheck.
Just the simple act of giving me that information can open someone's eyes to where their money really goes!
Challenge: Accepted ?
So don't turn out like me, take me up on today's challenge!
Go find your most recent paystub and really look at all those deductions. If you don't understand something, google it! Or ask a coworker! Make sure you aren't paying for something that you weren't expecting.
And if you do find something that you want to cancel- talk to someone in your office ASAP! I know it can be annoying trying to figure out how to cancel some of these things... but it's so worth it.
If you run across any deductions that you don't understand, let me know and I'll try to help decipher! Leave a comment here or send me an email :)
[ ashley @ savingmoneyinyourtwenties .com ]