While it’s easy to get used to spending more, that little extra cash in your paycheck may be just what you need to take the edge off a stressful financial situation.
According to the U.S. Department of the Treasury, 9 in 10 Americans got a bump in their take home pay as a result of the recently enacted tax laws. While most of us didn’t see enough to fund a family vacation, that old saying still rings true, every little bit helps.
Here are a few easy-to-implement ideas that could have a big impact on your financial needs:
- Pay a little extra on credit cards and student loans
- Set up your child’s college savings plan
- Increase your retirement savings contributions by 1-2%
Using the extra money in your take-home pay to reduce debt or save more for retirement can help you relieve financial stress without making changes to your current lifestyle.
What Should You Do Next?
If you are an actively-contributing member of the Annuity Plan and you’re still not sure where to start, talk to an EY financial planner at 1.877.927.1047. You’ll learn how making small changes today can lead to steady progress over time.
You may also run the numbers on a few calculators in the EY Financial Planning Center® when you log in at https://pbucc.eyfpc.com/. Go to the Evaluate tab and try out the Credit Card Payoff and Student Loan Consolidation calculators. To see the impact a small increase in savings can make, check out the Lunch Savings calculator.
Make the most of that extra take home pay. Contact EY today.
This article was used with permission by Ernst & Young LLP.