Â Â Â Because of the recent tax cut/decisions made by Congress, whatÂ many Americans will reap on their paychecksÂ will change in 2011.Â Now , let me point out ... I'm not here to argue or debate whether this recent vote was right or wrong ... so please, let's move past that and focus on the positive points I wish to make here in this post.Â Â
What I'm hoping to showcase and highlight here is this ...Â Should you see extra monies coming your way in 2011Â ... how do you plan on utilizing it?Â
Â Â Â It's time to do some PLANNING for these dollars!Â Whether large or small, these extra dollarsÂ CAN make a difference to you if they are applied and implemented in the right way.Â Â To prove that to you, I've included the toolsÂ below.Â I think you'll be pleasantly surprisedÂ should you do some investigating with your own dollars.Â
Â Â Â To viewÂ what changes may be in store for your personal paychecks, you can go to the following website:Â http://www.kiplinger.com/tools/2011_Social_Security_payroll_tax_cut_calculator.Â Â
Just as somewhat of a guideline though, here are some preliminary numbers to consider:Â (Based on the 2011 tax cut, a bi-weekly form of pay, prior to any monies being contributed elsewhere ... such as insurance/medical contributions, child care, or etc.)
At aÂ $50,000 Yearly Salary ... your checks will see an $38 increase/per paycheck
At aÂ $75,000 Yearly Salary ... your checks will see an $57 increase/per paycheck
At a $100,000 Yearly Salary ... your checks will see an $76 increase/per paycheck
After $106,800 in Yearly SalaryÂ ... additional calculations apply.Â
But after youÂ find out what amount of dollarsÂ may beÂ coming your way,Â then what?Â Consider options you have moving forward with this money.Â Â Again, applying aÂ little forethought and making plansÂ NOW may pay huge dividends for you later asÂ you actually start realizing this pay "increase".Â Â Let's consider some easy optionsÂ you have.
To see how applying your newly-realized paycheck increase could effectÂ paying down your credit card balances, go to the handy Credit Card CalculatorÂ installed for your benefitÂ on my website:Â http://www.genemundt.com/Credit-Card-Calculator.html.Â It's pretty mind-boggling to see what benefitÂ even a small amount of extra dollars applied to balances monthly can do.Â This also can have a real impact on your credit scores.Â Thinking of buying or refinancing in the future?Â GREAT idea to apply those savings here!
Â Placing extra moniesÂ (in addition to) theÂ regular monthly mortgage payments madeÂ can be a very tricky thing to calculate benefits of.Â There is no doubt that you will payoff the mortgage earlier and save dollars.Â ButÂ figuring that benefit and comparing it to placing the monies elsewhere ... notÂ as easy.Â I recommend utilizing the services of a financial planner for weighing those options.Â However, should you wish to see whatÂ dollar amounts would be involved for you when taking this action ... please go to:Â Â http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
Â Do you have a 401(k) Savings set-up for retirement benefits?Â Play with some differing numbers using the following 401(k) Savings Calculator.Â Again, you'll see the old saying applies ... "A little bit goes a long way".Â http://www.bloomberg.com/personal-finance/calculators/401k
Â Have a child's savings account earmarked for college tuition?Â I can tell you from personal experience gained when saving for our two boys' college years ... these savings can really end-upÂ making a huge impact on their college (and after) lives.Â Plus, from a lender's viewpoint I can tell you, college loan debt is becoming a real albatross around the necks of our college graduates.Â Saving now can cut down on the amount needing to be borrowed later.Â Thank you Mom and Dad!Â
(But a tip here to parents and contributors to a child's savings:Â Include the child in this savings plan.Â Make sure the childÂ takes part and see the importance of this action.Â Show them the monies building up in their account.Â Develop and nurtureÂ a "savings attitude" inÂ them.Â That attitude will payoff for them the rest of their lives.)Â
ViewÂ how balances can differ inÂ your regular savings account too.Â You don't need to be taking part in special accounts to make a big impact.Â See what happens if youÂ add even a little bit more to your regular savings accountÂ from each paycheck through this new tax cutÂ ... http://www.bankrate.com/calculators/savings/simple-savings-calculator.aspx.Â Real Savings!Â Getting excited now?
What may appear and be scoffed at as a minor "blip" in your finances, can actually be quite major in its effect.Â Use these calculators found here to see just what good this money can possibly mean to your present life ... your savings in a myriad of waysÂ ...Â your children and their futureÂ ... your retirement.Â Â
Plan now.Â Map out your goals.Â Take chargeÂ now.Â Otherwise you run the risk of doing nothing and seeing and reaping no change ... no return ... and squandering it.Â