By now, we’ve all feeling the pinch of the expiration of the Payroll Tax Holiday. At the beginning of the year, the government chose not to extend the temporary reduction in Social Security contributions from 6.2% to 4.2%. The reduction was a measure put in place to encourage consumer spending, which makes up 70% of the national economy. While many of us have grown accustomed to the extra money in our paycheck we have to face the reality that we’re taking home less money in 2013. Even if you were fortunate enough to receive a raise in the last two years, the reduction will impact your bottom line. So, what can you do to offset the loss of earnings? Plenty! In Marcie Geffner’s article “Ten Ways to Find Money,” Gail Cunningham offers a wealth of information on how to keep more money in your pocket. If you’re looking to overhaul you budget in the New Year, “Ten Ways to Find Money” is a great place to start. You can access the article here. Also, let us know how you plan to saving money in 2013 in our comment section.
Until next time, I’m Thomas Fox for Cambridge Credit Counseling.