albert paley artist

My paycheck is much smaller than it used to be. Thank goodness

For one thing, I re-adjusted my direct deposit so that all the money I have allocated for my emergency fund goes there straight from my paycheck. I don't have to transfer the funds and the money never appears in my checking account.

I also signed up for the new transportation reimbursement program at work. I put aside money every month for my Metro expenses. It comes out of my paychecks PRE-TAX.

I decided to leave my 401k contributions alone. I don't contribute so much that it would make a huge difference if I rerouted the contributions to my emergency fund, so I'll just keep putting into the 401k, buying up shares while they're in the toilet, hoping for the payoff when the market finally (cross your fingers and pray to God) recovers.

So, my Net pay is about $200 smaller a month than it had been before. That's a good thing. With less money going to checking, there's less money to create a "money mirage." That's what I call it when it looks like you have TONS of money in your checking account, but you really have squat because all your recurring payments haven't been debited yet. All the money you see, therefore, has already been spent and is not available for shopping, traveling or eating big expensive meals out.
Money mirages used to get me in a lot of trouble before I started managing my budget with a spreadsheet. Now they'll get me into even LESS trouble because less money is going into that account to begin with.

I currently sent up automatic transfers for my vacation fund and my Christmas spending fund too, but, I may try to get those direct-deposited, straight from the paycheck, too.

The biggest upside to this is how my tax liability has shrunk I have to check my old pay stubs for the correct amounts, but it looks as though I'm paying about HALF what I was on federal and local income taxes. And it's all legit and up front. I don't have to try and get my money back when I file taxes. I kept it all along. Lovely

DH

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