Shrinking Paychecks and Some Good Reading

You’ve probably already received your first paycheck of 2013 and if you were paying attention you noticed that it was a bit smaller than you’re used to.

“What the hell??  I thought we avoided the fiscal cliff!  I don’t make anywhere near $400,000!”

While we were lucky enough to avoid the truly punishing tax increases that would have occurred if the country had gone over the cliff, one tax cut was not renewed.  The 2 percent Social Security tax cut that President Obama helped pass expired on December 31 which means your contributions to Social Security went up by 2 percent to their previous levels.

If you make $40,000, your take home pay will be reduced by $800 in 2013.  If you make $75,000 it will be reduced by $1500.  Ouch.

What this means is you will have to make do with less, either by cutting your expenses, increasing your income, or some combination of the two.

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Here are a handful of the best financial articles I’ve read lately…
70 Super Easy and Practical Ways to Save Money | Good Financial Cents
Talking To Your Elderly Parents About Money | Boomer and Echo
4 Simple Steps to Help You Start Investing in 2013 | Best Rates In
9 Ways to Build Passive Income | Financial Highway
Got Two Minutes?  You Can Beat the Market | Rob Carrick, Globe and Mail
Interview Tips for Older Workers | Krant Cents
How Fast Can You Pack Your Stuff in a Flood, Fire or Revolution? | Everyday Nomad
True Story: How to Cope When Your Spouse Skips Out with All the Cash | Len Penzo
Tricks Identity Thieves Use | Farnoosh Torabi
Your Car is Wrecking Your Retirement | Liz Weston, MSN Money

Wealthy Turtle was featured in the following Carnival:
Nerdy Finance #20: Welcome to 2013

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Mike is a freelance writer and blogger who specializes in finance and parenting topics. He is a dedicated husband and father of three who is obsessed with creating multiple streams of income and building wealth so he can achieve true financial freedom for his family. Like what you're reading? Subscribe to our free RSS feed and follow us on Twitter.

Comments

  1. Thanks for the mention, Mike!

  2. Thanks for the links, I am in good company. I think we are at a bigger cliff coming up! I hope Congress comes together to solve this.

  3. Already noticed my smaller paycheck. I knew this was coming, but forgot until the check hit my account, ugg.

  4. I guess that is quite a chunk for someone on $40k with a family! Sad but better than the full drop off the cliff as you say.

    Thanks for mentioning my article.

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