Deductions/Taxes & Retirement categories are now included in the budget for your viewing pleasure. In previous budgets only the 'Take-Home' pay was presented. Now the budget shows the gross income and budgeting of every dollar!
Retirement saving of 15% is recommended by Dave Ramsey. Thats exactly what I'm doing since arriving at baby step 4. Curious if the savings is pre-tax or post-tax? My retirement savings is pre-tax. I don't think it really matters.
Deductions is a place in the budget where money drains away from your take-home income. I recommend that you review your deductions at least quarterly with your own eyes. I have deductions for employee parking, union dues, life insurance, federal taxes, medical, dental & vision.
Cutting out all deductions is not an option. As a union member the dues are a fact of life. The employee stock purchase plan (ESPP) is optional. I only add $5 each paycheck but this would be eliminated if I had debt. I'm required to pay taxes so those are fixed, or are they? The tax refund is a free loan to the government. Increase tax deductions on your W2 and bring home more each month. Early in my debt snowball I considered riding my bike to work to save the $20 monthly parking fee. I didn't but it was an option. How deep can you sacrifice?
I enjoy money and bacon.
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