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"When was the last time you really studied your paycheck? Most of us know how much money we have coming in, but to really maximize your earnings, you need to fully understand everything on your paystub. To get started, follow this advice to ensure you are getting everything you can out of your paycheck. Maximize your income&amp;#039;s potential  You can actually make your money work for you by setting up a smart savings and spending strategy. Start with creating a budget that covers all of your monthly expenses and adjust the amount you are spending in each category to something you are comfortable with. Start an emergency fund and set long- and short-term savings goals to ensure that you are on track for big-ticket purchases, like a vacation, car or home. More from Manilla.com: Trick Yourself into Saving Money No matter your age, it&amp;#039;s never too early or too late to start saving for retirement. Many employers offer 401k retirement plans that allow you to invest part of your paycheck before taxes. Also, look into if your company matches your 401k and maximize this benefit to earn extra money on top of your regular income.  If you haven&amp;#039;t already, set up direct deposit for your paycheck. It not only saves you time by not having to go to the bank but also helps you stick to a budget by helping you to always know when your money is coming in. Bank of America, like most banks, offers free direct deposit into your checking, savings or money market account for any of your monthly income, including paycheck, pension and Social Security.  Be smart about taxes It is important to review your paycheck to ensure you aren&amp;#039;t over withholding, says Mitchell Fox, tax expert and co-founder of tax service GoodApril.com. &amp;quot;It can feel great to get a big refund at the end of the year, but you don&amp;#039;t want to make a huge interest-free loan to Uncle Sam,&amp;quot; Fox says. More from Manilla.com: Milk Your Employer: 4 Tax Breaks You Should Ask About You need to assess how much you want to withhold and consider life events, like having a baby, getting married or the potential to lose your job. &amp;quot;You control your withholding by changing the number of &amp;#039;allowances&amp;#039; on your W-4 with your HR department,&amp;quot; Fox says. &amp;quot;Fewer allowances will withhold more (reducing your take-home pay) and more allowances will withhold less (increasing your take-home pay). The instructions on Form W-4 will help you figure out how many exemptions you can take.&amp;quot; Fox&amp;#039;s site, GoodApril.com, is a tax monitoring service that helps you predict and correct tax mistakes before they happen. Be smart about your health plan  Healthcare costs can be daunting and expensive, but if your job offers health insurance, taking the time to really look into your options can save you a lot of money in the long run. Insurance company Cigna offers a health insurance enrollment checklist that provides employees with steps to choose the best health insurance plan. More from Manilla.com: Lower Your Cable Bill in 7 Easy Steps You should start by thinking about your health history and health plans (e.g., having a baby) and estimate your yearly healthcare costs, according to Cigna.com. Do some research to ensure that your doctors are part of the plan&amp;#039;s network and that your prescription drugs are covered on the plan. Also, look if your insurance company offers a flexible spending account, which allows you to use tax-free money for medical expenses, and if there are any other health incentive programs you can take part in. Take advantage of benefits  Benefits vary from company to company, but always do your research to fully understand what is offered to you. Many companies offer gym reimbursements, telecom allowances and retail product discounts. Remember that even a subsidized employee cafeteria or free coffee machine means money in your pocket. &amp;quot;Many companies issue pre-tax checks that can be spent on public transportation, known as &amp;#039;commuter benefits,&amp;#039;&amp;quot; Fox says. &amp;quot;These benefits are usually underutilized, so check with your HR department to see if they are offered. If not, why not ask for them?&amp;quot; Maitland Greer is a money-saving contributor to the Manilla Blog and senior marketing manager of Manilla.com, a platform that helps you manage your finances, utilities, daily deals, travel and rewards programs, and subscriptions\u2014all in one place. Maitland is also a regular contributor to Yahoo! Finance, Good Housekeeping, Redbook, and other major sites. For more personal budgeting tips, visit Manilla.com. "^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.womansday.com/life/work-money/tips/a7036/where-is-my-money-going/>