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Posted: February 9

Smart money moves can keep more in your wallet

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Who doesn't want a fatter wallet, or better yet, a bigger bank account? Bankrate.com has some smart money moves to make those goals a reality.

First, the site advises, take advantage of pre-tax dollars.That involves contributions to retirement and flexible spending accounts for health and dependant care.

Depending on how much you earn, it could save you 25 percent in taxes on the money you contribute.

Are you expecting a refund from Uncle Sam this year? That's another waste, the site says. 

You're giving the government a tax-free loan. Adjust the withholding – the money held for taxes each pay period – in your paycheck to keep more money in your pocket.



Another move – Refinance your mortgage. Rates are at all-time lows, so depending on your current rate and what you owe, you could save hundreds of dollars each month.

And don't forget about your savings account. You can put contributions on auto pilot.

Bankrate.com found only 24 percent of us have an adequate emergency fund, which would cover 6 months of expenses or more.

Work with your bank to have a certain percentage of your paycheck automatically moved into a high interest account.

RELATED TOPICS: Bank

Copyright 2012 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

4 Comments


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"You're giving the government a tax-free loan. Adjust the withholding – the money held for taxes each pay period – in your paycheck to keep more money in your pocket"

Are you serious??? The IRS advises that claiming three or four dependents when you really have one is TAX FRAUD. You got however many you got and claiming otherwise is a lie. The money WRAL claims you can save will be needed to pay the fine. I suppose any extra can go into your inmate trust fund.
usemailinator
February 13, 2012 1:04 p.m.
Agreed Superman!
raleighach
February 10, 2012 1:28 p.m.
Amen!
Click to view my profile RaleighRocks
February 10, 2012 11:05 a.m.
Pay off your credit card. Dont buy it unless you have the money and can afford it. I charge everything on my credit card and pay it off every month. I get cash back from using my credit card. I dont pay interest. My house and 3 cars and everything I have is paid for. I worked two jobs-working 60 hours a week for over 15 years. I am now financially secure. Dont live beyond your means is rule no 1.
Click to view my profile superman
February 10, 2012 9:44 a.m.
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