Tomorrow is payday. I’ve been at my current job for over five years and haven’t gotten a raise in three years running. So, you’d think I would know exactly what my paycheck will look like…but I don’t.
Because we made two significant changes on our health care plan that will take effect beginning the first of the year. Normally we get paid on the 15th and 31st, but because the 15th falls on a Sunday, payday is the Friday before…or tomorrow (yikes, just realized it’s Friday the 13th!).
The changes we made were both tied back to the fact that we are not anticipating any major health care expenditures in 2012. While there is always the case of a major cost item taking place (for which we have an emergency fund), we had significantly higher costs in 2011 due to the planned birth of our baby daughter, which took place in June. Knowing that we were going to incur that major expense, in 2011 we were on the highest tier plan and also contributed a significant amount to our Flexible Spending Account (FSA) to cover the projected out of pocket costs.
Since we aren’t anticipating a major cost, we went back down to the mid-range health plan and also reduced our FSA contribution signifcantly.
My guess is that this will result in a net paycheck increase of around $50. Once the dust settle, I’ll put any extra towards a split of increased 401(k) contributions as well as beefing up a few saving categories that have been needing some attention.
It’s not a windfall by any means, but the fact that my paycheck will be going up slightly is something I haven’t seen in a very long time. So, though the base salary amount is staying the same, I’m still a bit excited.
Is your paycheck amount changing for better or worse this year?
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