6 Ways to Get More Money in Your Paycheck

Are Your Withholdings Set Up Correctly?

Withholdings You don’t want to owe the IRS at tax time, but you also don’t want to give the government an interest-free loan by having too much federal income tax withheld from your pay throughout the year. If you received a federal refund when you filed your tax return last year, it generally means you’re having too much withheld from your check.  You could increase the amount of your paychecks by adjusting the withholdings. Ask your human resources department for your W-4 form, and look at the amount of Personal Allowances you’ve entered. The more Personal Allowances claimed, the lower the amount of taxes is taken from your paycheck.

If you get a refund and would prefer to have less taxes taken from your paycheck, you can adjust your W-4 Personal Allowances to a higher amount. Just be careful that you don’t overestimate -- or you’ll end up owing.

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Look for Opportunities for Advancement

advancementIf you want to earn more money, maybe you could look for opportunities to advance within your company. If you’ve demonstrated a good track record in your position with your employer, you are more likely to be considered for advancement opportunities than an outside applicant. If you see openings in the company for positions with higher pay that you are qualified for, don’t be afraid to express interest in the position and try to move up the corporate ladder to receive higher pay.

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Volunteer to Work Overtime


If you are paid hourly, any hours worked over your full time hours must be paid at the rate of time and a half. If you earn $18 per hour regularly, your overtime rate would be $27 per hour. If your employer offers overtime opportunities, you might consider volunteering for extra hours to boost your pay.

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Ask For a Higher Pay Rate

promotionIf you have been with your employer for a long time and have consistently been performing at or above expectations, you may be entitled to a higher rate of pay.  Most companies have a system in place to review employee performance and initiate a raise based on performance annually, but if you’ve been working for more than a year without a raise, don’t be afraid to ask for one.

Be prepared for the meeting with your supervisor with data that shows what contributions you’ve made to the organization in the past year and anything else that will help show your value to the company.

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Take a Closer Look at Your Payroll Deductions

deductionsMany employees have a compensation package that probably results in payroll deductions to help cover the costs. If you’re paying for various insurance packages like dental, life, medical and long-term disability, maybe you could take a closer look at the insurance plans to see if you can make any changes to them.

Sometimes a higher deductible plan will result in lower premiums -- you will reduce the amount you pay out of your paycheck for the policy. If you are mostly healthy, you might find decreasing the amount of coverage or increasing your deductible is a possibility for increasing your pay -- just make sure you don’t make drastic changes that will leave you unprotected in the event you need to use your insurance policies.

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Consider Changing Jobs

office jobsIf you’ve explored every avenue with your current employer for increasing your take home pay, but it is still much lower than you need, you may need to look for a new job with a higher pay rate. Keep your eyes and ears open to possible employment opportunities while maintaining your current position, and if an opportunity presents itself -- go for it!

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