Action Tip: Now we reached one of our peaks! Today we’ll now know what our take home pay is! This is so key to living below our means. It’s where it all begins.
Yesterday, we listed the payroll deductions from all of our retirement and medical savings plan type contributions. Subtract those off of your pay to reach your net pay.
If you receive any type of medical savings plan or flex spending plan reimbursements, add these onto your net pay and we have come to your total take home pay.
See examples here: