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Figured Out 2019 Net Paycheck

January 4th, 2019 at 03:28 pm

I used the Paycheck City website yesterday to determine my husband's net paycheck. His base pay has increased by $204.43 per month. The housing allowance (BAH) has also increased by $117 per month. I would be really thrilled about this, but because we live on a military installation, the property management company gets the full increase for housing. This isn't a surprise, but a bit of an annoyance. We are committed here for 12 months, and we are open to looking into other options after that.

All the taxes went up accordingly ($29.90/mo), we added a family vision plan ($36.55/mo), and my husband's retirement plan contribution increased ($22.49/mo). This means of the $204.43 increase the remaining $115.49 is ours to keep when the paycheck is deposited. This will end up being split evenly each pay period, about $57.75 twice per month.

For the last two years I have literally saved my husband's pay increases for the Big Goal. In 2017, the amount was $131. I had that money sent directly from his paycheck to our Navy Federal CU account. In 2018, the amount was $216, which I manually set aside in our checking account toward the goal. Amazingly I remembered each pay period. I can't say I really liked how tedious that was.

So I see it as we have two choices. We can have the full amount transferred from his paycheck automatically OR have the full amount (divided by 2) transferred to one of our savings accounts twice per month. I may go with the latter because that would get the money into our account faster earning interest. I really failed to have any of last years raise earning interest, so that alone will be an approvement.

Next steps...I need to stop the current transfer from my husband's paycheck. As of January 15, I need to set up a transfer of half the amount ($231.50) to one of our savings accounts twice per month. This alone will guarantee $5,556 will be saved towards the Big Goal for 2019.

If you received a raise or had other changes to your paycheck for 2019, have you calculated what you expect your net amount to be? Do you use Paycheckcity or some other calculator? Share in the comments!

Posted in Saving, Income, Budget | 4 Comments »

4 Responses to “Figured Out 2019 Net Paycheck”

  1. Jenn Says:
    January 5th, 2019 at 03:41 am 1546659694
    1546659694

    I've worked on this too! I haven't used a tool like Paycheckcity before - I just googled it. So far I've just done some rough calculations myself to estimate the take home this year. Our medical insurance premiums have increased, we added vision this year, and the HSA contribution has increased. No pay increase either - that could happen in Q2 - so my net will be lower. Our budget is tight so I'll likely lower the 401k contribution to make up the difference (I won't give up any match though.).

    I also did a rough pass through the new irs tax forms to see if we won't have an unpleasant surprise.

  2. creditcardfree Says:
    January 5th, 2019 at 06:37 pm 1546713443
    1546713443

    @Jenn, I'm sorry to hear you will get no raise. Fingers crossed for Q2! I also did a pass through with the tax forms. I had forgotten about the new child tax credit for children 17 and over. It's $500 each. That means we may actually get a refund!

  3. rob62521 Says:
    January 7th, 2019 at 10:48 pm 1546901322
    1546901322

    DH is supposed to get a pay raise of 3% in his pension based on his original amount and a slight increase in his Social Security. Unfortunately his supplemental insurance went up substantially so it more than takes any raise he had and then some. Frown

  4. livingalmostlarge Says:
    January 8th, 2019 at 01:04 am 1546909462
    1546909462

    No idea about raises until February. Ours hit in March annually. It'll be interesting.

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