If you’re like most people then you’re still reeling from your paycheck shrinking due this year’s increase in payroll tax. While yes you’ve gotten a break for the past two years, every little bit counts and every little bit gone hurts.

 

Well to hopefully help ease the impact of the gradual decrease in take home funds, here are few ways courtesy of CNBC you may can buffer the loss suffered from the payroll tax hike.

 

 

ADJUST YOUR TAX WITHHOLDING 

Start with the IRS. Millions of Americans get big income tax refunds every year when they could have extra money each month. That’s money you could use for everyday expenses. Figure out the number of withholding allowances you should claim by using the worksheet on the IRS website at irs.gov.

 

MAX OUT YOUR 401(K)  

If you have a qualified retirement plan at work, contribute the maximum amount to that 401(k). You’ll reduce your taxable wages by the amount you put in. This year, you can save up to $17,500 in a 401(k) — a 3 percent increase from 2012.

 

SAVE ON INSURANCE 

Examine all property and casualty and life insurance policies and compare rates. Ask your insurance agent about ways to lower premiums, and ask about any discounts for loyalty, good driving and bundling multiple polices. Get a second opinion from another agent to make sure you’re getting the best rate.

 

REFINANCE YOUR MORTGAGE 

Rates are still at historic lows, but don’t keep waiting for them to go even lower. Take advantage of low rates now to lower your monthly mortgage payment. Online calculators at sites like BankRate (RATE).com can tell you in a few minutes if you can save money by getting a better rate on your mortgage.

 

CHECK ALL FEES  

Don’t keep paying for things you no longer need — like that Netflix account your rarely use anymore — just because they’re set up as auto-pay. Avoid unnecessary charges by not using out-of-network ATMs. Negotiate with your bank for lower fees on your accounts or change banks.

 

Other than those there are many more ways you can keep more of your money in your pocket, you’ll just have to look at your finances to see where you could save or cut back. For instance, if you’re a credit card holder, you may want to look into switching to a credit card with a lower rate. Also cutting back on the unnecessary expenses such as that daily trip to Starbucks or breaking bad habits such as smoking can save you quite a few bucks not to mention it’s a plus for your health. Think about it!!!