You can most likely remember the last time you got paid, but do you remember the last time you took a look at your pay stub?
In a world where most people get paid via direct deposit or receive auto-payments on Venmo or other platforms, it can be easy to just assume that everything is as it should be. You may have a lot of trust in your employer, but you still should be taking the time to read your paystub after each payment.
If the only “check-in” you do during payday is to make sure you got paid, we’re going to tell you some important reasons why you should look at your paystub every payday.
1. Double-Check Important Information
When you look at your paystub, you should be able to see your rate of pay, social security number, and even your time-off balance. These numbers may not matter much when they’re correct, but discrepancies in some can cause you some major issues.
A social security number that’s off by one digit could mean that your withholdings have been applied to someone else’s account. That could mean that you may not be automatically paying for state and federal taxes!
Don’t make the mistake of waiting until the end of the year to make sure that your taxes are being deducted. Take the time to check after each payday to make sure that money is being taken.
If you need help learning how to properly read or set up a pay stub, be sure to check out https://www.paystubs.net/ to know what to do.
2. Get Paid What You’re Owed
Whether you’re getting paid on an hourly basis or you’re a salaried employee, you need to make sure that you’re getting everything you’ve earned. Sometimes an honest mistake from HR or accounting may mean that you’re losing your hard-earned pay.
When you look at your pay stub check your pay rate with what you agreed to in your contract. If you notice any changes or issues be sure to bring that up to your boss immediately.
Time is of the essence when you’re dealing with pay discrepancies. Imagine going for months with the wrong rate of pay, and then having to explain to your manager why you suddenly have an issue. Checking your pay stub each week can avoid having a difficult and embarrassing conversation with management.
3. Check For Changes
Were you recently promised a pay bump? Did your team earn a quarterly bonus? Have you been working a lot of overtime?
Don’t just take your company’s word for it. Check your paystubs to make sure that you’re getting paid extra.
Accounting may not be paying as much attention to payroll each week as you’d think. If you’ve been earning the same amount for months or years, your checks may just be automatically generated.
This is why it’s important to always check your pay stub. If you don’t you could be missing out on bonuses and extra pay.
Your Pay Stub, Your Financial Future
Your pay stub isn’t just something to keep around until tax time. If you want to ensure that you’re getting paid correctly and avoid problems when you file taxes, take the time to check your stub every pay period.
Do you need other financial tips? Are you interested in learning about money and finance from experts?
Our site is your one-stop-shop for all things related to finance. Check out our other finance posts so you can learn how to build the right financial future for you and your family.