Question

I am looking for what others are doing as far as tracking/not tracking medical, dental, vision insurance that is deducted by the employer from your paycheck before you ever receive it. I have not tracked this so far because it’s deducted from the gross amount & then the rest of the check gets taxed so I’ve only been tracking what I’m spending from our net pay. I’m really not sure how to even account for this. I understand the point of tracking all expenses- I guess I’ve just looked at it almost as a deduction. Same amount every month & money I’ll never see- just like federal, state, & Medicare taxes. Can anyone help me with this? Thanks in advance!  

Answer 1

I don’t track ours either.  

Answer 2

Following, because I don’t track ours either.  

Answer 3

I don’t track it , seems to be no point to

Answer 4

I don’t track them. It is a deduction. My employer shows totals on our check stubs. I only count net income.  

Answer 5

I don’t track, it’s based on your net income. For example I have a FSA for medical that so much goes towards on each check, therefore when I go to the doctor or fill a prescription I don’t track that at all bc it’s part of my payroll deductions and not my net income. Hope this helps.  

Answer 6

Don’t track insurance. You track net income only. Track retirement, HSA etc. under your assets each month, not expenses.