There are many of us who are getting their first paycheck of the year and you will notice that there is less on it. Before you take a trip to the business office, I need to tell you that the government took an eraser to the tax credit that went in effect a few years ago during the recession.

They believe we are doing better and can use the money toward something else. I’m not one that spends time watching Meet The Press very often, but I got an easy explanation as to how it will work. If you make an annual salary of $50 thousand you are estimated to lose $40 a paycheck and $75 thousand are estimated to see a $60 reduction.

Let’s hope this will help things out as the nation tightens their belt, but here is a list of some simple things that $40 can buy that you may cut back on.

1.       A tank of gas

2.       Internet

3.       Cable or Satellite TV

4.        Lunch out

5.       Game or DVD rentals

6.       Data packages on your cell phone

That is just some of the things people may cut back on that are extra or items they need. I hope you don’t have to do that, but if you do I wish all the best.

- JD Justice

Watch this segment from 'Meet The Press' that will explain more.

Visit NBCNews.com for breaking news, world news, and news about the economy