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Although the Senate on Tuesday blocked action on the administration's $447 billion jobs bill, President Obama vowed to break the plan apart and bring the most popular aspects of it before Congress as separate measures for votes this month. Among them is a proposal to extend and expand a payroll tax cut for workers that expires Dec. 31, which could put hundreds of dollars in the pockets of employees.

In 2010, Congress cut the Social Security payroll tax that employees pay to 4.2% of wages, from 6.2%. The current proposal would cut those taxes to 3.1% in 2012 for 160 million workers, at a cost of $175 billion. The cut would apply to an individual's first $106,800 in earnings.

So what would the proposal mean for the average American, and what's the best use for the money? The median household income in 2010 was $49,445, according to the Census Bureau. A payroll tax cut from 4.2% to 3.1% would mean an extra $544 a year. That's $41.84 per month, or $10.46 per week. Now before you snub your nose at an extra 10 bucks in your weekly paycheck, consider these wealth-building options for the money:

1. Pay Down High-Interest Debt.

Let's assume you carry the average credit card debt -- about $4,700 in the first quarter -- at the average annual interest rate of 13%. You make a minimum monthly payment of 3% of the balance, or $141. It will take 11 years and nine months to pay off the card and you'll pay about $2,328.17 in interest.

But throw that extra $41.84 a month toward the debt, and voila! You'll be done in 2.5 years and pay just $768 in interest. Try this calculator to figure out your own debt pay down timetable.

2. Sock It Away in a 401(k)

Another way to get real bang for the median wage earner's buck is contributing an extra 1% of your paycheck -- $494 -- to a 401(k) plan. Let's say you work for a company that offers a typical match, such as 50% of contributions up to 6% of pay. You'll get an immediate 50% return on your investment, turning your $494 contribution into $741 a year. Assuming you continue to contribute that amount for 30 years at an average annual return of 5%, you'll have $53,535 to spend in retirement. Use this tool to calculate the potential growth in your nest egg.

3. Open a 529 Savings Account

If you have children you hope will head off to college one day, consider earmarking your potential payroll tax cut for their future. Savings in 529 plans grow free of federal and state taxes, and withdrawals are tax-free if used to pay for qualified education expenses, such as tuition or room and board. Moreover, some states give residents an immediate tax break for their contributions.

Let's assume you have a 3-year-old who will matriculate in 15 years. Jump start your 529 with the $42 from a payroll tax cut and then keep it up monthly until your child enrolls in college. Assuming a 5% annual return, you'll have $11,226 to help with education costs.

Bonus Advice: Not So Thrifty, But More Fun

Finally, if you do decide to splurge, spend the money on unique experiences related to your social life, rather than material things, experts say. We quickly adapt to new stuff and then the thrill is gone. But spending $10.46 to meet a friend for lunch once a week, $84 on a bi-monthly concert tickets for a night out with your partner, or $545 on an annual family camping trip, for example, create memories, joy and well-being that last long after the money is spent.

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savemycountry911

If you don't like Herman Cain you are a racist. Looney libs called me racist for not liking the Socialist.

October 16 2011 at 7:26 PM Report abuse -1 rate up rate down Reply
1 reply to savemycountry911's comment
milofilomay

Wall street is socialist .

October 17 2011 at 1:15 AM Report abuse rate up rate down Reply
3 replies to milofilomay's comment
milofilomay

There is one thing they left out of this ? The wall street oil speculators will pump the price of fuel and keep it unstable and that will eat up any extra money Americans get ! Sorry to blow up your thoughts of extra money .

October 15 2011 at 9:47 PM Report abuse +4 rate up rate down Reply
1 reply to milofilomay's comment
robokop216

Wish you people would make up your mind. It use to be Bush's fault, no one blamed Wall St back when Bush was in office.
Now that Obama is in office, it is no longer the in thing to blame the President, you blame Wall Street, you know the one's who Obama refused to regulate and kept hands off oil speculators.

October 17 2011 at 3:33 PM Report abuse rate up rate down Reply
milofilomay

Republicans are borrow and spend and Dems are tax and spend. Fire CONGRESS IN 2012 !

October 15 2011 at 9:42 PM Report abuse +1 rate up rate down Reply
1 reply to milofilomay's comment
dabrownman

The democrats actually borrowed $5 trillion since 2006 and spent it all plua another 40%.

October 18 2011 at 12:12 PM Report abuse rate up rate down Reply
dabrownman

Who got way way more bailout money Republicans or The Democrat controlled Wall Street, Main Street adn Unions? Remember Wall Street and Lawyers were the Democrats largest donors quickly followed by Unions.

Who got way more bailout money Republican donors or Democrat Donors? Remember the bailouts were done by a totally Democrat controlled congress where Republicans has no say whatsoever. They made sure only their supporters were bailed out,

October 15 2011 at 11:41 AM Report abuse -2 rate up rate down Reply
1 reply to dabrownman's comment
milofilomay

Still looking for all them jobs ??? From all them there tax breaks republicans rant about ? And still go ? Thats their answer to everything ? Tax cuts . LOL

October 15 2011 at 9:40 PM Report abuse rate up rate down Reply
3 replies to milofilomay's comment
dabrownman

Answer these questions and you will know who to blame.

Who created the Social security Ponzi scheme?

Who stole all the money out of SS and spent it on everything you don't want or need?

Who opted themselves out of SS and gave themselves very generous private retirement plans, that you pay for, while telling you these same plans were no good for you even though they pay 5 times as much as SS does?

Who created the Ponzi scheme called Medicare that is so bankrupt nothing ever can save it but our old folks rely on the most?

Who gave themselves the very best medical plans and retirement medical plans that you pay for, while effectively opting themselves out of Medicare?

Who borrowed $15 trillion and stuck you withe bill while blaming you for it?

Who spends $1.5 trillion a year more than they receive in tax revenue?

Who could possibly waste at least $500 billion a year and claim there is nothing they can do about it so they don't?

Who created the 70,000 page income tax law that no one can understand and why is it so unfair?

Who makes an average of 7.5% more on their stock portfolio every year than you do and why?

Who caused the housing crisis, financial crisis and stock market implosion by creating the Community Reinvestment Act that forced banks to make home loans to people who could never ever pay the loans back with 125% loans based of inflated home worth, no down and low teaser rates (7 % of Americans who took these loan) with the threat of having ACORN and other community organizers (who pushed these loans) picket the banks if they didn't? Remember, if these loans would have been paid back there would never have been any crisis to begin with.

Who blamed everyone else but themselves for these financial crashes?

Who is allowed to give hundreds of billions of dollars of someone else money to their donor buddies as political kickbacks every year while claiming this is normal and why they were elected in the first place?

Who is bribed with billions of dollars each year by political lobbyists and claiming this is legal but only for them?

Who claims there are only there to look out for you when the facts are they are only there to look out for themselves and their political donors?

Who refuses to follow the very laws which they created for everyone else to follow or go to prison?

Who bailed out; the banks, car companies, foreign banks and foreign car companies, the retirement and health care funds of the nations unions, the state workers at the states and cities along with their retirement and health care plans and their unions too?

Who takes away someones rights every time they pass a law?

Who has taken away all the rights Americans have lost but used to enjoy as God given?

Has driven the country that was founded on free market capitalism to one based on government controlled crony socialism?

Who now forces you to buy products you have no need for?

Allowed 75 million American babies to be murdered by their parents?

October 15 2011 at 11:10 AM Report abuse -1 rate up rate down Reply
maa2626

robbing peter to appease paul

October 15 2011 at 8:29 AM Report abuse +3 rate up rate down Reply
milofilomay

So to all you republicans ? Show me just one job that any tax breaks like the bush tax cuts to thr rich created ? Just one ? Because to all the people out there who think tax breaks create jobs i say the bush tax cut has been with us for over 10 yrs and other types of tax cuts , and where are all the jobs? Any tax breaks like the republicans rant ? Where are they ? LOL Tax cuts do not create jobs ! Americans buying things forcing companies to hire more people to make the things we buy! "In a snap shot" American CONSUMERS create jobs idiots! Land of the free ? Home of the truly stupid! Thats the USA baby... Where do all you idiots come from ? I think most all of you needs a civics class about government !!!!!

October 15 2011 at 1:58 AM Report abuse +2 rate up rate down Reply
1 reply to milofilomay's comment
democracks0

SHOW ME ALL THE JOBS OBAMA HAS CREATED? SHOW ME THE SHOVEL READY JOBS. PELOSI SAID SHE WAS ALL ABOUT JOBS TOO. LMAO. YOU LIBERALS CAN'T DEFEND YOUR HERO OBAMA THE GREAT FAILURE. OBAMA GAVE TAX CUTS TO RICH PEOPLE LIKE HIMSELF. I GUESS YOU COULD SAY OBAMAS A HYPOCRITE.

October 16 2011 at 2:50 PM Report abuse rate up rate down Reply
1 reply to democracks0's comment
milofilomay

Obamas been in office for only a little less than three yrs ! GW tax cuts and most of the others has been with us for over 10 yrs ! If your republicans were right we would have 2% unemployment now? LOL

October 17 2011 at 1:11 AM Report abuse rate up rate down
savemycountry911

Looney libs don't want to admit that abortion is all about money, not women's rights.

October 14 2011 at 10:21 PM Report abuse -1 rate up rate down Reply
1 reply to savemycountry911's comment
savemycountry911

God will get you if you murder his unborn babies.

October 14 2011 at 10:31 PM Report abuse -1 rate up rate down Reply
savemycountry911

If we had a flat tax like Cain proposes, Dems would have more money than they could spend.

October 14 2011 at 10:19 PM Report abuse -1 rate up rate down Reply
dabrownman

Why are the best of the whack job, Marxist posing as socialist lefties calling Herman Cain everything but a white man? Why aren't they down on wall Street banging on pots and pans like they were drums, smoking pot and exposing themselves like the real whack job, Marxists posing a socialist lefties?

October 14 2011 at 4:41 PM Report abuse -1 rate up rate down Reply
1 reply to dabrownman's comment
C

Probably because Cain in a raging joke regardless of his skin color. Other than that I have no idea what gibberish you are spouting.

October 14 2011 at 6:06 PM Report abuse +2 rate up rate down Reply
2 replies to C's comment
savemycountry911

RACIST

October 14 2011 at 10:19 PM Report abuse -2 rate up rate down
dabrownman

At least he isn't "the Pathological Lying Jive Turkey" known by the self proclaimed 'The Messiah we have waited for oh so long.'

October 18 2011 at 12:20 PM Report abuse rate up rate down