As part of the fiscal cliff deal passed this week, legislators chose not to extend a 2 percent personal payroll tax holiday that has been in effect for two years. That means about three-quarters of American households will have smaller paychecks this year, according to the American Institute of Certified Public Accountants.

Someone who makes $50,000 will take home about $1,000 less in pay, the organization said. The fiscal cliff legislation also removed some restrictions that will make it possible for people to convert a traditional 401(k) to a Roth 401(k).

"We've moved from a fiscal cliff to a financial reset," said Sharon Lechter, CPA, author and editor of a new book –Save Wisely, Spend Happily—published by the American Institute of CPAs. "We all need to assess our financial situations and determine what changes we need to make in saving and spending to adjust to the new realities created by this legislation."