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Sep 19, 2014

What To Do When You Get A Pay Raise

For a nine-to-five employee just like you, getting a pay raise is one of the best feelings in the world. It means that your boss finally appreciated all the efforts you had invested in him. But getting a pay raise is not all cloud nine. It opens you doors which lead to poor spending habits. Purchases which you have let go because of a limited budget become too tempting that with a pay raise you tend to run after them at an instant.

If you have received a pay raise lately, let these tips help you stay modest in your expenditures so that you will still be able to retain your financial stability.

Don’t instantly dive in.

Just because you received a raise does not mean it is wise for you to buy the things you desire. Comes with the raise is the increase of the taxes due from you to the government. Wait for a while and study how much money goes to the government and how much money you can retain before you start making large purchases.

Modify your budget.

When you get a raise, you will be tempted to add categories to your old budget. This should not be the case. Rather, you must reassess your budget and know where the loopholes are. Examine your credit card statements in the last three months and find out the area in your expenses which needs modification. Add a greater allocation to areas that need more and subtract from those that you don’t need. Only then can you decide if buying a new iPad or going to your dream vacation is within your financial means.

Pay your debts.

Don’t add insult to the injury once you get a pay raise. If there are debts that need to be settled, settle them first instead of doing a shopping spree. Delay your wants until you clear yourself from all your financial responsibilities. Start by settling small debts first so that you can rid of the small interest charges that bring your budget down. Once you are done with such debts, move on to the larger ones until you are able to pay all your debts in full. By then, reward yourself with something you truly desire.

Do this even if you can easily run after cash solutions like Amherstburg auto title loans. These loans must only be treated as your last resort and not priority solution. Only go after Amherstburg auto title loans when you have no financial means.