Making The Most Of A Pay Raise

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This topic contains 3 replies, has 4 voices, and was last updated by Profile photo of Antoinette Minor - Ambassador Antoinette Minor – Ambassador 6 months ago.

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  • #2585 Reply

    Hi guys! Hope everyone’s doing great. Just wanted to pop in here and let you guys know what my hubby and I are doing with some extra money we’re getting every month thanks to his new raise. The hubby got promoted about a month ago, and naturally, we were super happy. But instead of taking that extra couple hundred dollars a month and spending it on pretty things I’d love to buy, we’re putting it straight into our savings. We’ve got a lot of fun stuff planned this upcoming year, and trust me, we’re going to need that extra money. So for the time being we’re going to pretend he’s making the same amount of money he’s always made, and put that extra money into our savings account that we never tap into except for emergencies. We’re also increasing the percentage that he contributes to his 401k. Sure, it’s a little painful to know that there’s extra money we could be using to fix up the house or to go to nice fancy dinners with, but I know that in the long run, this is going to help us meet the goals that are most important to us. What do you guys think? Smart plan? And tell me, how have you guys handled pay increases in the past? What have you done with that extra money? Would love to know!

    #2588 Reply

    First, congratulations. A raise is always great news. I applaude your restraint. After a raise, we rush into spending a raise on a wish list item immediately then we wonder why we feel no impact from the raise. You, on the other hand, will really appreciate the raise later in the year when you do the fun stuff you have planned.

    #2665 Reply

    This is an amazing idea! And I wish I was better at saving, but I couldn’t agree more – more money is definitely a great chance to invest/save vs. splurge.

    #2670 Reply

    Congrats to your hubby! I always take a moment to reward myself with something nice because its not to congratulate yourself. Then its off to the savings world like the money never existed!

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