So you got a raise for being such a great employee! Congrats!
Now, here are 4 smart things you should do with that extra money before it mysteriously disappears.
- Pay off high interest loans. You’ll be glad those aren’t hanging over you anymore.
- Start an emergency “rainy day” fund.
- Beef up retirement savings either through your 401(k) or an IRA. You’re not getting any younger.
- Save for something fun. Open a savings account and automatically transfer the amount of your raise into it. Then you can spend cash instead of charging that vacation.
You probably got the raise because you’re smart, so be smart with the raise.
Do us a favor please. Tell your friends about us so they can be smarter about their money too.