By | Ian Job | www.money254.co.ke
An increase in your salary is a cause for celebration, whether you took a higher-paying job or received a raise. It makes you feel like an important member of your company and helps to justify the work you do.
What should you do with the additional money, though? The majority of people can’t stop thinking about all the new things they want to buy when they get a raise. However, before you go on a shopping spree, you should carefully analyse your personal finances.
You’ll know exactly how much your income raise is worth, what your financial objectives are, and how to use your extra money to make wiser investments and purchases.
Here are five tips for you.
1. Take Some Time to Plan
A raise in pay can encourage you to spend it on things that were previously out of your financial reach. However, exercising restraint allows you to consider the shift in your paycheck and what it means for your financial goals.