financial steps to take after getting a raise

A raise is extra cash that will help you reach your financial goals sooner. When you get it, here are what we recommend you to do with it:

• Revise your budget, where do you want to allocate the extra cash to go?

• Make a plan to pay down your debt faster

• Pay down high-interest credit card debt first to or pay down the smallest debt first to give you momentum

• Reward yourself, you’ve earned the raise, celebrate your wins with something that’s meaningful to you and your family

• Be mindful to not fall into overspending just because you have the extra cash

• Set your priorities first then indulge modestly

• Just because you make more doesn’t mean you should spend more automatically

• The road to financial freedom is to spend less than you make and have a financial plan in place, save and invest instead into your future self

• Your raise should help you get ahead of your financial goal and not fall back into mismanaging your finances leading to debt and feeling stagnant