How to Give Yourself a Raise
Revise your budget., Change your tax withholding., Manage your debt., Cut subscriptions., Save on your services., Save on your vacation expenses with a staycation., Get a roommate.
Step-by-Step Guide
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Step 1: Revise your budget.
Cut down on everything except for fixed expenses.
Fixed expenses like your rent or car insurance may be hard to change, but other expenses like eating out or entertainment spending can be adjusted.
See if you can trim non fixed expenses down by 5% or even 10%If you are in the habit of eating out at lunchtime, try making yourself lunch before work.
If you spend a lot at your local pub, try inviting your friends over for drinks more of the time to save on alcohol. -
Step 2: Change your tax withholding.
If you get a large tax refund from the government every year, you are basically loaning the government money without interest.
Get your current employer to adjust your tax withholding amount, and place the savings into a savings account or an investment portfolio.
You will be giving yourself a raise equal to the amount of interest you make on this money during the year., If you are currently in debt, the single best way to give yourself a raise is to get out of debt.
The interest you are paying on your debt could be money in your pocket.
If you can get out of debt, you will be giving yourself a raise equal to the amount of interest that you would otherwise be stuck paying., Review your monthly statement and look at all of your subscriptions.
Looking carefully at all of your product and entertainment subscriptions such as cable or new subscriptions, consider cutting as many as possible.
It is possible that you are spending a great deal of money on entertainment products that you no longer use.
By cutting unnecessary subscriptions, you can give yourself a small raise every month.If you are paying for cable, try cutting it.
You can get lots of free entertainment online instead.
If you are paying for news, try cutting it.
You can get lots of free news online.
If you are paying for a landline, try cutting it and using your mobile phone instead.
If you have a music service subscription, consider cutting it. , Look over your monthly statement and figure out how much you are spending on your monthly services such as your phone and internet bills.
See if you can find the same service from a different company for less money.
If you identify a cheaper version of the service, try phoning your current provider to see if they will match the price or switch your service provider.
If you decide to switch service provider, you should check to see whether your current provider will penalize you with service withdrawal charges. , If you spend a lot on vacations, try a stay-at-home vacation or staycation.
Instead of spending a fortune on airplane tickets, stay at home for the holidays.
The money you would have spent on the vacation will stay in your pocket as a small raise.
On your staycation, you can go to a local museum, go see a show, or enjoy an afternoon with a favorite novel at your local café., If you are currently living on your own, you could save money on rent by getting a roommate or two.
You will get to meet new people and save on rent, since it is cheaper to rent a shared apartment than rent one on your own.
The money you save will be in your pocket at the end of each month.
Depending on the city you live in, you could be giving yourself a raise of $500 to $1500 per month. -
Step 3: Manage your debt.
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Step 4: Cut subscriptions.
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Step 5: Save on your services.
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Step 6: Save on your vacation expenses with a staycation.
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Step 7: Get a roommate.
Detailed Guide
Cut down on everything except for fixed expenses.
Fixed expenses like your rent or car insurance may be hard to change, but other expenses like eating out or entertainment spending can be adjusted.
See if you can trim non fixed expenses down by 5% or even 10%If you are in the habit of eating out at lunchtime, try making yourself lunch before work.
If you spend a lot at your local pub, try inviting your friends over for drinks more of the time to save on alcohol.
If you get a large tax refund from the government every year, you are basically loaning the government money without interest.
Get your current employer to adjust your tax withholding amount, and place the savings into a savings account or an investment portfolio.
You will be giving yourself a raise equal to the amount of interest you make on this money during the year., If you are currently in debt, the single best way to give yourself a raise is to get out of debt.
The interest you are paying on your debt could be money in your pocket.
If you can get out of debt, you will be giving yourself a raise equal to the amount of interest that you would otherwise be stuck paying., Review your monthly statement and look at all of your subscriptions.
Looking carefully at all of your product and entertainment subscriptions such as cable or new subscriptions, consider cutting as many as possible.
It is possible that you are spending a great deal of money on entertainment products that you no longer use.
By cutting unnecessary subscriptions, you can give yourself a small raise every month.If you are paying for cable, try cutting it.
You can get lots of free entertainment online instead.
If you are paying for news, try cutting it.
You can get lots of free news online.
If you are paying for a landline, try cutting it and using your mobile phone instead.
If you have a music service subscription, consider cutting it. , Look over your monthly statement and figure out how much you are spending on your monthly services such as your phone and internet bills.
See if you can find the same service from a different company for less money.
If you identify a cheaper version of the service, try phoning your current provider to see if they will match the price or switch your service provider.
If you decide to switch service provider, you should check to see whether your current provider will penalize you with service withdrawal charges. , If you spend a lot on vacations, try a stay-at-home vacation or staycation.
Instead of spending a fortune on airplane tickets, stay at home for the holidays.
The money you would have spent on the vacation will stay in your pocket as a small raise.
On your staycation, you can go to a local museum, go see a show, or enjoy an afternoon with a favorite novel at your local café., If you are currently living on your own, you could save money on rent by getting a roommate or two.
You will get to meet new people and save on rent, since it is cheaper to rent a shared apartment than rent one on your own.
The money you save will be in your pocket at the end of each month.
Depending on the city you live in, you could be giving yourself a raise of $500 to $1500 per month.
About the Author
Catherine Stevens
Dedicated to helping readers learn new skills in lifestyle and beyond.
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