Maximize Your Pay Raise

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Maximize Your Pay Raise

Submitted by: anonymous 01/01/2009 3:12 PM

I am a school teacher and every September I get a cost of living raise. It's not much - after taxes it's probably about $50 per month. I always try and see what I can pay off around that time. Last time I finished paying off my car and had a small balance on a credit card that I paid off. So, when my $50 raise came into effect I had managed to stop paying out $100, so I now have a $150 raise instead of $50.

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Comments:

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that is a fantastic tip! Hopefully you still live frugally & save even more! I am on disability & always stock up on the notebooks when very cheap at Walmart & donate them to the schools to pass out when students need them! THIS is what we ask our schools to do: just pass them out as needed so parents are not so overwhelmed with cost & no child is embarrassed by not having one! Try if possible to do the same when Staples runs their "free" or inexpensive items as well; that way no one person or family is so strapped they have to pay out lots of $ in these tight times! HURRAH for TEACHERS!

Posted by MzScarlett on January 04, 2009 9:44 AM

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Good for you. Always pay down debt first. So many people just see a raise as more money to spend and that's how we get into trouble.

Posted by anonymous on April 05, 2009 10:19 PM

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Good for your MzScarlett. I love that you are doing some good with the raises you get and deserve to be applauded for it.

Posted by anonymous on May 10, 2009 3:46 PM

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It's great to hear of your successes! Once you have all your debt paid down, the next step will be to build your emergency fund. I've been working on this for the last few years and I'm grateful to have this cushion to fall to should I need it.

Keep up the great work!

Posted by Kimberly A. Griffiths on October 04, 2009 5:44 PM

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