**Here’s What You Should Do if You Get a Raise**
(Bloomberg) — Congratulations! You just got a raise. Now what?Here are 10 things you should do:
**1. Take a deep breath and enjoy the moment.**
A raise is a great accomplishment, so take a moment to celebrate your hard work and dedication.
**2. Thank your boss and colleagues.**
Let your boss know how much you appreciate the raise and express your gratitude to your colleagues for their support.
**3. Review your budget.**
Now that you have more money coming in, it’s time to review your budget and see where you can make some adjustments. You may want to increase your savings, invest more for retirement, or pay down debt more quickly. Whatever you decide, make sure you have a plan for how you’re going to use your extra money.
**4. Increase your retirement savings.**
A raise is a great opportunity to boost your retirement savings. If you have a 401(k) or IRA, consider increasing your contributions. You can also open a new retirement account if you don’t already have one.
**5. Invest in yourself.**
Use some of your raise to invest in yourself. This could mean taking classes, getting a certification, or starting a new hobby. Investing in yourself will help you grow both personally and professionally.
**6. Give back to your community.**
With a raise, you now have more financial resources to give back to your community. Consider donating to a charity, volunteering your time, or mentoring someone who is less fortunate.
**7. Treat yourself.**
After you’ve taken care of your financial responsibilities, go ahead and treat yourself to something you’ve been wanting. This could be a new outfit, a nice dinner, or a weekend getaway.
**8. Don’t forget about taxes.**
Remember that your raise will be subject to taxes. Make sure you adjust your withholding allowances so that you don’t end up owing a large amount of taxes when you file your return.
**9. Be mindful of lifestyle creep.**
It’s important to be mindful of lifestyle creep. This is when you start spending more money as your income increases. While it’s okay to treat yourself occasionally, don’t let your spending get out of control.
**10. Keep working hard.**
A raise is a reward for your hard work, but it’s also a sign that your boss expects you to continue to perform at a high level. Don’t let your success go to your head. Keep working hard and striving to exceed expectations.
**A raise is a great opportunity to improve your financial situation and invest in your future. By following these tips, you can make the most of your raise and set yourself up for success.**.
