Article: How To Make Your Raise Really Pay
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How To Make Your Raise Really Pay
Were you lucky enough to get a pay raise recently? If so, what are you planning to do with it? Here are 4 tips on how to make your raise pay real dividends for you now and into the future:
1) Open a savings account
Baby boomers can probably remember parents or grandparents making regular deposits to a savings account at the local bank. Our current savings rate is a measly 2.5 percent ? down significantly from the 7 percent average 30 years ago.
For example: If you saved an $80.00/month raise, at the end of one year you?d have $960.00. It?s not a huge amount for some, but it?s a start. And thanks to the wonders of compound interest you can watch it grow into a nice nest egg over time, especially if you continue to add new raises to your sav...
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