The Effects of Lifestyle Creep & Ways to Manage It



Spending your raise

So what exactly should someone do with extra money after a raise? Paying more into a retirement account, paying off debts, or just putting some extra dollars towards a specific savings goal are some approaches to take. A cash management account might be one helpful way to manage a raise and stay on top of a budget.

While a raise might often come with unintended lifestyle creep, a smart financial strategy could be budgeting that new money towards paying off debts or saving up for the future rather than blowing it on unneeded lifestyle upgrades.

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Source: MSN

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