52 Simple Ways to Manage Your Money – 41. Whoopee! A Raise! – Increased Income
What it is …
A sale, a raise, an inheritance, a windfall, etc., that continues for one time only.
Purpose…
To increase your net worth.
To reach your goals.
How it helps …
Gives you a boost toward your goals.
Key items look for …
Set aside a small amount for fun/play.
If you know it’s com ing, plan ahead.
Time …
An ongoing process, hopefully.
Keys to action…
Review your goals and think about where this new money should be applied.
Make a plan in advance.
Examine your debts and determine whether to apply some o f this new income toward reducing those debts.
SET IT UP
Study your budget and your goals in order to prioritize your needs and wants.
STEP ON IT
Be aware of new opportunities. You may need to expand your goals.
STEP ON IT +
If you choose to expand your investments, then investigate everything thoroughly.
Notice…
Your feelings about having more money than usual.
Any pressure you feel from yourself or others.
But what if…
The raise is only temporary, or a one-time action, like a bonus?
- Plan to apply it in the same manner as continuing income.
The amount is large, such as an inheritance or a lottery windfall?
- Carefully review your goals and plan with caution.
Thought primers…
At the thought of having more money…
When I feel pressured, I…
The responsibility of having more money means…
If I achieved my goals tomorrow, I would…
The scary thing about having more money might be…
