5 Financial Mistakes to Avoid After Pay Rise

May 30, 2017
5 Financial Mistakes to Avoid After Pay Rise

5 Financial Mistakes to Avoid After Pay Rise

By Adeniyi Ogunfowoke

Congratulations, you just got a salary raise. You are excited because your pay check will soon arrive. As a result, you may get carried away by your well-paying job. This clearly stated it’s easier than you think to make some financial mistakes when you anticipate a juicy pay package.

So, if you just got a salary raise, Jumia Travel, the leading online travel agency discusses the financial mistakes you should avoid. Please take note!

Making a big purchase

Do not rush to make any big purchase immediately you get a salary raise. You should wait for several months before spending big. Also, you need to evaluate the cost effect of whatever you are spending on your income and lifestyle. You don’t want to be broke because of this. The rule of thumb is that the more you earn, the less you should spend.

Buying on credit

Due to the fact that you are expecting a huge paycheck, you buy things on credit at a Lagos store. You should make do with what you have so that you won’t spend your whole salary on settling debts.

Not revising your budget

A budget is very essential in tracking your spending. And since earn more, you should try as much as possible to revise your budget. It will help you track the new things you want to spend money and also help you determine if it’s worth it.

Telling people about your new pay check

It’s good news that you got a raise. There’s the tendency that you want to tell everyone. But wait for a second, informing people about your new pay may not be a good idea because some people will take advantage of this to loan money from you. So, keep it to yourself.

Not saving

Whether you earn a huge income or not, you should always save. However, it is more important when you get a raise because there is every likelihood you will increase your expenses because of the more money you are earning.

Adeniyi Ogunfowoke is a PR Associate at Jumia Travel

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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