Get a raise? Put a large part of it into either a savings account and/or retirement account each month. Do it right away, and you won't miss it. You'll still bring home a larger paycheck, but your savings/retirement will now be getting larger, too. Doing this each time you get a raise adds up!
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1. Set a weekly savings goal & stick with it. 2. When U get to whatever the smallest CD your bank has (usually $1,000-5000), put your savings accumulated into a 3 month CD (CD's earn more interest). 3. Continue to save, and if you earn a raise, add half the raise to your savings goal. 4. When U
save enough 4 the next CD, wait until U are @ a maturity date for the first CD, then put the 2nd set of savings into a 6 Mo. CD. When the 1st renews again, turn that into a six month CD and your money will be available 2 U w/ no penalty every six months. 5. Continue to add CD's @ 3 & 9 month
If you are getting a raise increase your 401(K) contribution at the same time. You won't miss the extra money going into your 401(k) because you didn't have it before. Do this every time you get a raise and before you know it you'll be maxing out your 401(k). If you don't have a 401(k) or are already maxed out take the raise and put it into savings.
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