Who can’t use a raise? Did you know that with just a few simple adjustments, you can give yourself a raise? Here are just a few examples.
1. Increase your insurance deductible. Did you know that if you increase your insurance deductibles that you could save anywhere from 15% to 40%. Increasing your car insurance deductible from about $200 to $500, it’ll save you about 15% to 30%. And, if you increase it to $1,000, you’ll save 40%. So, as long as you can afford to pay that kind of a deductible, it’ll be worth it to save the money.
2. Pay off debt. If you are paying 14%, 15%,or even 18% interest on a debt and you pay it off, then you will earn yourself that percentage every month. In reality, you actually give yourself a raise by both eliminating the cost of the interest every month and putting the money you had sent off to your creditor every month into your own pocket, or into your bank account. Do your best to pay off those debts; that’ll be money you can save (or spend as you like) as soon as you do.
3. Re-evaluate (or create) your budget. Are you spending money on things you later regret you bought? Are you wasting money eating out too much? Do you tend to spend money on the items on display at the check out lane? Take an itemized look at what your dollars are being spent on and decide whether those items (whether that’s candy, gum, magazines, or the “advertised specials”) are really worth the amount you are spending. Make the cuts and put that extra money back into the bank.
4. Take advantage of your company’s 401k. A 401k is a great opportunity to earn extra money. If your employer offers any matching contribution take advantage of that! It’s basically free money towards your retirement savings.
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