Got a raise

Got a raise

Well I had kind of been pushing for a raise at my current job and today I got a raise. It certainly wasn’t anything anywhere near what I was hoping for, but it will give me a little more breathing room and hopefully will allow me to bump up my retirement savings a little bit, although I am going to try to hold back the reigns on me bumping up the retirement savings too much as I have a tendency to try to take every single additional penny and stick it away for retirement. While not necessarily a bad thing, I think my wife/I deserve to have a little more breathing room in our day to day expenses and hopefully splurge on a few things we normally wouldn’t get (like landscaping or furniture) – hopefully my wife doesn’t read my blog because like I said this raise was very small and there isn’t much extra for splurge spending and I know she has a list :-).

I was hoping for about $15-$20k a year raise and only ended up with something a little less than $5k. I’m sure there is some proverb about not looking a gift horse in the mouth, but I know I’m worth quite a bit more than I am being paid right now and will probably use this an incentive to increase the job hunt effort. Anyway this should help me stay on track on my quest for $100k by 30 and maybe we can keep the furnace on all night in this year ;-).

  • I ran into a similar thing at my previous job and the employer came out and said that I’m worth the 15-20k more, but that the budget wasn’t there and he couldn’t do anything, except for the 5k that he offered. That really motivated to find a new job. Turns out my fiancee found one on the other side of the country first, and I got my 15-20k moving there with her.

  • The best way to get even closer to your $100,000 goal is to continue living as if you never got that $5,000 raise. Put away that extra income and keep on diversifying.

    Great blog by the way and good luck reaching your goal!

  • My Financial Journey

    Thanks – yeah trust me I normally take every penny of a raise and put it away for retirement. I’m now making about $15k more than i was just 2 years ago and my take home pay is actually probably less than it was then because I put it all towards retirement. I just think part of this raise has to go towards our living expenses as we are actually living on less than we were two years ago (which was pretty frugal to start with) and since then we have added a house/kid/$3gas/etc 🙂

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