Most Important Steps to Take After Receiving a Big Promotion

One of the most exciting things to hear from your boss is that you’ll be getting a promotion with a pay raise. In 2020, a study found that the average employee’s salary and wages increased by 3%. While this accounts for the cost of living in many cases, a new job title and responsibilities can also significantly boost your pay. Since many companies tend to review employees and give out promotions at the beginning of the year, now might be a perfect opportunity to take your next step with your finances.

Your salary increase could even be life-changing, and it could be similar if you’ve moved to a new job that has substantially higher earnings. Revisiting things with your financial advisor and professional financial team is strongly recommended to make sure you’ve considered all aspects of this and make sure that you can cover all of your bases with your new pay. 

First, avoid the urge to make major changes to your personal spending. Once you have revisited your personal budget, you certainly can increase discretionary expenses.