MONEY MASTERY 

HOW TO NAVIGATE THE ANTICIPATION OF SALARY APPRAISALS?

Published By MintGenie Team | 01 Mar, 2024
As appraisal season approaches, securing a salary increase presents a crucial financial opportunity, necessitating a strategic approach for optimal utilization of the additional funds.
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Here are some steps to optimize the impact of your salary increase:
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Settle Debts

Focus on repaying high-interest debts, like credit cards, to save money and open up financial resources for other goals.
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Establish an Emergency Fund

Accumulate a reserve equivalent to three to six months of living expenses in an accessible emergency fund.
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Enhance Retirement Savings

Increase contributions to your retirement account, leveraging compound interest for long-term financial security.
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Broaden Investment Portfolio

Diversify investments across various asset classes like stocks, bonds, real estate, or mutual funds to mitigate risk.
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Contemplate Long-Term Investments

Diversifying across different asset classes and exploring long-term investments can potentially enhance wealth.
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Establish a Budget

Use budgeting tools to monitor income and expenditures, consistently assessing progress and making necessary adjustments.
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Guard Against Lifestyle Inflation

Avoid substantial increases in spending with an income uptick to prioritize saving, investing, and achieving financial goals.
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