Raises have an impact on budgeting

July 6, 2007 at 10:26 am 1 comment

Raises are great aren’t they? The weird thing is that 3% to 4% doesn’t seem like much of a raise. But, it can make a huge impact on the budget. And that’s what we’re dealing with this month.

I had my review back in June and got a nice raise. But, it wasn’t going to affect my paycheck until July, this month. My husband’s work does an across-the-board raise, so his happened to fall on this month as well. Funny thing is that we sat down over the weekend, before the month begins, and buckled down on our budget. We’ve been slacking a bit so we decided to get back on top of the numbers and plan for some things coming up in the next 6 to 12 months.

We added a couple of new categories which forced us to cut back in other places: entertainment, restaurants, and blow money. We’re fine with it because it’ll help us meet the goals we’ve set for our family.

Well, this week was pay week. I got paid on Tuesday and my husband got paid today. Because our raises went into effect this month, we have quite a bit more money that needs to be given a name. We have to sit down, again, to adjust the budget because we don’t want to blow the extra income. Of course, the way I see it, it’s not a bad problem to have.

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Entry filed under: Budgeting, Money Fun.

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1 Comment Add your own

  • 1. SavingDiva  |  July 9, 2007 at 9:07 am

    I received a raise a few months ago. I have yet to create a budget around this (and to up my savings) because I had so many crisis situations (roommate moving out, car repairs, etc). With my new apartment, I will try to readjust my budget. However, I think I’ve grown accustomed to the larger paychecks (not a good thing).

    Reply

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