6 Ways to Celebrate a Raise Without Spending It All

By Rachel Slifka on 2 May 2018 0 comments

You received a raise at work or landed a big client — now it's time to celebrate!

While you may feel like you're on cloud nine after a big boost to your income, going ahead and blowing that raise on a celebratory vacation, car, or gizmo might not be the wisest financial move. Instead, find frugal ways to mark the occasion. Here are a few ways you can celebrate making more money without actually spending your hard-earned raise. (See also: 8 Money Moves to Make the Moment You Get a Promotion)

1. Plan a staycation

Instead of planning a big trip away, why not treat yourself to some time off at home?

After working hard for that increase in pay, you're likely in desperate need of some rest and relaxation. Instead of paying big bucks for a fancy vacation, celebrate and relax at home for little to no cost.

Go out and enjoy free or cheap attractions in your hometown. Go on a hike, spend a day at the beach, and grab your favorite local treat. Most importantly, set aside time for yourself to just unwind and chill out. You deserve it! (See also: Treat Yourself With These 7 Free Self-Care Routines)

2. Cook a celebratory dinner

A celebratory night on the town might be nice, but it can get expensive quickly. Instead, treat yourself to a nice meal at home.

Find a new recipe you've been dying to try, use up some spices in your cupboard, and throw in a nice dessert, too. If you really want to get fancy, buy yourself a cheap bottle of Champagne to commemorate the occasion.

3. Increase your retirement contributions

Want to give your future self a gift? Put that new increase in pay toward your retirement savings.

It might not be the most glamorous way to celebrate, but investing that money now will provide you with one less thing to worry about in the future. You can kick back and celebrate knowing that you are one step closer to being prepared for retirement.

4. Meet your savings goal

Are you saving for a new house, car, vacation, or something else? Put the increase in income toward your savings goal and use that as a means of celebration.

Splurges like trips and expensive household items aren't always a bad thing. But don't fall into the trap of thinking you can spend outside of your budget just because you are now earning more. It's always better to take a conservative approach with your money. Instead of immediately spending the extra money you are now earning, try saving it until you have enough to pay for your purchase in cash. (See also: How One Nice Thing Can Ruin Your Whole Budget)

5. Throw a potluck

What better way to celebrate a newfound raise than to spend time with family and friends?

Host a potluck or barbecue at home and ask guests to bring a dish to pass and something to drink. They will all be thrilled for you and you won't be out much cash, if any.

6. Pay off debt

Want to use your raise to get ahead? Do yourself a financial favor and pay off any debt you may have.

Debt typically comes with relatively high interest rates. The longer you have it, the more money you will pay. Now that your income has increased, use the difference to put toward debt repayment. Not only will you pay off what you owe faster, but you'll save yourself hundreds, if not thousands, in long-term interest. Plus, you can eliminate one more bill in your monthly budget. (See also: The Fastest Method to Eliminate Credit Card Debt)

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6 Ways to Celebrate a Raise Without Spending It All

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