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Getting a raise is always a reason to celebrate, and seeing a larger paycheck as a direct result of your hard work is one of the best feelings. However, raises can lead to some unwise financial habits. It can be tempting to run out and buy that new big screen you’ve been eyeing, or funnel the money into a ticket for a family trip to Disneyworld, but take a moment to pause and think about how to use your new income in a way that will most benefit you and your family in the long run.

Reassess Your Budget

Any time you experience a change in income, whether for the worse or better, it’s important to look at your budget and adjust where necessary. When looking at your new income, it’s important to assess just how much the government will be taking out of that larger paycheck. Check out your credit history and take note of the places that you seem to spend the most, whether that be travel, entertainment, or dining. After looking at your budget, take a look at accounts that could use a little bolstering, then funnel your raise income difference into these areas. Another option is to invest your extra income in the stock market, this can be a good way to grow your asset pool and learn the financial system better. Through doing research into how companies are performing, as well as the general consensus on the amazon stock forecast (or other companies you’re interested in) you can predict trends and better invest your money where it will grow. The good thing about investing your money is you won’t be tempted to be wasteful with it, in the same way you might be if it was left sitting in your checking account.

Retirement Accounts

No matter where you are in your career, it’s important to have a retirement plan, whether you are in your mid-twenties or late forties. Thinking about the future is always essential when it comes to finances, and siphoning more money into your retirement plan will leave you with a larger retirement income and may mean you get to sign out of the professional world at a younger age than you ever imagined possible. Whether you’re putting more into your 401(k) at work or making deposits into an IRA, your future self will thank you for the forethought.

Charitable Donations

Sometimes, raises can affect our taxes, effectively seeing us owing more to the government when tax season rolls around. Charitable donations are a good way to spread the wealth while also being strategically sound with your finances. Donations to qualified charities can make you eligible for lucrative tax deductions when you file taxes online, and you’ll feel great about paying it forward.

Long Term Purchases

If you do have some need to buy items on your list, make sure your raise money goes towards those things which will benefit your family and finances in the long run. It might be an energy efficient washer and dryer, an update to your backyard living space that improves the value of your home, or investing in safe stocks that can make you a bit of interest each year. Speak with a financial advisor about what might be best for your family, and make sure you keep those impulse buys to a minimum, especially in the weeks directly following your raise.

Pay Off Debt

Have you been stuck in debt for a while? It’s time to get yourself out from under this financial strain. With your new income, it’s likely possible for you to become debt-free sooner than you originally thought possible. Take a look at your accounts and put them in order of interest rates, highest to lowest. Work on paying off the accounts with the highest interest first to avoid paying more over the long run than necessary. As your debt lessens, your credit score will improve, and the mental strain that’s alleviated will be more than welcome. If you owe the government, it’s essential to put all of your efforts into paying any back taxes owed under your name. The longer it takes you to pay back the IRS, the more dire the consequences. If it’s a serious amount of money owed, always be sure to use companies like www.communitytax.com to figure out what is going to help your case quickly and efficiently.

If you’ve received a raise for a job well done, it’s important to use that money in a smart, financially sound way that will best benefit your family. Keep these tips in mind and enjoy your new income to the fullest.

More and more Americans are choosing to rent instead of own, and this competitive rental market can mean skyrocketing prices, but it also translates into higher rates of identity theft and rental scams. Use reputable sites like https://www.rent.com/california/san-francisco-apartments/1-bedroom to make sure your search is safe and secure. If you’re on the hunt for a new apartment or house rental for you and your family, be sure you don’t fall into the trap of common cons by following these tips.

Look for Comparable Rates

Before signing your name on any lease or even checking out an apartment, be sure to research the rent rates in the specified neighborhood. Use a site like Zilpy.com to make better housing decisions. If the apartment in question is listed for a price much lower than comparable homes in the area, there’s a high likelihood the rental could be a scam. At the reverse end of the spectrum; opportunistic landlords that charge an arm and a leg for an apartment could be attempting to swindle you out of your money. You can always consult with a property management company prior to checking out places on your own, as they can usually navigate the process with ease.

An Overly Enthusiastic Landlord

If the landlord seems too eager to place you in their home, take caution. With the competition being as it is, landlords have no reason to “court” individuals to live in their home; too much eagerness is suspicious behavior. If they don’t ask for references, don’t desire to run a credit check, and are more than willing to place you in the home sooner rather than later, trust that it’s a too good to be true situation. In this case, it might be a good idea to use Trusted Person Tracing Services with Bond Rees to ensure you are working with honest people.

Never Wire Money

Absolutely, under no circumstances, should a landlord ever need you to wire money to them, whether they’re asking for a security deposit, first month’s rent, or even a small application fee. This is most common way rental con artists make money off of their unsuspecting victims, so take caution. The moment you wire money away, there’s no way of getting it back, so take preventative measures instead of feeling regret after the fact.

Always See the Apartment First

It’s understandable that a degree of desperation accompanies the rental search, especially in highly saturated markets where there’s 20 people vying for a single home on any given day. However, don’t let this desperation force you to make a rash decision and find yourself on the bum side of a con artist’s deal. Never offer to send money without having seen the apartment and landlord first. The listing might seem legitimate, but it could be completely fake. Worse, it could be a real listing stolen from another website that a scam artist took on as their own; the apartment is real and available, but sending your money to the wrong person will see you out of a home and out a month of rent.

Identity Theft Issues

Protecting your money is one thing, but safeguarding your identity is an entirely different process. During the rental process, you’ll be asked to provide a bevy of personal and sensitive pieces of information, and it’s to be expected—after all, how can the landlord determine if you are who you say you are without it? While this is usually unavoidable (and you should be wary if a potential landlord doesn’t ask for your social security number or partial bank records), there are still ways to keep yourself safe while providing the requested information. Instead of handing your SSN over immediately, ask the prospective landlord if they use a certified service. If they respond positively, you’re probably in the clear. Companies that offer rental screenings, like Transunion Smartmove services, are designed to protect both landlord and tenant. They provide all the necessary information like credit checks, criminal histories, and past evictions for landlords, while the tenant can rest assured that their sensitive information remains out of the hands of potential scammers.

If you’re pounding the pavement in search of a new rental home, be sure you do your research on every listing that comes your way. Protect yourself by following these guidelines and look out for suspicious behavior that might indicate a scam.