Wondering what to spend your fatter paycheck on?
The right answer is you.
The best thing you can do for yourself is to learn how to make your money work for you. Otherwise, you give in to the siren call of unplanned spending, aka lifestyle creep.
That’s spending more simply because you have more, a dangerous habit you want to avoid forming.
More money in your wallet shouldn’t be a signal to eat out every night or blow it all on an amazing vacation.
“If you can temper spending increases while your salary is going up, that will keep you in good shape over time,” said Roger Young, a senior financial planner at T. Rowe Price.
Here are five things to think about when you scout the spending possibilities.
Where does the money go?
Tracking spending is huge, says certified financial planner Sophia Bera, founder of millennial-focused financial advisory firm Gen Y Planning.
What was worth it, and what was wasted? If something didn’t bring you that much happiness, cut back in that area.
Peter Cade |…