6. Save Your Raise — Don’t Spend It
A pay raise can give you more wiggle room in your budget. But if you’re already making ends meet on your current salary, put any extra you get from a raise into your retirement account rather than your bank account.
“Try not to expand your lifestyle if your salary grows,” said John Sweeney, chairman emeritus at Money Management Institute. “Put all that away instead of deciding to buy a nicer car or bigger home.” Then, you won’t have to sacrifice your standard of living in retirement.
