12 Comments

  1. kat

    Congrats to you both! I’m glad that this raise means that you’ll be able to cover more of your expenses without dipping into savings. I’m sure that’s a huge weight off.

    I do understand Mr P’s displeasure with the small amount. I just got promoted at my job and got a raise that seemed great, until they told me that I now need to be on-call sometimes. For that, I need to have a car and they would like me to quit my part-time job. The raise doesn’t cover the difference if I quit my part-time job and then to add the cost of a car on?! I was more than slightly disappointed when they told me that. However, my part-time job is in retail, so I can ramp up those hours for the next couple of months (the holidays are coming!) while I get my feet under me at my current job, which will hopefully mean that I can afford the things my new job wants and get myself in a good enough financial place to bank that raise.

  2. Yes! I will receive a small raise this month, €80 (about $95). We are currently saving around 40% of our income and because of our high savings each month this feels so insignificant and like it doesn’t really make a difference.

    I don’t like my own lack of gratitude about this though, so if I would like to change my attitude about it. Maybe looking at how much this is in 5 years will help me feel better about it.

  3. Every little bit counts!! Great job in preparing to bank the raise when you go back to work! This year, we’ve had so many expenses that we haven’t saved Mr. ThreeYear’s raise, and it’s bumming me out, but by December, I hope we’ve got our big expenses paid for and our emergency fund back up so we can save save save (I mean, invest, invest, invest). I’m currently working on finishing my Master’s, and since I’m a contractor, I’m going to increase my hourly rate as much as I can… there’s no salary schedule but there is a market, so I’ve got to discretely ask my colleagues what they charge with a Master’s degree per hour!

  4. Yay for the raise! Mr. Picky Pincher got a $200/mo raise and I was more thrilled about it than he was. He also had a “That’s it?” moment, but to me, any money we weren’t making before is good money. 🙂

  5. Living on half of your income creates opportunities that most people only dream of (like staying home with the baby for a few months and still making ends meet). That is truly the key. Banking raises, or at minimum, waiting for raises before incurring additional expenses (while keeping an eye peeled for our old nemesis Hedonic Adaptation) has served the Oldster family for years.

  6. When I started my first job out of university, I was promised a raise with my job offer. Of course, after my 3 month probation period ended, there was no such raise. I was so disappointed because the start salary was already really low ($28k) considering I was managing my own department. I ended up getting a second, part time job with the same company in order to make ends meet. But working 60 hours a week for a boss that already undervalues you is absolutely not the way to do it!

  7. No matter how good a raise is, it always looks smaller when you break it down into one paycheck’s after-tax worth. I think it’s natural to have a “that’s it?” moment, but just remember, that raise will keep coming paycheck after paycheck. And of course if you invest it, then it will be ooh and ahh worthy! There have been times in my life when my raises were completely wasted, but these days any increase I get is carefully budgeted. I’m glad to hear that Mr. P’s raise will help you cover all your bills for now, and get banked later.

  8. Yes and no – I’m always happy to get a raise, no matter how tiny, but I also feel simultaneously that it should have been at least quadruple that amount 🙂 But since I arguably feel that way even when the raise is a good one, I’ve learned to live with it and stretch every penny til it squeaks 🙂

  9. Woo! It is so great that you guys can now cover your expenses just with your husband’s income. I don’t know about you, but it makes me feel much calmer about things knowing that we can live on one income. Before my husband’s raises this year, we unfortunately weren’t breaking even on his paychecks after maxing out his 401(k). I found that to be quite ridiculous considering his income level and our affordable housing bill… Now though with his promotion, there is room for post tax savings and covering all of the household expenses, which is much better. We are planning on a more low key 2018 which should help with the budgetary anxieties 😉

  10. Jover

    I used to always think that when I got a raise, so did Uncle Sam… But if I invest that money pre-tax, I don’t see any extra coming in or going into govt coffers, but it’s all there compounding its little heart out in my 457(b). I’ve finally got the monthly amount that will equate to the annual max of 18k! And my traditional IRA got topped off on tax day (I really got a nerdy kick out of that!)

  11. My school puts faculty on a calendar year salary schedule, so my last paycheck actually saw a decrease in pay. It’s because Illinois just raised state taxes (which I don’t mind) and the increased withholding happened to begin with the school year. I only throw this out because if Mr. P did not get the graduate school salary bump, he might be experiencing what feels like a salary cut, like me. I’m not complaining (I like it when my state actually has a budget), just explaining that the $60 is great, especially considering if he hadn’t done the extra work, his annual raise might have amounted to zero. I’m excited for your raise. Congratulations!

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