5 Things To Do When You Get A Salary Increase

August 20, 2020

Every now and then, fortune and your employer smile on you and grace you with a salary increase, either in your current role or as part of a promotion. When you receive an increase, it is easy for you to want to become a golden boy/girl. You might feel the urge to become Sinzu. Perish the thought.

While a salary increase should improve your life in many ways, your first instinct shouldn’t be to open Asos for shopping spree. Have you seen the exchange rate recently? Here are a couple of things you should do with your increase.

Count your blessings, name them one by one

Okay, seriously though. Calculate your new pay and see what this increase means for your life. Figure out the new tax and deductions and plan for additional financial security.

Clear your debts

Remember that person you’ve been promising to payback since September 2019? Now is the time to clear that debt. Your new salary should afford you some flexibility to clear out any obligations you may have. Don’t be an onigbese.

Calculator GIFs | Tenor

Build an emergency fund

You don’t need me to tell you how important it is to have an emergency fund. A salary increase is a great way to build up that fund so that you’re not caught slacking when emergencies do show face. To be forewarned….

Don’t eat tomorrow’s yam today

Don’t forget your pension fund. You might be thinking “How do I know I’ll be alive in 30 years time  to enjoy my pension?” Okay, on the off-chance you’re alive, do you want to be begging for money when you’re too old to work? Put some money in your pension fund so you can live well in your old age.

Try dey enjoy, problem no dey finish

After doing the above, give yourself a treat. You’ve worked really hard for the raise/promotion and you’ve earned it. Order yourself the things you’ve been wanting, maybe a food platter too. Problem no dey finish. Try dey enjoy.

Now, read this one: 7 Massive Lies You Were Sold About Adulting

Join The Conversation

Bring a friend.

You'll like this

January 9, 2020

If you are anything like me, January has gone on for 80 days already. I was listening to FireBoy’s album the other day and I thought that some lyrics make a good cry for help. Here are some that resonated with me. 1 From the song Vibration – *”Egba mi, o pari oh” *Someone save […]

Watch

Now on Zikoko

Recommended Quizzes

November 1, 2019

Twitter is buzzing right now, bringing a new conversation to the concept of cool vs not-so-cool, especially in relationships. If you’ve been thinking about how much of a red flag you are, why don’t you let this quiz help you decide once and for all?

November 4, 2019

After successfully predicting when y’all are getting married (please, email any complaints to noneofourbusiness@nayousabi.com), we are back to tell you how much is currently in your account. How, you might ask? By using your taste in Nollywood, of course. Shhh. No questions. Just take it already:

November 11, 2019

Everyone has something to say about what kind of person they are. But how well do we truthfully evaluate these things? Not that much, I can assure you. The average person is always lying to themselves to make sure they look good. But you know what and who doesn’t lie? Zikoko quizzes that’s what. Take […]

More from Money

Watch

Trending Videos

Zikoko Originals

September 13, 2022
Vs The World is a Zikoko original video series that follows best friends Astor and Hassan as they take on the world.
August 23, 2022
Zikoko Ships is a Zikoko Original series where we invite two people who share a relationship to play the Zikoko card games
December 14, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
November 2, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
October 26, 2020
A collection of videos documenting some of the events of the EndSARS protests.
June 22, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
June 22, 2020
Hacked is an interesting new series by Zikoko made up of fictional but hilarious chat conversations.
June 4, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
June 2, 2020
Quickie is a video series where everyone featured gets only one minute to rant, review or do absolutely anything.
May 14, 2020
Isolation Diary is a Zikoko series that showcases what isolation is like for one young Nigerian working from home due to the Coronavirus pandemic.

Z! Stacks

Here's a rabbit hole of stories to lose yourself in:

Zikoko amplifies African youth culture by curating and creating smart and joyful content for young Africans and the world.
X