I just got a raise. What should I buy?

Answer 1

Nothing. Save it.

Answer 2

Congratulations! Instead of buying something with your new salary, why don't you do this: take some of it and start a savings account or make a deposit for a money market account. I know that you won't have the minimum amount at first, but make a start. You might also consider taking a part of the raise and putting it on your past due bills if you have any. I know that this is not a very popular suggestion, but it's something to consider along with the fact that the quicker that you can get those past due bills paid up, the better your credit rating will be. Also, you might decide on something that you really want and start a special account at the bank for that. Say you really want something like a motor home or a new home theater or one of those high definition TVs. You could start the account with this raise and add to it each payday and before long, you'd have the money to pay all cash for your new motor home or TV and you wouldn't have any payments to make. If you wanted a new car, you could also do this. Just think of the expression on the salesman's face at the car dealership when he asks you, "How do you want to pay for this?" and you say, "With cash."

Answer 3

Stocks, Bonds, Mutual Funds. Because eventually you'll need the money. Raises and jobs don't last forever. Look at it this way. If you buy an needless material thing your raise not only is spent on that but, in fact, your income decreases with the cost of upkeep of that new thing. So that kind of defeats the advantages of a raise right? On the other hand, if you save, it grows without impacting your current standard of living. Just a thought.

Answer 4

Nothing - take the raise, and put it into a high yield account, like an ingdirect.com account. I make 4.75% on my money there, and there are no minumums, no chanrges, etc. That money is money you wont miss - so save it up! I know its not fun....but if you email me, I can "invite" you to ingdirect, and if you deposit $250, they will give you $25 - thats 10% for NOTHING! Where else can you make money do that????

Then, in a year or so, go buy yourself something really nice that you want, rather than a tacky reward now...reward your future!

Answer 5

Does it cover the cost of gas to get to the job???? I don't think that, with most raises being very small, you should spend it at all. Gas is still going up!

Answer 6

Why not do yourself a favor and save that money for some high-ticket item you really want or just put it aside for a rainy day?

Answer 7

Well, it depends on the raise. Was it a nickel or a fortune? I would opt for a new outfit.

Answer 8

Invest in an IRA and Mutual Funds

Answer 9

A plasma TV

Answer 10

gas