What Do I Do If Cost of Living Increases More Than My Raise?

Question

In the city I live in, cost of living will increase about 3.5 to 4% this year. Our company typically gives a 2 to 3% raise each year which means I am actually making less money each year. Is it time to move to another city?

Answer 1

Just cut back on something. Maybe food, driving, electricy. Maybe get a part time job for a few months. Or .. like me, move to South Carolina. Everything is cheaper.

Answer 2

Sounds like you are just starting to realize what most people already know.This is nothing new and millions of people go through the same thing every year.I would say your lucky you even get a yearly raise.I doubt very much that you will escape this problem by moving unless an employer comes looking for you.The cost of living and your income will be relative anywhere you may go.

Answer 3

Adapt the habit of saving..Don't spent money on the unimportant things..If u really wanna move to another city just keep every thing in ur mind before moving..may be its the same problem every where..finding a new job is difficult..first try to find out a better job in the same city if it doesn't work than think about another city..before moving find a better job there...

Best of Luck !!

Answer 4

Try a second job or to move to another city that has a lower cost of living. (But, remember - anywhere you move that has a lower cost of living, probably has a lower income rate as well.)

Answer 5

At least you are getting raises.

In Michigan the vast majority of non-union, non-minimum wage workers are just lucky to have jobs and raises are something we faintly remember from the 90's.

Move.