Now that you’ve diligently saved in RRSPs, TFSAs and your taxes, it’s time to focus on boosting earnings. This often neglected pillar of good fianncial planning can do wonders to supercharge your career—as well as your savings plan. Let’s get started. Follow along with this online calendar and make sure to sign up for our weekly #MoneyFit newsletter.
Congratulations. You just got a new job. But don’t let that newfound money burn a hole in your pocket. Following four basic rules can ensure your paycheck goes farther. Saving first has to be rule number one. Saving 10% of your paycheque is a good place to start. Second, think needs versus wants before making any purchase with your newfound wealth. Third, remember that the tax man will take his slice—always. And finally don’t forget to budget in some fun money for entertianment with friends. Remember, finding the right balance is key.
If you’ve decided to accept a new career opportunity and are relocating to do so, congratulations. It costs the average Canadian homeowner $53,500 to relocate—a huge amount of money to waste if you find yourself moving back in a year or two. The good news is that most companies have a relocation policy and will provide assistance in many areas. Things that will need to be done include selling or renting your current home, finding a new home, packing and moving, closing out old utilities and updating you health insurance, driver’s license and banking information. If you’re switching companies, be sure to negotiate your moving package in advance. Depending how much seniority you have and how valuable you are to the company, you can negotiate van rentals, flights and even babysitting fees.
How to ask for a raise
If you feel uncomfortable asking your boss for a raise, don’t worry—you’re not alone. Asking for more cash means doing a few things right. First, time it right by asking a few months before your annual review when budgets probably aren’t as tight; keep a diary of all your career accomplishments to show your boss and finally, know what to ask for. About 3% is reasonable while asking for 10% will make you look out-of-touch. Learn more here.
Money for the taking
If you haven’t paid a trip to your company’s HR department (or scrolled through your company’s HR website), then now is the time to schedule one. From stock plans to pensions, and life insurance to health benefits, signing up for some of these programs is often the fastest and easiest way of boosting your income. Learn more here.