Jun 30, 2021
Expecting a raise or bonus soon? Learn how to make the most out of any extra money you have coming in!
Couple's Guide to Optimizing Your Raise or Bonus
Even though I do believe that diversifying your income is a smart money move, let's not ignore the most common one that most people have – your nine to five job.
This is a steady paycheck for work that you hopefully enjoy.
Besides the paycheck, things like benefits can be a huge plus for you. Depending on where you work, you could also receive bonuses and if things are looking good, raises.
Okay. So you may be getting a raise because you switched jobs and companies still.….
Even if neither of those is the case, you two could be getting money this summer in the form of the advance child tax credit payments.
Today, we're going to show you how to make sure that any extra money you receive helps you achieve your family and financial goals faster.
That's why I'm so glad Joe Mecca is here. He's the vice president of communications over at Coastal Credit Union and our go-to savings guy.
In this episode, we'll get into:
- how these advance payments work with the child tax credit
- a checklist to help make sure that your financial foundation is solid
- t ideas on how you can layer and optimize your money.
Are you ready? Let's get started!
Resources to Maximize and Manage Your Money
Want to make sure your dollars go further? Here are resources mentioned in the episode as well as additional handy tools to stay on top of your money!
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Jumpstart Your Marriage and Your Money
- Advance Child Tax Credit Payments via IRS
- How Credit Unions Can Boost Your Family’s Finances
- How to Seamlessly Switch to a New Bank or Credit Union
If you're still sorting out what goals you want to pursue and plans that you want to set up, please join us in our Thriving Families group on Facebook.
We're all about helping one another out with our family and financial goals.
We'd love to see you there!
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
We’ve been Coastal members for a few years have been happy with their services.
They have wonderful services and accounts to make saving easier including their competitive money market accounts!
Slash Your Phone Bill with Republic Wireless!
If you’re looking to hit your family’s financial goals faster, optimizing your expenses is the way to go. Chances are you’re paying too much for your smartphone and not getting the value you deserve.
Same thing happened to me years ago. Wanting to become debt free faster, I switched to Republic Wireless and saved big time.
Nationwide coverage, fantastic phone options like the Samsung Galaxy and Moto g, plus seriously affordable prices (plans start at $15/month!) make it a smart choice for families looking to save without sacrificing value.
See all they have to offer at Republic Wireless!
Key Takeaways on Making Your Raise or Bonus Go Further
Before we wrap up, I want to share a few key takeaways I got from speaking with Joe and preparing this episode.
- Hone in on your short and long-term goals. I've seen too many times where extra money comes in, but it goes out just as quickly because there's no purpose for that money. So sit down together and talk about what are things you want to accomplish now and down the road.
- Approach your finances in layers. Most of us have many different goals that we're pursuing, and it's very easy to try to chase everything at the same time. Instead, focus on building it up piece by piece.
- Automate your money. It'll make things so much easier. You're probably really busy with everything going on and this is really tedious stuff.
Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
- Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your rating and review on Apple Podcasts.
- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Music Credit
Our theme song is from Staircases. Additional music by various artists from Audiio.