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For full-time workers, that breaks down to $3,326 per month, or $1,663 per bimonthly paycheck.
Its cause for celebration, but also for financial action.
Do the following when your paycheck reaches $5,000,or just increases, period.
A boost in income should be seen as a clear opportunity to up the ante in tackling high-interest debt.
Build Up Your Emergency Fund
An increase in pay doesnt make you less vulnerable to unexpected costs.
Take this opportunity tobuild up or replenish your emergency fund.
When your paycheck increases, I recommend putting higher retirement contributions and savings on autopilot immediately, Kullberg said.
Consider just how big a difference even a modest increase in retirement plan contributions can make.
Now is the time to check your insurance needs.
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