By Bizna Brand Analyst

There is always pleasure in seeing yourself progress up the ladder in your career. With this often comes more responsibility but also more money. A raise is something you should be proud of as it represents the payoff from the sacrifices you have made and the hard work you put in. This calls for a celebration, as it should!

At the same time, it is crucial to make sure you don’t fall victim to making drastic lifestyle changes. For many people, as their discretionary income goes up (they get a raise), their standard of living goes up with it. For example, before you stuck to a dining budget where you invited your friends over for a celebration once a month, but now you are doing so two times a month.

Why is this a problem?

Living above your means is a recipe for financial trouble. I constantly preach that it’s not about how much you make, but how much you save. By earning more money, you have the opportunity to save more. Take advantage of these opportunities by really thinking about what is a necessity vs. what is a luxury.

Read below on some tips to help you avoid some of these mistakes.

(1)Write down and revisit your goals

Maybe your goals have changed, maybe they haven’t. By revisiting them, remind yourself what is important to you and you can then make sure that is what you are spending your money on.

One additional suggestion is to not make any purchases with the money you are receiving from your raise for the first month after receiving it. This gives you time to digest the news and will give you the ability to make more rational purchase decisions. If you still want to buy it after a month, then go for it.

(2) Create and update your budget      

If you don’t already have a budget, now is the perfect time to create one. it all just requires simple discipline. Lay out all of your expenses and determine where the money should go each month. By having a set schedule, you reduce the urge to make impulse purchases because you see a large number in your checking account.

(3) Set up automatic saving account deductions

Various banks make this possible nowadays, Now that you have a defined list of goals and a budget to help you achieve them, it is time to put the plan into action. Create accounts for each of your goals and set up automatic transfers to these accounts from each paycheck you receive.

In addition to your emergency fund account and other savings goals, make sure to give yourself a fun account that can be used to spend on celebrations such as getting a raise!

After working so hard to get to where you are now, you should give yourself a chance to enjoy that success and celebrate. The important part is keeping an eye on the big picture and not letting your short-term emotions get in the way of achieving your true financial goals. By creating a plan that is realistic and one that you feel you can stick to, you dramatically increase your chances of success. (For related reading, see