You Got a Raise -- Congrats!
If your boss just handed you a raise, congratulations! Employers can offer salary increases to show that they value workers, want to keep them around, and hope to offer them a more comfortable lifestyle. You should consider any pay raise as a positive sign.
You Got a Raise -- Don't Screw it Up!
The problem is that something that should come as good news often has some pitfalls because the employee handles good news very badly. If you're happy OR even unhappy with your raise, learn to use it to advance your career and financial situation -- and not to mess up. A lot of this advice should be obvious, but I've seen the smartest people mess up.
Don't Brag About It
Yeah, you coworkers might not be as happy for you as you think....
Hopefully, you consider some of your coworkers as friends. It's only natural to want to share good news with your friends. However, if you're not certain that the other employees on your team also got handed generous raises, you should consider keeping this news to yourself.
Think about how you would feel if one of them got a raise and not you. Also, think about how annoyed your boss will be if your coworkers suddenly storm his office because you got more money and they didn't.
Don't Express Entitlement
This is not a good look....
You may have been impatient for your raise because it took a long time to get approved. You might even think the raise is much too small. You're certainly entitled to calmly, professionally, and politely express these sentiments to your boss. If you don't tell your employer that you're dissatisfied, he may actually not know.
Just don't say things like, "Well, it's about time!" It's possible that your boss wanted to offer you more money but had other constraints. If you're not happy, you should start a discussion and not an argument. If you need more money and can't get it from your current employer, you might have to dust off your resume. However, you don't have to act like a jerk.
Don't Waste Your Raise
Sure, you look good in red, but do you really need it....
One of the best pieces of advice that anybody ever gave me was to always try to budget for my last salary and not my current one. It's so tempting to spend some extra money on a fancier car, extra trips, and other luxuries. Certainly, if you need reliable transportation or a more suitable place to live, you should consider these upgrades.
However, you should also consider investing a good portion of your raise in your emergency fund, your retirement accounts, and in other things that will increase your security in the long run and not just the short run. Also, be sure you understand tax implications of your increased salary to be sure you don't get a nasty surprise on Tax Day.
Yes, I've Wasted Raises and Watched Other People Waste Them Too
It's find to celebrate a salary increase. Mostly, it's a great sign for your career and can help improve your lifestyle. I've just wanted too many people make mistakes after they have gotten a raise, so they didn't get to enjoy it as much as they should have.
Got Any Raise-Wasting Stories to Share?
I almost always upvote and comment upon relevant comments. Do you have any amusing or informative raise horror stories to share?