Pay Raise Calculator
Calculate your new salary after pay raise easily with our online pay raise calculator!
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Table of contents
|◦How to calculate pay raise?|
|◦How to ask your employer for a pay raise?|
|◦What to do with pay raise?|
Pay raise is an increase in the amount of money you earn for doing your job. Essentially pay raises indicate earned extra for all the hard work you have done.
How to calculate pay raise?
Calculating pay raises is fairly simple. With our online tool, you can simply add your current salary and increase in percentages or value, and our tool will show your salary after the raise.
If you want to calculate pay raise on your own, here is a simple formula for you to follow:
New salary = Current salary + current salary * raise %
How to ask your employer for a pay raise?
Asking for a pay raise is a smart move. Many times employees get pay raises faster when they ask them instead of waiting for one.
Before you start, take some time to consider what you want to achieve and how it will affect you.
Here is our list of top things to consider to get bigger raise:
1. You're about to meet with your manager, so prepare to impress.
Before you meet with your manager, prepare for the most compelling case for a raise.
It's helpful if you have a folder or an email account that's full of notes that you can keep track of all the great work that you're doing. Doing so helps keep track of all the praise that you're being recognized for.
2. Show commitment
You’re asking for a raise because you’ve shown that you can do it for the long haul, and your boss wants to know that you’re committed to the long run.
So show your commitment through hard work and see if you can line your goals with company goals, so it is easier for employers to see your value.
3. Come up with a good number
You need to have an answer that shows how much you deserve. It should be based on actual research and industry standards. When you give the exact number of employers, it is easier for them to make decisions.
4. Practice, practice & practice
Practice makes the champion, as they say.
Record yourself asking yourself questions. Set up a table and record yourself doing this. It will help you so much.More tips on how to ask for a pay raise
What to do with pay raise?
When it comes to planning for the future, it can be tempting to make a big purchase right after getting a raise. But, before you do, make sure to set aside some time to make smart financial decisions.
Here is our list of most important things to do after a pay rise:
1. Take your time
Although it might sound like a significant raise, remember that a lot of the money you get will go toward paying taxes, health insurance, and retirement.
Before you start planning where to spend your paycheck, make sure that you know how much of it will be allocated each month. It's important to note how much of your income is used to pay bills.
2. Plan your new budget
Once you know how much your raise will cost, use it as a way to re-evaluate your budget.
Instead of spending lavishly on new items after a raise, think about how much debt you have and how it will affect your retirement plans. You may want to use the extra money first to pay off credit card or student loan debts.
And after you get your finances sorted out, you can start planning for new things.
3. Invest in yourself
Investing in a healthy lifestyle always pays off in the long run.
You can use your raise to invest in yourself. There are many ways to do this, such as: Go back to school, learn a new skill, hire a personal trainer, or get a gym membership.
4. And finally, take time to celebrate
You deserve to celebrate after achieving a raise. Treat yourself to something special after you earned it. This can be a new pair of shoes, a fancy dinner, or a small portion of your raise.More tips on wise usage of pay raise
Angelica is a psychology student and a content writer. She loves nature and wathing documentaries and educational YouTube videos.
Pay Raise Calculator English
Published: Tue Sep 14 2021
In category Financial calculators
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