Financial Mistakes People Make After Getting A Raise

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Paying off all your debt

It may seem like paying off all of your debt in one fell swoop is the responsible thing to do, but hold on. If doing so would wipe you out of emergency cash, don’t do it. Right now, you have a good interest rate (hopefully?) and your monthly finances are sorted out. Perhaps just keep making payments. You may consider buying down your rate, but don’t wipe out your savings to pay off all your debt at once.

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