Congratulations on your new job! Your hard work has paid off, and whether you got a promotion or accepted a new position, you’re now earning a higher salary. It’s exciting to have extra money coming in, and you might be wondering how to make the most of it.

While friends and family often offer advice, your best bet might be to speak with a financial professional. With the right guidance, you can make significant positive changes to your finances by budgeting wisely.

Making the Most of Your Higher Salary

Deciding how to handle a larger income can be overwhelming, but meeting with a financial expert is a strong first step toward smart money management.

A financial advisor can help you assess your budget, suggest ways to save or invest more effectively, and guide you toward a secure financial future. Here are a few experts you might consider reaching out to:

1. Talk to Your Banker

   Start by meeting with your banker, who can help you find savings and checking accounts with high yields. Even though high-interest accounts may seem like a small boost, those extra earnings can add up over time and improve your financial picture. A visit to the bank can be an easy first step to making sure you’re getting the best possible return on your increased income.

2. Consult a Certified Financial Planner

   A certified financial planner can offer expert advice on investments, set up savings plans, and help develop retirement funds to protect your growing earnings. They can also address tax liabilities, insurance, and estate planning. With a professional at your side, you can confidently manage your increased salary and work toward financial stability.

3. Contact the Manager of Your Company’s Retirement Account

   If your company offers a retirement plan like a 401(k) or IRA, consider reaching out to the account manager. Especially if your raise allows you to max out contributions, you’ll want to be sure you’re optimizing your retirement benefits. Schedule a call to discuss your options and make the most of your retirement investments.

4. Meet With a Career Coach

   While it might not be obvious at first, your salary increase could be a chance to invest in your professional growth. Consider using some of the additional income to enhance your skills by taking courses, attending workshops, or working toward certifications. A career coach can help you set career goals and find ways to invest in your long-term success.

5. Try New Budgeting Software

   Avoid the temptation to let your spending increase along with your new salary by using budgeting software. There are many options that allow you to set savings goals and manage your debt-to-income ratio effectively. With a budget in place, you’ll be able to enjoy the benefits of your new income without overspending.

6. Consult a Tax Professional

   If your salary increase places you in a higher tax bracket, talking to a tax professional can help you manage your new tax obligations. A tax advisor can help you navigate the impact of your new income, recommend ways to save on taxes, and set up retirement plans for greater financial efficiency.

Making Smart Choices With Your New Income

With a higher salary comes the chance to set yourself up for lasting financial success. Seek advice from professionals who can help you maximize your income and achieve your goals.

And if you’re still searching for a more flexible, higher-paying role, FlexJobs can help! Explore a variety of remote and flexible job opportunities in the FlexJobs database. Members have full access to these listings and more—take a tour to learn how a FlexJobs membership can support your career journey.