Your boss calls you into the office with great news: You've earned a raise, or perhaps you're getting a bonus for all the hard work you've done this year. Now you can buy those shoes you’ve been eyeing, or replace your old iPhone with the latest iteration.
While the urge to celebrate and reward yourself is understandable, hold onto your wallet and think before spending. Putting your long-term goals ahead of short-term needs can make your money work harder for you in the long run, reduce crippling debt, or boost savings for a rainy day or a sunny retirement.
Here are five things you can do with that raise that'll help you reach your financial goals: