What to do if you don’t get a raise for 2022

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You may have noticed that the general cost of living has increased in recent months due to soaring inflation. In light of this, many workers are counting on an increase in the new year in order to better manage their expenses.

Some companies grant what’s called a cost of living increase, which is a pay rise designed to help workers keep up with general increases in living expenses. The increases in the cost of living are generally uniform, so everyone in the business gets the same increase, as a percentage. Merit increases, on the other hand, are performance based and may vary from worker to worker.

But what if you don’t get a raise at all in 2022? If your expenses have skyrocketed recently, you might suddenly find yourself in a situation where it feels like you’re undergoing a pay cut. In this case, there are two options that you will need to seriously consider.

1. Reduce your expenses

If your bills have gone up and your pay doesn’t keep up, you could be at risk of going into debt. It’s a bad way to start the New Year.

To prevent this from happening, you may need to revisit your budget and find ways to cut down on fat. That could mean cutting back on a large expense, like downsizing to a smaller rental or getting a roommate to share your rent with. Or, it could mean spending less in a bunch of smaller spending categories – for example, dining out once a week instead of twice and throwing in cable for a cheaper streaming service.

2. Treat yourself

If you are not considering any additional salary over your main job, you can always increase your salary by getting a little boost. Many businesses are struggling with labor shortages, so you may be able to find a local establishment that needs help in the evenings and weekends.

You can also look for a side activity that you can do independently. If you are good at web design, you can update local business websites in your spare time. You can also seek employment by writing or editing web content or entering data. If you have a car, you can sign up for a carpooling service. This option is especially useful if there is an airport nearby where you can take a lot of fares.

Take matters into your own hands

Not getting a raise is a big blow all the time. But it is particularly problematic this year, with a dramatic increase in the cost of living.

The last thing you want to do is struggle financially in 2022 to the point where you’re forced to charge living expenses on credit cards and go into debt just to get by. By reworking your budget or getting a second job (or both!), You can make up for a missing raise.

At the same time, however, you might want to consider dusting off your resume and seeing what other job opportunities exist. The fact that you don’t get a raise for 2022 could mean your employer can’t afford it or doesn’t care about the financial well-being of their employees. Neither is a particularly positive thing, so it wouldn’t hurt to see if there is a better job worth applying for.

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