Not Getting a Raise for 2023? Here’s How to Make Your Own

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Just because a pay boost isn’t coming your way doesn’t mean all is lost. 

It’s hardly a secret that living costs have been up this year. That’s forced a lot of people to dip into their savings accounts to cover their added expenses. Worse yet, some workers have even racked up credit card debt this year to cope with rising costs, and that’s with having a full-time job.

Now the good news is that many companies are planning to move forward with fairly generous raises for 2023, partly in response to high levels of inflation. In fact, U.S. employers plan to boost salaries by 4.6% on average in 2023, which is up from 4.2% this year, according to data from Willis Towers Watson.

But what if your employer isn’t giving out raises this year? Maybe money has gotten tight because your company has been forced to bear the brunt of higher costs (remember, inflation has impacted companies, too). Or maybe your employer wants to conserve funds in case a recession hits in 2023, which is something many financial experts have been warning about.

Not getting a raise could be really problematic at a time when living costs are so high. But if you don’t have a raise coming your way in 2023, here are some options worth exploring.

1. Get a second job

Even though there’s talk of an impending recession, the gig economy is in great shape right now. And that means that getting a side hustle may be perfectly feasible.

The extra money you earn could easily take the place of a bump up in pay. In fact, you may find that your side hustle changes your financial situation in a very big way by not only making it easier to pay your bills, but also by making it possible to build up savings so you have a nice cushion.

2. Find a new job

Your company may not be willing to increase your pay. But that doesn’t mean another company won’t offer you a higher wage than what you’re earning right now. Again, despite recession warnings, the U.S. jobs market is still strong. And so you may have a fairly easy time finding a job that pays more generously than your current employer.

3. Sell unwanted holiday gifts

It’s not uncommon to get gifts you don’t want during the holiday season. If you’re sitting on gadgets, apparel, or even gift cards that aren’t of good use for you, then it pays to unload them for cash. Even if you’ve received gifts you do want, it could still pay to consider selling them if you need to compensate for an absent raise and getting a side hustle or new job isn’t so feasible for you right now.

At a time like this, having your wages remain stagnant could be really detrimental to your finances. So if that’s the boat you’re in, do what you can to boost your income so you’re able to keep up with your expenses without having to cut back to an extreme degree, all the while avoiding costly debt.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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