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Your performance review is coming up and you want a raise. But the job market isn’t exactly hot right now, so you’re not sure how much leverage you have with your employer.

Asking for a raise is no one’s idea of fun, and it can feel especially nerve-wracking as AI and economic uncertainty trigger more layoffs. At the same time, if you think you have a strong case for higher pay, you want to make it, especially if you’ve taken on new responsibilities, outperformed your peers, or aren’t being paid the going rate for your role.

The good news? Despite the uncertainty, companies see steady growth in salary budgets next year. According to the Conference Board’s annual survey, employers are expecting an average budget increase of 3.4% in 2026. That’s below the peak increases of the post-COVID years, but the same as 2025 and above the 3% pre-pandemic average.

Plus, there’s increasing transparency around pay, making it easier to know how yours compares to others. Over the past few years, laws in California, New York, and eight other states have required employers to include salary ranges when posting open positions. About 53% of monthly U.S. job postings now give a range, up from roughly 15% prior to 2018, according to an analysis by Liberty Street Economics.

(One caveat: Not everyone that’s required to be transparent has embraced the new trend. Liberty Street found that 24% of ads in Colorado, California, Washington and New York City — the earliest jurisdictions to adopt pay transparency — haven’t complied with the laws. And The Wall Street Journal reported in 2022 that some employers in NYC were defeating the purpose by posting a low and high end that differed by hundreds of thousands.)

So what?

If you think you deserve a raise, advocate for yourself and ask for one. But make sure you do your homework first. Research what your role pays at other employers and take the time to prepare talking points (or a brag sheet) that shows your boss why you’re worth it. You’d be surprised by what they may not realize.

Here are some other strategies that can help:

Quantify your accomplishments. Employers are becoming more performance-centric, according to the Conference Board’s survey. So be specific with how you’re advancing the company’s business objectives by quantifying your contributions as much as possible.

Practice what you’ll say. Pay is an awkward topic, and you may be nervous. The more you can script the language you want to use, the better. Maybe even do a little role play with a trusted friend or your partner.

Give some wiggle room. You’re being assertive by asking for a raise. It’s best to balance that by showing that you’re flexible and reasonable. Try sharing a range instead of a single number, suggests Harvard Law School’s Program on Negotiation. For example, instead of asking for a 3% raise, you might suggest a 4%-5% raise. Your manager will appreciate your flexibility if you accept less.

Find a win. It’s possible that you won’t get a raise. That doesn’t mean you can’t walk away with other benefits like a more flexible work schedule or tuition reimbursement. Think about what else would make your job better. If you’ve taken on new responsibilities, should you have a new job title or description? (It could make it easier to make a move when the job market is better.)

Make it count. If you get the raise, use the money wisely. Consider paying down debt, building up your emergency savings, or contributing to your retirement. Here are some other tips for maximizing your raise.

Related Reading

How to Negotiate a Pay Raise (And Actually Get It) (Science of People)

You Won’t Get the Raise You Want in One Meeting—Here’s How Long It Will Actually Take, According to an Expert Negotiator (CNBC)

How to Ask for a Raise: Avoid These 6 Mistakes That Can Hurt Your Chances (USA Today)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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Paying taxes is definitely up there on the list of Least Fun Activities, but you may have more control over it than you realize.

With a month left in 2025, it’s your last chance to lower your taxable income for the year — and maximize other tax benefits.

Let’s get into it:

1. Max out your 401(k) contributions (if you can.) Putting as much as you can into your workplace retirement account is a great way to kill two birds with one stone: You’ll be preparing for the future while lowering your taxable income. If you can spare the money from your paycheck, take full advantage of the tax deferral by contributing the maximum allowed — $23,500 for the 2025 tax year (or higher, if you’re at least 50). Unlike IRAs or Health Savings Accounts, where contributions can be made until the tax filing deadline, the deadline for 401(k)s, 403(b)s, and similar plans is Dec. 31.

2. Do a paycheck “check-up.” If you haven’t checked your federal tax withholding amount recently, it’s a good time. Adjusting what’s taken out of your paycheck now — before the end of the year — could prevent an unpleasant surprise when you file your taxes next year, especially if you owed taxes last time. Even better, you might discover that you can hang on to more of your paycheck ahead of the holidays. (And the IRS recommends checking your withholding at least once a year anyway.) Knowing where you stand can also give you a better sense of how important maxing out other contributions may be.

Use the IRS’s online tax withholding estimator to estimate where you’ll stand at the end of the year if you don’t change your withholding. It will do the math for you, estimating if you’re going to have a tax bill (if you’re withholding too little,) if you’re in store for a refund (if you’re withholding too much,) or if you’re on track to break even. If you decide to make a change, it will actually fill out a new W-4 form for you so all you have to do is submit it to your employer. (Those tricky allowances have gone away.)

Pro tip: If you earn tips, pay car loan interest, or anticipate other tax deductions established by the One Big Beautiful Bill, use this deductions worksheet instead. The tax withholding estimator hasn’t been updated to reflect some of those changes.

3. Wait a few weeks to make charitable contributions. You want to give to the causes you love, especially this time of year. And charitable donations are often tax-deductible. But they may only have a tax benefit if you wait a few weeks. Right now charitable donations only lower your tax burden if itemizing your donations and other deductions adds up to more than the standard deduction amount. And it doesn’t for the vast majority of taxpayers. (This year it’s $15,750 for an individual filer and $31,500 for a married couple.)

If you don’t meet the itemizing threshold, you’re better off waiting until the new year. Beginning in 2026, even those who take the standard deduction can benefit from their charitable giving, taking what’s known as an “above-the-line” deduction of up to $1,000 ($2,000 for couples) for eligible donations.

Caveat: If you’re in the minority that itemizes, you may want to consider speeding up your donations instead. Other tax changes taking effect in 2026 could limit some of the tax benefits of donating to charity in the future, depending on your circumstances.

4. Use it or lose it. If you’ve contributed pre-tax money to a Flexible Spending Account (FSA) for healthcare costs, don’t let it go to waste. While some employers may let you carry over up to $680 for next year — or give you until March 15, 2026, as a grace period — the deadline otherwise is Dec. 31 (unlike with a HSA, where the funds never expire.) But you can spend that money on supplies like certain over-the-counter meds, bandages, or menstrual care products, so consider stocking up on things you’ll eventually need more of. Or buy your next pair of contact lenses or glasses a little early (assuming your doctor bills are all paid up.) Here’s a complete list of eligible expenses.

And while you’re in healthcare mode, make sure to make any outstanding doctor’s appointments before your insurance deductible resets in January.

5. Consider tax-loss harvesting. If you’ve profited from selling investments this year, you’ll likely have to pay capital gains tax. But you may be able to offset that bill if you also sell investments for a loss. This strategy, known as tax-loss harvesting, may be worth exploring if you have investments that have dropped significantly in value.

•  If your capital losses exceed your capital gains, you can typically reduce your taxable income by up to $3,000 for the year and then can carry forward any additional losses to offset gains in future years.

•  Keep in mind: Tax-loss harvesting only applies to realized gains and losses, meaning when you sell your investments. And the strategy can get complicated due to IRS rules. (Read: It may require the help of a tax professional).

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.