Certain New Yorkers Will Make More Money in 2024, Are You One?

I can't think of a friend or relative that couldn't use more money right now. Sure, gas prices have come down a few cents here and there but money is still very tight for many New Yorkers and we need every dollar we can get.

Good news is coming to a certain group of New York State residents. A pay increase of more than 3% will help many individuals starting in 2024. Are you one of them?

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Have you heard of the term COLA? Not the beverage but rather the acronym for cost-of-living-adjustment. NPR reports that due to inflation and to adjust for the cost-of-living that comes along with that Social Security beneficiaries are scheduled to benefit from a 3.2% increase in 2024.

I am certain anyone would welcome a pay increase of any kind but compared to last years COLA of 8.7%, this will have to fall under the category of being happy with any increase. To be fair, the 8.7% bump was the biggest in more than a decade.

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CBS News indicates that this COLA will equal approximately one tank of gas per month or around $50 a month. The Social Security Administration states that this increase will benefit more than 70 million Americans, 7 million right here in New York State.

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

Gallery Credit: Bethany Adams