What if you are not extravagant, you don’t focus on wants, rather needs. And you discover that at the end of the month, you don’t have anything to save. Worse still, you go indebted just to make to make ends meet?
You have been told to save at least 20 percent of your income no matter how much you earn. Sometimes, what you earn is not even enough, let alone of keeping some aside for savings.
If you are in this kind of situation, the cool reality is that you cannot save. It may seem easy just like financial experts have always advised. But, it is not.
As a fact, you wouldn’t have the courage to save. You have bills to pay; you need to feed, take care of the home or family. These needs must be met before you can gather the momentum to save.
However, if you are caught in this web of reality, there is something to do about it. After cutting all your expenses, you still struggle to meet your needs, let alone of saving. You need to do the following to salvage that ugly situation.
Do a Reality Check
Doing a reality check will involve analyzing your current earnings. Ask yourself if this is what you worth every month.
Assess your level of your intellectual faculties, your educational attainment, your skills level, and personality.
These are the things you must do know if you are on the right track. It will give you an insight of what you worth.
Develop or Invest in yourself
Investing in yourself will improve all facets of your personality. If you are not educated enough, get educated. When you are educated you start having women level of leverage to push further, and this will transcend to your income level.
Developing yourself also involves acquiring the needed skills to climb the corporate ladder. In your current job or where you work, look out for those skills that you think should be learned.
Jot them down in a sheet of paper or your diary. Do everything possible to make sure you learn those skills. There are tons of websites to acquire some of the skills you have jotted down.
When you have done all these things, your personality will increase. At this point, you would have the bargaining tool to renegotiate your current pay.
Increase your Income
If your current work environment isn’t encouraging, seek another job. I assume that you must have developed yourself, if you have, apply for another job.
There are jobs out there, what is scarce is the skilled persons to take up those jobs. It looks as if there is no job because applicants are usually unfit for the labor market.
Once you have the needed skills, trust me you would have a job from different firms.
Save
If you have gotten the job, your pay will be on the rise. Don’t try to impress by living above your means because money is now there.
Maintain your regular spending habit, meet your needs and save. There is no point spending more. Manage your finances well and save.
Conclusion
If your income is low, request for a pay rise. If you don’t like your job, seek another. If you have found one, save.
