Making the Most of Your Salary
No matter how careful you are with money or how much you get paid, sometimes your wage just doesn’t stretch far enough. Pay-day lenders are making a fortune on high-interest loans to people who just need an extra bit of cash to see them through the month, and taking advantage of people while doing it.
There are lots of ways for you to avoid having to take out these kinds of loans by just planning ahead and making some changes to how you spend.
Here are some tips and tricks so you can make the most out of your salary.
Calculate what you’re spending already- While this might seem like potentially quite a depressing activity, and it’s probably going to be, it’s also a necessary one. Clearly laying out how much of your money you’re spending, and what you’re spending it on, can help you to realise where your salary is going, and whether it’s all being spent wisely. Small things like scratch cards and Starbucks coffee can seem meaningless at the time, but they can add up in a big way.
Make a budget plan - Once you’ve worked out what all your expenses are, you can see what spending is essential and what can be streamlined, and start budgeting from there. Set aside a specific date, whether that’s a week or a month, and plan out how much you’re going to spend within that block.
Start a savings account- It might seem counter-productive to put aside money when you’re feeling a bit stretched for cash, but it will make the world of difference in the long run. Even if it’s only a little bit of money each month, a savings account can help to act as a buffer from the worst unexpected bills or for more expensive times of the year like Christmas.
Talk to your boss about a pay rise- If you don’t feel your money is stretching far enough, maybe consider talking to your boss about a pay rise. Of course, there’s no guarantee that you’ll get it, and you should frame it as something you deserve for your work rather than something you need because you’re short of cash. If you don’t ask then you won’t get, so you might as well broach the subject and see what they say.
Make the most of employee benefits- These can cover a variety of things, from your work travel costs to childcare and even gym membership. While your work may not cover all of these things, it’s worth asking to see what they could cover as these things could save you a significant amount of money each month.
Don’t be afraid to ask for help- There’s an unfortunate taboo around discussing money troubles with other people, and most generally just suffer in silence. If you’re finding yourself struggling with money then there are lots of places you can go to, from your bank, or talk to someone at Citizens Advice Bureau, who can give you personalised spending and saving advice.