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Most people living from paycheck to paycheck constantly encounter money glitches.
Once salary comes in, it goes into several things all at once. Bills and expenses lie in wait while savings are constantly on zero. Sometimes, you even spend the salary before it actually hits the account (i.e. buying things on credit to be paid off once salary comes).
What happens if that paycheck is suddenly delayed or you lose your job?
Of course, your finances will hit rock bottom in the blink of an eye! It is a huge financial disaster when an unexpected loss of income occurs and there isn’t enough money left.
In this article, we will show you 3 easy ways you can start saving today.
Do away with unhealthy habits
Some habits perpetually rub you off a lot of bucks that could have gone into savings and to think that most of these habits are actually unhealthy.
For example smoking, excessive alcohol intake, sweet tooth, driving three blocks to pick up something you could have just walked to get. Bet most people who have cars are guilty of the 4th example. Why not walk instead? You will save money (fuel, wear-and-tear) and get a little exercise as well. Yes, we all have guilty pleasures, but cutting back on them can save you a lot of money. If you cannot get rid of them at least keep them to the minimum.
Once you receive your paycheck, shell out something for yourself first before taking care of bills and other expenses.
Not very many people do this, but it actually works. For example – If you earn 200,000 monthly, and you pay yourself 10 percent of this amount every month which is 20,000. At the end of the year, you will have a savings of 240,000. It might look like a waste of time because it is small, but in the end, you will be glad you actually did it.
There is no rule that states that you must pay yourself 10 percent. Feel free to adjust this as you see fit and also according to your income. If you have other sources of income asides from your salary, you can also apply this strategy to it.
Automate Your Savings
Open up a savings account with an automatic transfer. Every bank operates this system in Nigeria. This is more like placing an instruction on your bank account to automatically move a certain amount of money to another account on a certain day/date continuously for a period of time.
Automating your savings enables you to send money to your savings account without having to touch it. You know, out of sight they say is out of mind. You will be less likely to spend it if it is out of your reach.
As soon as you start, never deviate from it. Once you miss one payment, chances are high that you will miss another. This could go on and on and you may end up without any savings at all.
Spend With Purpose
Be conscious of your spending and manage your expenses well. If your lifestyle makes you spend blindly, change it or adjust it to match your budget. Never live above your means.
Create a monthly budget that covers all your necessary expenses and stick to it.
Start saving NOW!
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Landing a new job is a dream come true, but what happens when the salary doesn’t meet your expectations?
For some people, getting the offer is more than enough, especially if they have been searching for too long. For others, a low ball offer is a no-no, they strike a negotiation and get themselves a better deal. It is not wrong to negotiate an offer if you feel you deserve more.
However, salary negotiation is not an easy task, it is more like a ballroom dance. The potential employer starts the dance by making an offer, you take one step forward countering the offer, the potential employer takes one step backward, then you are both on the same pace and the next minute they are stepping backward again. Even if you are a pro, if you don’t have a strong stance, you can be thrown off balance. You must master the steps and the rhythm to be able to strike a final deal.
Here is how to get the ball rolling in your favor:
Do Your Research Properly
Do you know what people like you are earning?
Look up what people in your field/industry are currently making. Match the job title, description, and experience to salary benchmarks for that position in your industry. A tool like Payscale can help you find out. You can tailor the search to match the country you are in, years of experience, the job title, etc.
Is There Room For Negotiations?
Once you receive an offer, it is okay to find out from the potential employer if there is any room for negotiations. Put a call across to the hiring manager or send an email, stating how happy you are to receive the offer, but you have some questions/concerns about the salary.
Find out if there is any room for flexibility and adjustment. If there is, then the negotiation starts.
Negotiate Within a Range
Avoid giving out a specific number. Instead, state a salary range, this way you have a high and low end for the employer to work with. Providing a range shows that you are willing to compromise and discuss from there. You can also consider negotiating other things in the compensation package asides the salary. E.g. Flexible working arrangements, leave entitlement, allowances, etc.
Back Up Your Request with Proof
You can’t negotiate a better offer without justifying your request for an adjustment to the offer. Go into negotiations with a clear explanation of why you think you deserve more. Prove to the hiring manager that your skills and expertise is worth a million bucks. Demonstrate and give illustrations of what you achieved in the past and how you plan to do the same and even more if you are brought onboard.
Finally, remain firm with the salary that you want, but also display some flexibility. This will show the interviewer that you are a team player. Be civil and professional throughout the process. Remember, you are making an impression on the potential employer.
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Emotional, physical and mental wellness are all important for employees to succeed in the workplace but how about financial wellness?
Money problems have been noted to be a major cause of stress and this can affect the productivity of your staff. Many of them are nervous about their financial future and don’t know where to learn how to manage finances or find available options. When they are deep in debt and money isn’t coming in as expected, it may take a toll on their health and thus affect focus on work. Therefore, financial education is very important.