Life can throw you a lot of unavoidable curveballs. Recent times have shown us just that. And while a lot of circumstances are outside our control, our relationship with our finances is one that we have far more say over than we think we do. And it is amazing how much your money mindset (and bank account) can change once you adopt a proactive strategy as opposed to a reactive one, when it comes to managing your money.
When you take back control, you see more opportunities, you make better choices and you become better at weathering those unforeseeable storms that inevitably come your way.
Here are just a few financial tips to help you start to manage your money today:
You Can Get a Raise
Most people go to work, do their job, and just wait for their pay to arrive each month. If they don’t like the amount that they receive, or just want to have more, then tough luck — the employer sets the salary, and you can take it or leave it. That’s the common conception.
But in reality, you may have a much bigger say over how much you receive than you realize. The secret that employers don’t want you to know is that many of them are more open to giving raises than employees realize. If you’ve been at your company for a while, and know that you do good work for them, then do not be afraid to ask for more money. They can only say no, but since they’ll know it’ll cost a lot more to replace you, they’ll likely say yes.
If you are at a company that has a structured pay scale based on length of service and a pay raise is not feasible, there are other things you can do to increase your paycheck. Find out if over-time hours are available or if you qualify for a higher paid position. If neither of those two options are accessible, you can start a side hustle to increase your monthly income.
You Can Stop Yourself From Over-Spending
I am sure over the years of your working life you have had many pay increases. But you have probably also noticed that it didn’t always translate to having more money in your bank account. That is because maximizing your money management is a two pronged approach: increasing your revenue and decreasing your expenses.
Examining your spending and cutting back where you can, will increase your disposable income, making it easier to save for big purchases or retirement. It all starts with being able to identify and differentiate between needs and wants. It can be really hard at first. But you have to be super honest with yourself and your choices.
But it is amazing how giving up one drive through coffee a day, translates to more money in your pocket and spurs you on to find more ways to cut back. Start small and then be fuelled by your success to carry on and make more changes.
You Can Ask For Help
If you wanted to get in shape, you would probably hire a personal trainer. If you wanted to learn a new skill or hobby, you would probably take a class. If you wanted to change your eating habits, you may hire a nutritionist or join a program like Weight Watchers. So why when do we find it so hard to ask for help when it comes to budgeting and finances?
It’s difficult to manage your finances all on your own, especially if you never been taught how to. I think one of the biggest failures of our schooling system is that personal money management is not a mandatory part of the curriculum.
The good news is that there are experts and companies that can help you. DTSS use the straw man financial theory to set their clients up for a life of financial freedom. Seemingly impossible to do on your own, but with their help, you can greatly improve your financial situation.
Other available resources for you to explore are friends or family that are great at managing their money, non-profit organizations or you may also consider getting a financial advisor. They can help you with budgeting as well as tell you which investments are worthwhile and which are not. You don’t need to go it alone!
It’s Starts With You
Finally, remember that it’s on you. No-one else is going to come to your financial rescue. And the odds of you winning the lottery are probably nil. As such, it’s important that you take a proactive approach and get a grip on your finances. Even if they are totally out of control, you can make things better. It is never too late.