Don’t Settle For A Low Income See How To Make More In 5 Steps

There are numerous justifications used to explain why a person may be on a low income and even more on why things can’t change. Some reasons may be more genuine than others but there are always things that can be done to improve any situation.

The single most important factor in making things happen is a healthy mind set, if you are not ready to change or put the work in – nothing will change. A positive attitude, plan and a strong desire to accomplish your goals is all that is needed to make things happen.

Life happens sometimes and circumstances may change, that however is not a reason to give up on your hopes and dreams – simply adjust your plans and get back on track.

Below are some tips on how to improve your financial situation – immediately

Know your worth: Regardless of what type of job you have, you should always know what market rates are. This is especially important for those who have been in a job for a long time. In many cases, you may find that over the years your salary hasn’t kept pace with what the industry is paying.

This also goes for those wanting to get into a new industry or career, know what market rates are. If you want more money you have to know what your positions worth is, only then can you confidently ask for money and provide justification. In addition, if you are already at the top level of the pay scale, just change your tactic - Ask for more responsibility and pay once you have proven effective.

Go the extra mile: Only you know if you are putting in 100%. It’s hard to ask for a pay increase or extra hours/overtime if you can’t justify your value to a company. Typically, those who bust their butt working are offered the extra work anyways. Employers generally have a good idea on who their top employees are.

Sometimes it’s good to pause and reflect – would you be happy with the service or work you are providing if you were the customer or employer?

Learn more & ask: If you are in a highly competitive industry or in an area with limited job opportunities, it is important to stand out and make yourself indispensable. This can be done in a few ways - go the extra mile, ask for extra responsibility and/or training. Take courses in your own time, it’s easy to find courses on about anything online these days. You can also find free local personal and professional development programs and courses in many local communities - simply reach out to your local Community Action Agency to see what they provide.

Be creative with remuneration: While cash can be considered king, there are potentially other ways to be compensated. Try negotiating receiving things via your company which can reduce your monthly outgoings. For example, perhaps your company will pay for your mobile phone or even internet at your home. Other ideas can include transportation costs, parking, electronics, clothes, etc.

Depending on what your line of work is, many businesses will provide different items if they are related to doing your job. In addition to these non-cash benefits, profit sharing and stocks are other options, which can increase your bottom line even though they aren’t cash payments.

Timing on discussion: With most things, timing can play a huge part in success. If you are looking at applying for a new job or asking for a pay increase, try doing so at an appropriate time. Sounds simple but you’d be surprised how many people get their timing wrong.

One of the best times to apply for a new role is at the beginning of a new financial year, or if it’s seasonal, a few weeks prior to the season and then follow up once the season has arrived. When negotiating a pay raise, try doing it after you have completed a big task like a major project, also be wise with the time of day and day of week – 4pm on a Friday is a great example on when not to schedule a meeting for a pay rise.

In addition to the above, there are numerous little things that can tip the scales in your favor. Dress appropriately and present yourself professionally, smile, be friendly, be confident. You don’t always have to be the actual best person for the job, you just have to appear to be – and once you get the job, do it well!