Written by Jenna Trollope
Spend less than you make. It is as simple as that. To have extra money at the end of the month, you either need to spend less or make more.
Let’s say you have gone through all of your monthly expenses. You have cut where you can. Kudos – that is impressive, and it probably took a lot of work. However, most of us will realize there are certain things we are not willing to give up.
Now, let’s flip the tables and look at the other side of the equation. What do you contribute that is unique? How do you add value?
Do not cut yourself short. Try not to compare yourself harshly to those around you because we all have value. It may be a skill you have had naturally since childhood or something you have worked hard to cultivate over the years. However, take the time to recognize your skills and how you add value and positively contribute. It is important to take note because if you do not acknowledge your worth, how do you expect your employer or clients to pay you for it?
Take a step back and check in with your clients, supervisor, or your colleagues to see where they think you do well. Identify where you add value and what their expectations are in your role. This is now your goal agreement. Once you have met their expectations – and hopefully you are pretty close – you can work to exceed them. This is how you add value and renegotiate your salary.
Once you have determined your skillset and where you add value, you can always expand your sources of income. Find other ways to make money on top of your 9-to-5 job so you can increase your savings and investments at the end of the month.
This takes work. It will not happen in a day, and you need to actively seek out feedback to continually improve. Best of luck!