How To Give Yourself A Raise and Increase Your Income
Previously, when I heard people say “Give yourself a raise” I really wasn’t sure what it meant. Basically, what it means is finding wasted money that you’ve already earned. When you are unaware of where all of your money is going, you are so lost about your financial situation. With that being said, you need to work with what you have right now. You need to think how to give yourself a raise and increase your income. By increase, I mean more-so retaining your income. This was my situation…..Before, I was so careless that I wasn’t even sure what I made per hour. I knew the dollar amount but wasn’t sure of the change. I was so clueless. Thank God, I woke up. You should know your annual income and exactly how much debt that you are in. If you don’t have any idea, follow the steps below.
- Keep a record of your expenses for a month or two. Some keep receipts but that was too much for me. Since we mostly use our bank cards plus automatic payments, I used our bank statement.
- Figure out all of your bills and research. Pull those policies out that you haven’t looked at in years. Make phone calls to the companies. Ask questions. This is easy if everything is placed in a spreadsheet. I would ask as much information as possible including the final payoff amount. Also add a notes section to your spreadsheet in case you need to follow up or remember to do something with that particular account.
- Comb through each bill (and policy), one by one and edit. Find out if you are over paying for a service where you can downsize. I downsized our cellphone bill and cut out a few subscriptions.
- Don’t just comb through your bills, comb through your bank account. Are you paying service fees? I paid $6 every month for about a year and didn’t even realize it….just because I wasn’t using that debit card for that account. Isn’t that some crap for you? Those small fees add up!
- See if there are specials that you can take advantage of. Add to your spreadsheet the date the special is over so you can inquire about another. This works perfect with cable and internet services.
Combing through your expenses helps you do a few things: find out where your money is going, give you a change to edit any accounts/policies, and to get organized. When I was doing this, I ended up on the floor full of documents and policies for several hours. I did manage to give us a raise of about $200 a month.