3 Reasons Why Your Salary Is Not Enough
A large percentage of graduates that are churned out by higher institutions the world over, all leave school with the mind of looking for salary paying jobs, only few of the lot actually come out with the entrepreneurial mentality. Going by these therefore, we know a lot of people live on salaries and a lot of people who live on salaries will tell you the salary they collect is not enough, i must be frank with you, there are are certain financial rules everyone needs to follow, which if not followed no matter how hefty your salary is, it would still not be enough. So lets look at the top reasons why your salary may not be enough
1. The Salary Is Too Small; the most common reason why your salary may not be enough is clearly the fact that the salary is too small, your best bet is to either discuss with your boss, get a better job or create an additional source of income for yourself and i would advice that you focus on the third option more than any of the other options i stated, the people you work with do not have two heads, so who says you can't start your own company, it does not have to start big.
2. You Spend More Than You Save; well if your excuse for not saving is that your salary is too small, then my question to you would be, is your thinking small? alright, now that you said no, put your big thinking into use and put some sense into how you spend, the richest people in the world will tell you, spending more than you save is financial suicide and this i know you don't want to commit, start saving, this cannot be over emphasized, if you can't and don't save then how responsible does that make you? are you not tired of having to borrow from friends every time the month is close to the end, if you don't change nothing would change, including your finances, so put your mind into it.
3. You Do Not Have A Budget; if you are waiting for your money to become plenty before you start keeping a budget, well it might require that God come down from heaven before your money ever become big, having a budget and following it is a sign of financial responsibility, so if you do not have one, are you responsible? well you can answer that in your mind. Often times the reason why many think their slaray is not enough is because they do not have a budget, some people spend so haphazardly, you will think something is wrong with them, being generous is not the same as lacking a budget and squandering money, let me give you a simple budget sample you can follow
transport fare------------------------------5,000 (10%)
food items and house keeping------10,000(20%)
the above budget example is a generic one and it doesn't include tax deduction, what i do want you to take note of is the percentage of the salary that each of the category takes, if your transport fare on a monthly basis is more than 15% of your salary, that is not good for your pay and it would really make your salary never enough, and if your spending is not cut down, you might find it difficult saving, in all, having a budget gives you a target to work towards, such that even if you don't reach it, you can come close to it, but when you do not have a budget, you have nothing to measure your spending against, remember aim for the stars even if you fail you can always land on the moon.