Getting a pay rise is the forgotten secret weapon when it comes to saving, with most people focusing way more onat the other end of the ledger. But spending less always comes with sacrifice, and if you can find a way to earn more it will allow you to save more without sacrificing anything.
Earning more money is a critical part of getting the results you want from your money. When your income is higher, you can more comfortably cover the spending you need or want, and on top you can find money to save and invest to get ahead.Asking what you need to do in your job to get a pay rise is a good place to start. Picture: iStockParticularly today with record low levels of unemployment, there’s a talent war on in full force.
Taking this path may take a little longer and a little more effort, but can seriously pay off in terms of a much bigger salary uplift over time. It’s common for people to be focused on their day to day and not always be thinking ahead, but laser focus on your next step will help you get there faster.The statistics show that the average salary bump when changing jobs is 14.8 per cent, while wage growth is only 5.
Once again, the rise of technology is making this easier by the day. But a word or warning here, I’ve seen too many people to count lured into the ‘side hustle’ life by the promise of easy money, only to realise it comes with a huge amount of work. Then when they calculate how much they’re getting paid for the amount of time they’re putting in, they realise this isn’t a smart play – do your research before jumping in.