Are you earning enough?
Most people would automatically answer “no” to that question. We’d all like a little extra cash in our lives. However, if you’re seriously underpaid, then you might need to think about looking for another job or finding an additional source of income.
There’s a big difference between feeling like you just don’t earn enough and knowing that you need to make a change to your career or lifestyle.
Here, we’re going to look at some of the most obvious signs that you’re not earning enough, and that you need to do something about it.
1. You Run out of Money Immediately
Now and then, we all have a bad month. It seems like countless bills suddenly arrive at the same time, and by the time you’re on the last week before payday, you’re not sure how you and your family are going to afford to eat.
However, if you’re constantly feeling that way by the second week after your payday, then you’ve got a serious problem. You’re spending more than you earn, which means that it’s time to either change your budget or look for a new source of income. The good news for people who prefer the “earn more” option, is that you can always try getting a job online with freelance blogging, design, or virtual assistant gigs.
2. You Can’t Afford your Bills
Are you starting to get to a point where you need to choose which bills you’re going to pay each month? This is a serious sign of an income crisis – and you’re going to need to do something about it fast. One option is to follow the same route as we mentioned above and get a second job. The other option is to reduce how much your bills cost.
Hopefully, with things like loans and insurance, you already compared the market when taking out recurring expenses to make sure that you’re getting the lowest fees and interest rates. However, if you can refinance your loan or swap to another utility provider, you might be able to save even more cash now.
3. You Can’t Handle Emergencies
When finances are tight, it’s hard to imagine what you’re going to do if a disaster suddenly strikes. Think about what you would do right now if you suddenly had to pay for a new washing machine or find enough cash to replace a tire on your car. The last thing you want is to take out a loan for such a small expense.
To protect yourself from bigger financial issues in the future, it’s always a good idea to set some cash aside for your emergency fund. If you don’t have enough money to do this in your current budget, then it’s time to re-assess your spending and see where you can cut back. For instance, can you get rid of your cable subscription, or commit to spending less on groceries?
4. You’re Always Worried about Money
We all panic about money at times – particularly when it feels like we’re taking forever to reach our goals. However, there’s a big difference about worrying over an unexpected expense, and constantly losing sleep because you don’t know how to handle your cash. If you’re always fretting over things like paying for groceries or covering the rent, then you need to set up a new plan for your finances.
The easiest way to start making a long-lasting change is to set up a budget that ensures you can plan your purchases ahead of time. An emergency fund and a good budget will ensure that you’re ready to tackle any financial issue that might come your way.
5. You’re Not Reaching Your Financial Goals
Finally, if you’re barely keeping your head above water with your budget each month, then there’s a good chance that you’re not making much progress towards your financial goals either. Although this might not seem like a big deal at first, it can quickly get you down when you feel like you’re never going to be able to afford a deposit on your house or a family holiday.
If you’re just not getting anywhere cash-wise, it might be time to start looking for new career opportunities that can pay you more. Not only will you benefit financially, but you may find that you end up in a job that makes you feel more professionally satisfied too. Everyone likes to feel like they’re being paid what they’re worth.
