What if one day, the company you are working for just announced that you will not be getting a salary increase regardless of your performance? How would you feel about that?
- My morale as an employee will be affected since my expectations are not met.
- I will be sad because that's the only hope I have right now to paid my bills!
Any of the two above or could even go beyond that will be your reaction. And for me, that's a shocking moment that will define whether I will stay longer in the company or not. Because after all the hard work and time I invested in the company, would it be rightful to ask for a raise right? Well, that's true but as life is unpredictable and so business is.
Sadly many people rely on a single income stream, they heavily rely on what their day job could give to them. I knew some millennials who was not even raising a family, yet was being bombarded by the bills he needed to pay, hence staying out of debt is near to impossible unless the company gives him a raise to be able to pay his debts and what if not? They will go to a greener pasture.
But what most millennials do when they get a raise? They also raise their standard of living. From having a FREE Coffee in the pantry, they are now opting to buy a coffee from Starbucks every day. Some save a few amount from their salaries and spend it all on their travels. Maybe this is outrageous for you if you are like that person, you might be thinking "Eh? this is my money, I will spend it because I only live once!"
If that's how you think, you will probably work for the rest of your life. But if you're one of the people who does not know what to do when you're not getting an increase, here are the few tips I've learned for you to be able to thrive in your work even there's no salary increase.
1. Set a budget
I am very thankful for my mentors who taught me the value of money. I was started budgeting my money since last year after I have gotten out my credit card debt. I learned that when you set a budget and discipline yourself to follow it strictly, having a money won't be a problem.
I have a Chinese friend who was so disciplined in handling every money he has. He even has his own excel program that computes his daily, weekly, perhaps monthly and yearly expense and you know what he will do if the money in his record does not equal on the money he has on his hands? He will think about it for the entire day until he figured out where it goes. And I admire such discipline.
If you don't want to be one of your few friends who complained all the time when your next paycheck will be next week, better set a budget. And personally I have my own budget and I didn't spend more than 10k every month for my expenses.
2. Get out of debt.
One of the reasons why millennials are broke? They either buried in debt or plunge themselves on what's new and buy it. Getting out of debt could be the simplest way to decrease your expenses and increase your savings.
Most millennials today if they aren't buried in debt, they're applying for mobile subscriptions that they don't often use just to have the latest version of iPhone or Samsung Edge. Or some even dared themselves to buy a condominium or a car via loan without even thinking twice or evaluating their financial status.
And yet, they complained every time "where did my money go?" Isn't crazy it?
3. Build your emergency fund.
I have a friend whom I lend 3,000 pesos just for him to be able to go back to the Philippines with me. We are travel buddies then but when the time he's hiding from me because of his debt, I will never ever invite him because of his attitude towards handling money.
Every time I am reminding him when he will pay his balance, his usual reason was someone from his family was in the emergency so he needed to shell out the cash he was set aside to pay me. I don't know if I'm going to believe that but I let God convict him of it whether it is true or not.
Building an emergency fund is important because it will save you from a lot of trouble!
4. Explore other opportunities to earn extra income from another stream.
One of the reasons why people stay longer in their jobs is because they don't have another stream of income that will sustain them. Today there are a lot of ways for you to earn an extra income, below are the following that's very effective.
- Sell your skills to 199jobs.com, UpWork or Onlinejobs.ph
- Mary a rich man or woman
- Become a youtube sensation
- Start a business
- Sell a property
- Invest your money in various financial instruments like Mutual Funds, Stocks or you can join PhilCrowd
But in the end remember that more pay does not make the wrong job worth doing. If you think you are in the wrong job, better quit it and explore where you will fit at. In the end, money is just a tool and happiness in the job you do should be the goal of your career pursuit.
If quitting is not your option, you just need to look harder for opportunities in your job where you can use your talents and giftings as an individual.
And by learning this tips, not getting a salary increase won't bother you anymore because you are confident that whatever happens you are well prepared. And besides the company is still paying your time so use it wisely!
For me, whether there is no promotion or salary increase, I know that everything comes from God. He is the one who will promote me, He is the one who will give me a raise and my faith was not on my manager or how the company will perform but my faith is of God who constantly provides everything I need.
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