Make the most of your salary
When a new job is out of the question, and there is simply no way you can persuade your manager into giving you a much-needed pay rise, then it’s time to start maximising your existing salary.
We all want more money, but most of us don’t pay as much attention to the cash we have as we should. Consequently, the salary we work hard to earn disappears before we know it, but there are plenty of ways to ensure that you can stretch your income further without getting a pay rise.
Every company runs a range of benefits for employees, but it’s highly likely that most of us don’t even know what advantages are open to us. Read your contract again, check through your company intranet, do whatever it takes, but find out exactly what is available to you.
Particularly useful benefits are those that involve salary sacrifices, where you give up some of your monthly salary in return for a tax-free benefit. From pensions to bikes, car allowances and travel loans to childcare vouchers, to there are plenty of options available to millions of employees. Bizarrely, this will leave you with even less disposable income, but you’ll make a significant saving on the money you would have spent on the services otherwise.
Work more overtime
If you’re lucky enough to be involved in a role where you are paid overtime, then you should be able to maximise your earning potential by working more hours. Obviously, many industries don’t pay overtime as standard, and in these post-recession times, there are plenty of companies running overtime bans, but for those who are able to, this is a great way to boost cash reserves. What’s more, your willingness to put in those extra hours may well work to your advantage when you next come to discuss your salary.
Outgoings and savings
In the end, if you can’t increase your salary in any significant way, then the final method open to you is to lower your monthly outgoings. There are umpteen sites out there purporting to show you just how to save oodles of cash, so we will just remind you that your salary can stretch substantially further every month if you stop spending so much cash. And if you go down that particular avenue, then please don’t ditch your regular savings payments as a way of saving some short-term cash.