Whether you work in technology, healthcare or retail, we all want to make our money go a little further. We live in truly challenging times, and with the world economy on the slowdown and Canadian interest rates rising, it’s important to keep a tight grip on your money to avoid going into the red. Below, we’ve rounded up a few ways to help your salary stretch further.
Be a better budgeter
If you’re paid a decent salary and you can’t seem to get it to stretch to payday, then there’s a chance you’re bad at budgeting. If you think you’re one of those people, then take an hour or two to review your incomings and outgoings, and find ways to cut back or save money. For example, rather than paying for a cable TV package and Netflix, Amazon, and Spotify, could you compromise and watch television shows from one provider? Similarly, do you have to buy a coffee every morning before work, or could you make one when you get to the office?
The odd small saving here and there can add up to thousands of dollars in a year – and if your partner gets involved, too, you could have enough to pay for a holiday or renovation.
Understand your taxes
Whether you’re starting a new job or you’ve been at the same business for decades, there’s a chance that you don’t know how much tax you’re paying. Use a Canadian tax calculator to see exactly how much of your salary is going to be taken as tax and other contributions, and you will have a clearer understanding of your take-home pay and will be able to make better decisions in the future, such as being able to work out how much your tax bill will increase if you took on an overtime shift or received a bonus at the end of the year. Every penny helps!
Ask for a pay rise
If you are struggling to make ends meet or simply want to have some more money in your back pocket to pay for things like holidays and mortgages, then consider asking your boss for a pay rise in 2019. It can be nerve-wracking to enter a meeting and demand more money, but with the right attitude and approach, you can show your higher-ups why you deserve to be better compensated for your work. If you’re struggling to negotiate a better salary and you think you’re being underpaid, it may be time to start looking for a job at another company.
Start a side hustle
At the end of a busy working week, the last thing you’d want to do is take on a shedload of extra work, but if you start a project that you enjoy and makes money, then a side hustle can become something a little more appealing. 15% of Americans and 40% of Brits have a side hustle to generate some extra cash, so why not follow their suit and start a micro business from the comfort of your own home? There are endless possibilities, and if it grows into something more lucrative, you could end up quitting your job and working for yourself.
Whatever you decide to do, we wish you the very good of luck. Remember; it pays to save for a rainy day, so try to hold something back every month for your future. You’ll be glad you did.