There can be many reasons why you are unable to save or save money regularly.
And when you can’t find a solution, the situation can easily become very frustrating.
Do you feel like you’re making a living wage, but still struggle with your bank account every month? There are then two options: you spend too much , or you do not earn enough.
And if you’re already in control of your expenses and have a solid monthly budget , it probably means it’s time to find a solution to increase your income.
Here are 7 signs that show you’re not making enough money.
You run out of money at the beginning of the month
It is possible to have a “bad month” from time to time, during which urgent and unforeseen expenses impact your budget and make the end of the month difficult to make ends meet.
But if you’re consistently struggling to make ends meet by week two, your income is likely to blame.
Apart from a problem with basic expenses that are too big, such as too much rent, or a problem with impulse shopping, for example, running out of money too early in the month indicates that you are not making enough money. .
The impression that your salary is already spent before you receive it is a problem, and adds stress around your personal finances.
Solution: Find ways to increase your income
There are several options for increasing your income, some easier to implement than others.
- Asking for a raise is probably an important step, especially if your salary is stagnating or you are not being paid up to your skills.
- Launching your own part-time business is also a way to earn additional income while developing your potential.
- Take training to develop your skills and qualify for a better paid job or promotion.
- Create sources of passive income that will allow you to earn money without having to work day and night.
You have trouble paying your bills
If you have to choose among the bills to pay because you can’t pay them all at the same time , you certainly have a cash flow problem.
It is important to find a way to remedy this situation, otherwise you risk falling into credits and cascades of late penalties.
Taking both short-term and long-term measures is therefore essential.
Solution: Sort out your expenses
While waiting to be able to earn more money, try to reduce your expenses as much as possible and sort through your bills.
Are all your subscriptions relevant and useful? Do you spend money on things that aren’t worth it or don’t really contribute to your fulfillment?
Track your expenses to make sure you’re not wasting money every month. Because living on a tight budget does not mean depriving yourself of everything. And for this operation, your monthly budget is your best ally.
You can also go through a platform like Origame , which allows you to reduce your monthly bills simply and for free. They offer you offers to save money on your contracts, and can also take care of the termination of your unnecessary subscriptions in a few clicks.
You feel underpaid
This one is a little more obvious. Yet many people ignore that little voice reminding them that they probably aren’t being paid what they’re worth.
If you feel that you are not paid enough for your current job, in addition to being irritated and harboring resentment for your employer, you are unfairly limiting the achievement of your financial goals.
Solution: Ask for a raise
Remember to talk to your manager about the situation, and ask for a raise if it is justified.
In any case, your request must be prepared and argued so as not to fall like a hair on the soup.
You are in trouble with every emergency or unforeseen
When you’re struggling to save or are overwhelmed with expenses each month, it’s hard to put money aside to prepare for an emergency.
The problem is that financial contingencies can quickly make you lose control of the situation, and in particular fall into the vicious circle of credits .
If you have control over your expenses but still can’t afford to save a small portion of your salary each month to prepare for the future, you’re not making enough money.
Solution: Create your emergency fund
It may seem paradoxical to set aside money for emergencies when you’re struggling to save, but having money to cover your emergencies can give you peace of mind and allow you to get your finances back on track. right path.
Even if you can only save $50 a month, the key is to start and stay consistent.
You are constantly stressed about money
It is not new that money can be a source of tension and stress. But this concern can be greatly reduced with a little preparation.
For example, there’s a difference between having a knot in your stomach because your fridge just broke down and you don’t know how to replace it since the last sales trip that emptied your bank account, and just being annoyed to have to open his wallet.
If you are constantly worried about money and your expenses , you probably do not earn enough money to cover them and live peacefully. Put your worry to good use by starting to develop a plan to change your situation.
Solution: Be proactive in managing your personal finances
You will have understood by now: following a budget is the first step for finances under control.
A budget allows you to plan your purchases in advance. An emergency fund will allow you to cover unexpected expenses without stress.
If you constantly have to manage financial crises, achieving your goals will inevitably be more difficult.
You have no expenses to cut
All your subscriptions are essential and useful, you don’t eat fast food all the time, you do your shopping in a planned and thoughtful way…
If you’ve created and clearly categorized your budget, but still don’t have any expenses to limit or eliminate, earning more is probably essential.
Solution: Look for new sources of income
Having a controlled budget goes far beyond cutting all your expenses. Because having fun is still essential in managing your finances… as long as it’s done in a thoughtful way.
There are several solutions to earn money quickly that will allow you to replenish your accounts a little from time to increase your income in the long term.
You are not making progress towards your financial goals
Do you have dreams, future goals, personal or professional projects… all on hold or limited by lack of money? This may be a sign that you should earn more.
Of course, when you start working life and your salary remains limited, it can be normal to have a hard time putting money aside for decades to come. But this situation should remain temporary.
Because the sooner you start growing your money, the better off you’ll be, thanks to the magic of compound interest .
Solution: Plan all your goals (realistically)
Make sure you have set out your financial goals for the coming years clearly and in black and white .
In addition to being achievable and specific, they should reflect your personal growth. Nothing is more motivating than putting money aside to live your dreams.