Why You Might Have More Money Than You Think

Oct 18, 2019Lifestyle0 comments

Ah, money. It seems like it’s always on our minds, and we never seem to have quite enough. It’s easy to get down when things are looking a little rough on the financial front, but it’s important that you don’t lose despair. One thing to keep in mind is that you may, in fact, have more money than you originally thought. There are often multiple avenues for improving our financial situation, and they don’t always require a significant amount of effort. Below, we take a look at a few examples of how you might have more money than you think. 

1.  You’re due a raise

People just tend to accept their salaries. But actually, this might not be the best idea. Always keep in mind that the amount you’re paid isn’t just set in stone; it’s not a force of nature. It is calculated by humans. And as a human, you’re able to influence it. If you’ve been with your company for a while, and know that you’re a valuable member of the team, then consider asking for a raise. Company bosses are more receptive to this idea than you might think — they understand that it’s much better to pay an experienced employee a little more, rather than hire a new worker. You have more money because you’ve got the skills and experience to earn a higher wage — it’s just that you have to put in a little work to free up that cash, by asking your employers.

2.  You’re not tied to your job

Studies have also shown that people that are willing to move companies earn more than those who just stay with one employer. This is because the jump in salary when you join a new company is usually greater than incremental salary increases. If you become OK with changing companies, then you’ll earn more money. Things start to plateau after around three years with a company, so make the jump around then. If you’re hitting the three-year mark, then you might be one job shift away from boosting your income.

3.  In the drawers

One of the reasons why we don’t have as much money as we’d like is because, well, we spend the money that we earn on material items. But the thing is that we very often lose interest in the things we’ve bought — the pleasure aspect often exists solely in the actual purchase, not the using of the item. Because of this, many households have a lot of expensive goods sitting in their drawers, that are never being used. So if you’re something of a rampant consumer, take a look through your house as to what you’ve got, and then sell anything that you’re no longer using. You might realistically get around $1000 or more, and all you’ll have done is cleared out your home.

4.  Unnecessary expenses

Many of us do, in fact, have a lot of money. It’s just that we have a lifestyle that’s relatively expensive to maintain. While there are plenty of unavoidable expenses in our lives, like rent, there are some that we can most definitely do without. Or rather, they’re not essential. Some people spend significant amounts of cash on things like their cable packages when they’re not really needed. Even wifi can get expensive. Sure, you need it, but do you really need the fastest package available? It’s unlikely.

5.  Simple switches

Those big monthly bills can go, some of them at least, but what about broader day to day costs? If you’ve got down the unnecessary bills, and you’re still not sure where all your money is going, then take a look at where your money goes. If you’re getting an expensive coffee every morning, and always buying your lunch on the go, then you’ll be spending an eye watering amount of cash each money, on things that really aren’t necessary. Try changing your ways, by way of preparing your own coffee and lunch at home, and see what happens. Just give it a go for a month — you’ll likely be happily surprised.

6.  Money you’re owed

It’s easy to overlook, but it’s always important to remember that there are legal systems in place to protect people. If something happens to you, and it wasn’t your fault, then it’s possible that you have the legal right to claim compensation. If you’ve been involved in an accident, then take a look at working with a personal injury attorney, and fighting your corner. If you’ve been unfairly dismissed from your job, then there may also be legal avenues that you can explore. You don’t have to be left out of pocket because of the improper actions of others.

7.  Lowering bills

It’s all good and well cutting down on your number of expensive coffees and so on, but what about those big costs, the ones that you positively have to pay? Your mortgage and your car are not cheap. Even these things, however, can be less expensive than is commonly accepted. You can look at negotiating your mortgage to pay a lower monthly rate, for example — you’ll be paying it back over a longer period, but the monthly payments will be more manageable. There’s not much you can do about the cost of your car, sure, but you can reduce the amount of money that’s required to keep it running. One of the simplest ways is to change your driving style. Take things easy, and you’ll greatly improve your MPG rate, which means fewer trips to the gas pump.

8.  Side employment opportunities

If you’ve got an idea, then you have the possibility of making more money. It has never been easier to get a business underway! So have a think about what you can offer the world, and get going. It might not provide a full-time salary but could just provide a small bump in income that makes all the difference. Indeed, if you’re lucky, you can build a passive income that tops up your bank balance without having to do anything, and isn’t that the dream?

Best,

[a contributed post]

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