How To Give Yourself A Pay Rise

If you are the average worker then chances are once a year you have an employee appraisal

where your manager sits you down and reviews your performance over the last twelve months in order to determine what sort of pay rise you may get as a result.

Now, if you are really lucky, you may be in one of those companies where you are guaranteed at least an inflationary increase before they apply another performance related increase on top. However, for many, it is simply just a case of an overall percentage applied at that point. This then is added to your existing pay and you get that for the next twelve months until your next appraisal.

Now, that's all well and good but what if you are not happy with the pay raise you have been offered or worse still, what if you are one of those people who doesn't get a pay raise at all? Well, consider this; what if you could do something yourself that left you maybe five percent better off this year than you were last year? Would you take action?

The solution is to trim the fat on your current spending habits and avoid wasting money on anything. If you sit down and look at your financial situation, you should find several ways to cut your expenditure and leave yourself better off at the end of the year - the equivalent to giving yourself a pay rise.

Start by clearing those credit card bills. Credit cards have typically one of the highest interest rates for borrowers. This means that if you don't pay back what you owe quickly enough you end up paying a lot more for what you bought. If you find yourself telling others that you got an absolute bargain on something and you bought it on credit card then you may need to reconsider if it is such a bargain after all. Tough it out for a month or two and avoid putting anything on your credit card that you can't pay back immediately. If you can get in front of your credit card debts and avoid clocking up anymore then you are already making good ground.

Next, get rid of any of those magazine subscriptions or movie rental subscriptions that you don't need. Many people get magazines delivered monthly and barely read them before the next edition gets delivered. The same if often true of movie rental subscriptions. Ask yourself if you really need these and if not - get rid of them.

Take a really hard look at your monthly outgoings and see where your regular payments are going. Are you paying over the odds for your utilities? Perhaps you can get your gas and electric supply cheaper by shopping around. This is usually true if you haven't switched to another supplier recently.

Finally, make sure you always ask yourself if you really do need to buy something before you reach for your wallet. Many of us make spur of the moment purchases to satisfy ourselves in the short term only to feel somewhat guilty about it later. Where possible, only make that shopping trip to specifically buy what it is you needed and avoid recreational shopping at all costs.

It's amazing how many people will moan bitterly about not getting a decent pay rise from their tight-fisted boss and yet do not consider for even a second that they are perhaps wasting much of the money they do get on unessential purchases.

by: Tony Edwards

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