How to negotiate a better salary and widen your income in 2023
How to negotiate a better salary and widen your income in 2023
In most economies across the world, things are getting more expensive by the day and the cost of living is rising as the world faces a possible recession.
With all these increments, how is your salary faring? How can you widen your income so that you are not found wanting when depression hits?
There are two ways to survive this: negotiate a better salary at work, or widen your income streams to spread the risk. We look at tips to get around these issues below.
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- Tips on negotiating a pay raise
If you can no longer cover your needs with what you earn, or if you simply believe you deserve more, you can approach your employer with this matter. Here are five tips on how you can ask for a salary raise:
1. Research how the company is doing financially
You first need to determine if the company is still doing well financially. Have there been any retrenchments?
Have certain budgets for various projects been decreased? If so, this may not be the right time to proceed with your request. Conversely, if the company is thriving, go for it!
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2. Find out the average pay for your position
You must know the exact figures you are after. Use websites like payscale.com (a company that assists employees to understand their worth in the job market) to determine the average pay for the type of work you do.
This will help put into perspective what salary increases you deserve.
3. Have a great track record
It will be much easier to convince your employer that you should be paid more if you have been exceeding at your job, for example, hitting your monthly targets or going over and above on projects.
Your employer will want to hear you justify why you deserve this raise. Have all your ducks in a row to make this process swift and successful.
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4. Choose the right time
Only approach your manager when they are not busy. Pay attention to their workload and strategise when the best time to approach them is. It is also not the best time to approach them if they have been under a lot of stress.
5. Prepare
Make a list of all the reasons why you deserve this raise. These should be professional and precise. Practice talking to your manager so that you may not feel anxious or afraid when you approach the subject with them.
- Tips on increasing your income streams
It’s not always the case that you can negotiate a salary raise and get it. At some workplaces, even the negotiation itself is not an option. Or you may not get the raise you anticipate to cover your needs.
In that case, the option is to broaden your income streams and spread the risk. Here are quick tips on that.
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1. Increase your financial knowledge
Online courses are available for financial education, and banks and other financial institutions offer financial literacy classes. These courses can teach consumers about topics such as budgeting, investing, and saving for retirement.
2. Keep to your budget
Create a budget that accounts for your current and future income and expenses. A budget will help you keep track of your spending and ensure that you have a healthy amount of savings.
If you are unsure about creating your own budget, there are numerous online templates available to assist you.
Remember that creating a budget is the first step, but you must also stick to it.
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3. Investigate alternative financing options
With high-interest rates, you may end up paying far more than the asking price for an item.
As a result, it is critical that you consider other credit alternatives, such as Buy Now Pay Later (BNPL) products. You can still make purchases with BNPL products, but there is no credit interest.
BNPL allows you to make a large purchase upfront but pay it off over a set period of time interest-free.
4. Conduct your shopping research
Check prices, keep an eye out for specials, and buy in bulk if possible. Be aware of loyalty and rewards programs, as well as the online options provided by retailers; you may save money with them.
5. Spending barriers
The simplest way to make your salary last longer is to make it more difficult to waste it. You can accomplish this, according to the financial expert, by putting up spending barriers.
Spending barriers act as nudges for improving your financial behavior and thus are easy to implement and sustain. A ‘nudge’ is a small aid that leads people to adopt a desired behavior. The underlying idea is that small cues or changes in our environment can have a major impact on our choices and behavior.
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6. Make a cash diet
The cash diet concept is fairly simple: instead of using credit cards or payment apps to make purchases, use cash.
Swiping your debit or credit card is simple; however, because you cannot see what you are spending, it can feel as if you are not spending your own money.
7. Be cautious of digital transactions
Some purchases, such as online shopping, necessitate the use of digital transactions rather than cash. This is fine, as long as you remain mindful of those expenses, and track them like you would a cash transaction.
It is easy in our digital world to get caught up in swiping the card and not even realize what you’re spending. Even with a budget, there can be a disconnect between seeing the numbers on a spreadsheet getting smaller versus watching the actual cash disappear.
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