My Salary is not sufficient for my Needs, what can I do?

We spend a significant part of our lives in school learning and subsequently building our career.

It is a lot of struggle; the stress that comes with schooling and fighting for a better grade. The hardship that comes with learning just to face the job market; all of which we suffered.

Surely, we deserve better. You didn’t just go to school for nothing, did you? The main aim was for the joy of earning. You needed money to build a home, buy a car, and explore some pleasures.

However, you are now in the job market and your salary isn’t what you had thought of. It is like you didn’t plan this to be this way.

You are expecting lots more or maybe not. But, nobody loves an exiguous amount of salary even though they do not deserve a high paycheck.

Now that you have the job and now that your salary is not sufficient for your needs, what can you do?

That’s a smart question to ask. This article would help you proffer the right solution to an insufficient income.

First, check out our article on Signs to know that your Salary is not enough.

Before we proceed deeper, a pertinent question that needs to be asking is why is your salary not enough?

You would need to know the cause of a thing before providing a solution to the problem in consideration. That’s how doctors roll. I would also need to know why your salary is insufficient for your needs before I can provide a solution to the problem.

Reasons why your Salary is not sufficient for your Needs

Some of the reasons why your salary is not sufficient to your needs include;

1.     Mismanagement of your salary

2.     Improper planning:

3.     You may be Underpaid

4.     You lack the skill for a higher pay

I would be explaining each of these below;

1.     Mismanagement of your salary:

Living above your income is one of the causes of insufficient salary. So many people involve themselves in very extravagant lifestyles which subsequently place so much pressure on their salary.

2.     Improper planning:

Most people do not plan how they use their salary in a month. There is absolutely no scale of preference that plans the way their salary is to be spent.

Without proper planning, you would spend your salary on things that are of less importance while leaving your needs hanging.

Improper planning would lead you to spend unwisely. You may not necessarily spend extravagantly, but you would be spending imprudently as a result of improper planning.

3.     You may be Underpaid:

Sometimes, your salary is insufficient for your needs because you are underpaid. This normally happens for two reasons;

            ·        The establishment you work for does not yet see your value and sees no reason to increase your salary

            ·        The establishment you work for lack the financial strength to pay you higher.

4.     You lack the skill for higher pay:

Most times, you may not be deserving of a higher salary. Every establishment has a standard for payment. Some would pay you according to the skill you possess or what you can offer. They won’t pay you more because of your personal needs.

What should you do when your salary is not sufficient for your Needs?

Well, you solve the problem from its root. According to the problems I listed above, I would be providing a solution to these problems.

1.     Mismanagement of your salary:

Living above your salary can make it seem that your salary is not enough to attend to your needs.

Solution: Live according to what you can afford. Try to avoid an extravagant lifestyle until you have enough funds for that.

2.     Improper Planning:

Improper planning makes you ignorant of your spending. Due to improper planning, you might end up spending heavily on things that do not matter.

Solution: Create a budget to plan your spending. Also, think properly before you spend your salary on your wants.

3.     You may be underpaid:

You may be underpaid for two reasons;

·        The establishment you work for does not yet see your value and sees no reason to increase your salary

·        The establishment you work for lack the financial strength to pay you higher.

Solution: If your employer is yet to recognize your value, you should work a little harder and negotiate with him or her for a higher pay.

If your employer lacks the financial strength to increase your pay, you should engage in a side hustle. You can become an entrepreneur and double your income.

4.     You lack the skill for higher pay:

Solution: If you do not possess enough value to request for a higher salary, you seek ways to improve your value. You can further your education or gain certification.

Let me know your thought in the comment section below