Common Signs That You Need to Make More Money
Table of Contents
If you’re working hard at your job and being reasonable with your spending, you may still find it hard to make ends meet and hit your savings goals.
One question to ask yourself is whether you’re making enough money. Can you really afford to keep plugging along at your current salary? Here, you’ll learn some helpful ways to tell if you should be making more money and, if so, how to get there.
Key Points
• If you find yourself wondering whether the salary you earn is enough, chances are that it’s not, or perhaps there are better ways to manage your income.
• Being unable to pay your bills or using your credit card to pay for all your expenditures may be a sign that you need a higher income.
• If your current earnings don’t allow you to put money aside for an emergency fund or long-term goals, it’s time to take stock.
• Constantly worrying about money and being unable to meet your financial targets are also red flags.
• Tips for negotiating a higher salary with your employer include doing online research of similar positions and making a list of your accomplishments.
10 Red Flags That Signal That Your Income Is Too Low
Do you frequently ask yourself whether you should be making more money, or do you feel as if you’re not making money work for you? If so, it’s possible you aren’t making enough or managing it optimally. Here are some signs that you need to be earning more in order to thrive financially.
1. Not Being Able to Pay Your Bills
As long as you aren’t renting a luxurious penthouse or leasing a fancy car you truly can’t afford, you should be making enough to pay your basic bills. Yes, it can be difficult to save money with a low income. But if you’re working full-time to cover things such as rent, car payment, health care, and utilities without any shot at saving for your future, that’s a sign you need to earn more money.
2. Using Your Credit Card for All Expenses
There’s nothing wrong with using a credit card to pay for expenses if you can afford to pay your credit card bill off in full when your monthly statement arrives. That’s a great way to earn cash back and credit card rewards.
The problem is when you need to use a credit card in order to cover expenses because you don’t earn enough to buy essentials, such as food and personal care items.
3. Not Being Able to Have an Emergency Fund
Having an emergency fund can help you be prepared for the unexpected, such as a major medical or dental bill or getting laid off. Ideally, you would have three to six months’ worth of basic living expenses covered by the money in an emergency fund. If you’re living paycheck to paycheck, however, and can’t even start building a fund with perhaps $25 per pay period, you likely need to earn more.
4. Paying Only the Minimum on Debts
As mentioned, turning to a credit card to cover essential purchases can be a sign of not making enough money. This can lead to high-interest credit card debt, which can be hard to pay down without making extra payments.
If you can’t afford to make extra payments on a credit card or another form of debt, increasing your income may help you minimize how much you owe and your interest payments.
5. Not Being Able to Cut Anything Else
If you take a cold, hard look at your budget and realize that you can’t cut any more expenses because you’re only paying for essentials, that’s a sign you need an income increase. Living on such a tight budget isn’t sustainable long term, and there should ideally be room in a budget for some small fun purchases, too.
Recommended: 7 Different Types of Budgeting Methods
6. Not Being Able to Build Savings
Even if you are motivated to save money, if you’re not able to save for retirement or other long-term goals, it could be a sign that you’re not earning enough.
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7. Making the Same Wage Despite Company Growing
If your company is growing and flourishing, in part because of contributions made by you and other workers, you may deserve to earn more than you’re currently making.
8. Not Being Able to Reach Financial Goals
If you’re earning enough money and sticking to a budget, then in theory, you should be able to make slow but steady progress toward your financial goals. Failing to do so could mean you’re coming up short on salary.
9. Consistently Struggling to Make Ends Meet at the Beginning of the Month
Many people start to run out of spending money at the end of the month. That’s because they have paid all their bills and are waiting for the next cash infusion from their paycheck. If, however, you’re consistently struggling to make ends meet at the beginning of the month when payday has arrived, this indicates you aren’t making enough to pay your essential bills.
10. Worrying About Money Consistently
Everyone deserves a good night’s rest, not lying awake worrying about how to pay the bills. If you are consistently worrying about money and trying to figure out how to tackle financial anxiety and stress, that can be a major sign you aren’t earning enough money.
Tips for Negotiating a Higher Wage With Your Employer
If you feel you need and merit more money, it may be wise to have a conversation with your employer about a raise. These tips can help.
• Research salary data. Before an employee asks for a raise, they need to get an idea of how much workers in similar roles at other companies earn. Luckily, there are tons of online resources where workers share their job titles and salaries. It can also help to look at the salaries listed on current job postings similar to your position.
• Make a list of accomplishments. Workers should approach their boss with facts about how good they are at their jobs and why they deserve to earn more. Make a list that specifies some of your major contributions, and use that to back up your ask for higher pay.
• Have an alternate ask. Sometimes a company truly can’t afford to give a good employee a raise. In that case, is there something they can do to make your life easier? Can they make it possible for you to work remotely and save on commuting? Can they give you more paid time off (PTO) or a flexible schedule to help you cut down on daycare costs?
Recommended: Good Paying Jobs Without a College Degree
The Takeaway
If you are working hard and watching your spending but living paycheck to paycheck and unable to save, you may not be earning enough money. Asking for a raise, with documentation on why your work is worth it, is one way forward. Alternatively, you might decide to change jobs or career paths or even move somewhere more affordable.
It can also be a smart move to ensure that the funds already in your bank account are working hard for you.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
How do I know if I’m being underpaid?
Do salary research online to see what workers in similar roles and industries are earning. You’ll likely find this information everywhere from the Bureau of Labor Statistics to job search sites.
How much money must I earn to feel it is enough?
Having “enough” money depends on your unique perspective. That being said, you need to be able to comfortably pay your bills and cover essential expenses without having to worry that you’re running out of money each month. Being able to save for long-term goals (such as a down payment on a house or retirement) is also important.
How can I save if I don’t make enough money?
It may be hard to save money if you don’t earn much more than you require to get by. Consumers can always scrutinize their budget to see where they could cut back spending in order to save more. Too many streaming services or pricey lunches? Try starting there.
Photo credit: iStock/nensuria
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