Personal Finance:Live within your means

In all workplaces, salary is always a contentious issue; it is always either not paid on time or not enough to meet employees’ needs. This may affect their performance or motivation. So what should be done, pay in time and increase employee salaries? Would this then match with the company’s input cost? Won’t this create a mismatch? Most employers will never easily offer salary increments much as it may be necessary to. But you should also look at how you are spending your current earnings. Much as you may be demanding a salary increment, you need to also look at your spending; check and see whether it matches with your current salary, are those extra expenses necessary. To achieve this, have a qualified plan that has checkers to check your unnecessary spending. You may need to look at the minor expenses that you normally avoid to put in your budget; such spending overstretches your budget. Have that what- if situations and see how you can adjust to other situations, calculate your salary in terms of net not gross and you must be understanding these terms clearly. Deductions for your social security savings should be included in your long term saving plans, to reduce on overstretching your salary cuttings. While budgeting don’t allow all your demands to fit in your salary structure, consider the outside pocket incomes like gifts, petty cash and tips to always solve your immediate needs. You should be sincere to yourself on how much you make in a month putting all the incomes together and let all those incomes have a valuable role in your spending. Avoid following the spending trends of the financial world and the demands of the corporate society you may live in. You may opt not to contribute to your corporate get-together meetings, the after work parties and many others. You must understand well that careless financial management should not be blamed on low salaries, poor motivation- what moves a good financial life in you is your attitude towards what you are getting and how you are ready to spend it in the most utmost manner.