We’ve all been there. That moment when your salary comes in, and before you can even catch your breath, it’s gone like a puff of smoke. Poof! The rent, light bill, internet, and oh—don’t forget the “emergency” costs that seem to appear out of nowhere. It’s like your money developed legs and sprinted away faster than Usain Bolt.
With the economy making its best impression of a sinking ship, salaries aren’t keeping pace with the rising cost of living, leaving many stuck in a cycle of barely making ends meet. But don’t throw in the towel just yet—there are actionable steps you can take to improve your financial situation.
Let’s explore some practical ways to prevent your salary from disappearing faster than suya at a Lagos barbecue.
1. Dedicate Your Time to Finding a New Job
Your paycheck may not be growing, but your bills certainly are. If your current salary isn’t cutting it, it might be time to consider greener pastures. You might love your job, but if it’s not paying you enough to cover the essentials and then some, it’s time to explore other options. Start dedicating time each week to job hunting.
Even if you’re not actively applying, brush up on your CV, build your LinkedIn profile, and start networking. Get certified, attend job interviews, and look for roles that better align with your financial needs. There’s no shame in moving on to a job that values your skills and pays what you’re worth—especially if it offers you the stability your current position lacks. The grass might be greener on the other side, but you won’t know until you explore.
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2. Ask for More Responsibilities
If switching jobs feels a bit too drastic, there’s another route you can take within your current workplace—ask for more responsibilities. While it may sound counterintuitive to volunteer for more work when you’re already feeling stretched, more responsibilities often come with more pay. Employers reward those who step up, take initiative, and prove that they can handle greater challenges.
Whether it’s taking on leadership roles in new projects or learning how to perform tasks that add value to the company, this proactive approach can strengthen your bargaining position when it’s time to negotiate that raise. Plus, your boss will be more inclined to increase your salary if they know you’re essential to the team’s success.
3. Do Your Research
One of the biggest mistakes people make is underestimating their worth in the market. How much should someone with your skills, experience, and qualifications be earning? It’s time to do your research. Compare your salary with industry standards, especially within your specific role and location. Websites like Glassdoor or Payscale can give you insights into what your peers are earning, but don’t stop there—speak to people in your industry or join professional forums to gather data.
Once you know where you stand, use this information to negotiate a raise. Armed with facts and figures, you can make a compelling case for why you deserve more. Remember, numbers don’t lie.
4. Be Your Company’s Fixer
Every workplace has problems, and you can bet that your employer is always looking for people who can solve them. This is where you come in—become the “fixer” at your company. Identify key issues that your team or department faces and offer solutions. Whether it’s improving efficiency, reducing costs, or smoothing out processes, positioning yourself as the go-to person for problem-solving increases your value.
When you’re indispensable, it’s much easier to negotiate a higher salary because you’ve proven your worth beyond just the tasks listed in your job description.
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5. Master a New Skill
Let’s face it: in today’s competitive job market, the more skills you have, the more valuable you are. If your salary has flatlined, it might be time to invest in yourself by mastering a new skill that can give you leverage in the workplace. Learning something new—whether it’s data analytics, digital marketing, project management, or coding—could make you more versatile and appealing to your current employer and potential future employers.
Skill upgrades can also lead to side gigs or freelance opportunities, adding another income stream to your portfolio. And in this economy, who doesn’t need a side hustle?
Additional Tips to Stretch Your Salary
1. Cut Unnecessary Expenses: Reevaluate your spending. Do you need that streaming subscription you barely use or those takeout meals every weekend? Small savings add up over time.
2. Create a Strict Budget: Tracking every naira might feel restrictive, but it helps you see exactly where your money is going and forces you to prioritize your spending.
3. Build an Emergency Fund: Even if you’re barely getting by, save a portion of your monthly salary for emergencies. It doesn’t have to be much, but over time, having a safety net can help you avoid financial ruin when unexpected expenses hit.
4. Consider Freelancing or Side Hustles: If your salary just can’t stretch far enough, look into part-time freelancing or other side gigs that can bring in extra income. There are numerous platforms where you can offer services based on your skills.
When your salary isn’t enough to keep up with your living expenses, it’s easy to feel overwhelmed. But remember, you’re not powerless. Whether you take on new responsibilities, upgrade your skills, or even switch jobs, there are practical steps you can take to improve your financial situation.
The key is to be proactive and stay adaptable. With some smart choices and strategic moves, you’ll be back on track in no time, making your salary work for you instead of the other way around. What’s your next move? Are you considering switching jobs, learning a new skill, or negotiating a raise? Let us know in the comments!