It can often be tempting to think that if we were just paid a bit more for what we did or were able to change jobs to one with a much higher salary, that we could have no more money worries. However, it is interesting to consider whether this really would help, particularly in the long term.
Debt repayment
If you have debts, the best thing to do with a higher salary would be to start repaying those debts with all of the extra money. This could take some time, depending on how high the salary is and how many debts you have but it could be a great way to reduce some of your money worries. That is, assuming that debts are worrying you of course. It could be that you have other concerns which paying off your debts will not address.
Living within our means
many of us manage to not quite live within our means. This means that we spend a bit more money than we have all of the time. Sometimes we find that when we earn more we still continue with this behaviour. This is because we know that we have a bit more money and therefore spend more as a result of it. Unless we properly budget and make sure that we only spend the amount of money that we have, then it is very easy to continue with spending more money than we have.
Wanting more
Having more money can just make us want even more. It can be that we still cannot afford all of the things that we want and so we end up desiring more money even though we have already just got more. Spending can be rather infectious and there is always something a bit better or a bit bigger than what we already have that we can get.
How to Make it Work
It can be best to learn to manage without having more money. This means that you should be working out a way to live within your means so that you do not need more money in order to stop worrying about money. This will involve spending less money. It can be wise to think about your spending and how you can improve your spending habits.
To start with it is good to split up the things that you need to buy from the things that you want. Things you need would include basic food, loan repayments, basic toiletries, tax, rent/mortgage, utilities, transport to work and work clothes. Things you want would include jewellery, perfume, DVDs, alcohol, eating out, holidays and things like this. These things are where you can more easily cut down although, it is worth checking that you are not paying too much for your basics as well.
Comparing prices is a really wise thing to start doing, especially with payday loans, with everything that you buy whether it is a basic need or something you want. You can save a lot of money by doing this and you will not even have to change the types of things that you buy, just the brands. It is also wise to think about all those things that you buy that you want and consider whether they are all necessary. You may have subscriptions to things you do not use, buy more clothes than you can wear or keep updating your mobile phone when your previous one worked. Think about whether you are making wise purchase decisions or whether are just buying things because of good marketing or because you are afraid of missing out. If you spend less money, you will be more likely to be missing out on debt and that has got to be a good thing for everyone.
So when we earn more money we may just get a bigger hone with bigger bills and find that we will have the same money worries as before. So rather than chasing a pay rise, it can be much more sensible to get on top of your spending and make sure that you know how to budget and stick to a budget. Work hard to repay your debts and you could find that you will be better off than if you did have a rise.
