This Secret is Going to Give You a Raise, GUARANTEED!
Everyone likes to get a raise, right? You go to work day after day, and throughout the many weeks, months, and years of working, you hope your time doesn’t go unnoticed.
But what if I told you that you can give yourself a raise right now, without going to your boss with that awkward conversation that no one likes to have? What if, in doing something simple yet consistent, you would find extra money in your pocket to put towards the things you want and the financial goals you’ve been working on?
The key to giving yourself a raise on your own accord is a BUDGET! You heard me. A budget is the one thing that, when done consistently and correctly over time, will give you a raise like you’ve never had before. Sound too good to be true? Let’s jump in.
Let’s say you get a paycheck and, before it even has time to rest in your bank account, you go out to eat, buy that new shirt online that you’ve been looking at, and then put some money towards bills and maybe even put some money in savings. That’s all good, right? You have allocated your money to a variety of different areas. Not only are you paying your bills like a responsible adult, you are also saving and having some fun with your money.
But what happens when you get towards the end of the month and there’s still some money left in your bank account that isn’t accounted for? Does this mean you can buy the pants that match the shirt you bought a few weeks ago?
Or maybe you forgot that you didn’t pay your phone bill at the end of the month and have to put that on a credit card that you’ll pay off with next month’s paycheck.
What we call this is being unorganized with your finances and not having a plan for your money.
A budget, on the other hand, is the complete opposite of what we just mentioned above. I don’t know about you, but not having a plan for my income gives me anxiety. It’s all too easy to fall into the trap of an impulse purchase and get off track in your personal finances. And, as we mentioned in last week’s post, we don’t want to be “normal” and rely on debt and credit cards to win financially.
Before the month begins, I challenge you to make a budget. Start with the total amount of income that you plan to have coming in that month, and then begin subtracting the expenses that you have to pay in the given month (Being involved in my local church, I always put a tithe category at the beginning of my budget, giving 10% of my income to the church). Once the bills are accounted for (mortgage, utilities, transportation, etc.), I list all other expenses I plan to have throughout the month, including a grocery budget, clothing budget, dining budget, etc. The key is to think through everything that you spend money on and make sure it’s in the budget. A good way to begin creating a budget is to look at your last months spending on your bank statements. This will give you a good starting point to figure out what categories you will need to have within your budget.
All in all, your total income should equal your total expenses for the month. A while back, I talked about a zero-based budget in length. You can check out that post here.
If you are saving towards an emergency fund, make that a part of your budget. If you are paying extra on debts, be sure to add that into your budget as well. The key in a budget is not to spend every single dollar that is earned, but to account for every single dollar so your money isn’t being randomly spent on things that you don’t really need.
Be sure to stay on your budget! Again, this is the key to being financially successful and giving yourself a raise! When you can plan out your income for the month, before the month begins, you are already on your way to making your earnings work harder for you!
Dave Ramsey and his daughter Rachel Cruz have great resources on budgeting that I would like to direct you towards. They are some of the best when it comes to creating and sustaining a zero-based budget.
If you feel like all is lost and you don’t know where to even begin, I would love to walk alongside you and be the guide you need to get back on track. As a financial coach, I will walk with you to show you that YOU have everything it takes to be financially successful. YOU are the one that is going to make the behavior changes necessary to take back your financial life. I’m here to help you see that YOU are capable.
If this is something that sounds of interest, email me at nashfinancialcoaching@gmail.com or schedule a 30-minute financial coaching consultation call with me at https://calendly.com/nashfinancialcoaching/consultation, where we will have a discussion to see if financial coaching is your next best step. You have everything that’s needed to make your finances be “weird.” Let me walk with you and show you just that.
