4 Ways to Boost Your Earning Potential

If you’re like nearly two-thirds of people, then you’re not satisfied with your wages. That’s an understandable concern in a person’s career, but what if you could do something to control your pay? Check out these things that you can do to increase your earning potential.

Go Back to School

If you’re really hoping for a promotion or a change of career in the near future, going back to school may be the key to boosting your pay. The Pew Research Center discovered several interesting facts about holding a degree. For one, their data showed that of the Millennial generation, individuals with a bachelor’s degree or higher are making $15,500 more per year than those with a two-year degree. However, an individual with a two-year degree is only making a mere $2,000 more per year than high school graduates. You can see these benefits come to you in terms of promotions or entirely new career paths.

If you decide to go back to school, consider pursuing an online degree. Since there’s more flexibility in when you can complete your coursework, you won’t have to quit your full-time job and give up part of your salary to finish your degree. With an increasing number of online master’s programs, such as a sports management degree online, even university graduates can increase their earning potential through online courses by getting an advanced degree.

Learn a New Language

Believe it or not, sticking with that high school Spanish class may have been a good idea. Statistics show that learning a foreign language can earn you an extra 2 percent per year. It may not seem like a lot, but Economist.com calculates that as a college grad, that’s an extra $67,000 in your career that you can put toward your retirement. Another estimate reported by U.S. News & World Report says that number could be as high as 10 to 15 percent more money, given that it opens you to so many new career options.

Boost Your Industry Knowledge

No matter what industry you’re in, things are constantly changing as technology advances. Do what it takes to learn new systems, and stay on top of industry trends to show your company how valuable you are. If you’re involved in social media, you have to learn about new platforms such as Pinterest. If you work in the forex industry, learn about a company like Netotrade.com to make sure you’re on top of industry trends. Value means a bigger paycheck. What can you do to prove that you’re valuable and on top of things?

  • Show enthusiasm for changes in the company
  • Attend conferences and industry events
  • Network with important people
  • Be the first to say “yes” to important challenges in your company

Ask for It

If you’ve been at your same job for years without a pay raise, remember that with years of experience usually comes higher pay, too. Don’t be afraid to ask to get paid what you’re worth. Keep details about your achievements in your career so that when you ask your boss for a raise, you have the data to prove that you’re worth the money.

Want to get paid what you’re worth? Start with the above-mentioned tips. What steps will you take to boost your salary?

Simple Ways to Save Money on a Low Income

An unfortunate truth in life is that there will be times when there doesn’t seem to be enough money. Whether you are devoting the majority of your income to paying off debt for the short term or you are adjusting to living on a single income so one parent can stay home with a new baby. There are numerous things you can do to still save money.

If you adjusting to a lower income or just happen to be on a lower income, make sure you take advantage of grants and benefits to help pay bills and ease the costs of living. In addition to taking advantage of benefits, try some to the below money saving tactics as well.

Cut the Cable: A study by the United States Bureau of Labor and Statistics (http://www.bls.gov/news.release/cesan.nr0.htm) shows that the average Americans spends about $2,800 a year on entertainment. That translates to just over $200 per month. Considering that a cable bill can set you back close to $100 dollars per month, you could easily save $1200 a year by getting rid of the cable bill. Instead of paying for cable, get a monthly subscription to a DVD service (like Netflix) for less than $10 a month and hit up the library for books and movies. Better yet, head outside for some free outdoor activities like hiking or walking.

Eat at Home: You can save money, and keep your waist line in check by cooking your own meals at home and packing a lunch to work. One of the biggest killers to a house hold budget is food. Both in terms of the amount of groceries wasted each month, as well as the amount of money used eating out and purchasing daily items such as coffee.

Reconsider transportation: If you are really struggling with cash, consider selling your car and buying a bus pass or a bike. If this isn’t an option, possibly down grade your vehicle. In addition, make sure you have a maintenance budget set up for unexpected costs and review your insurance policy on an annual basis.

Switch Life Insurance Plans: Don’t get rid of your life insurance, as it provides a safety net for your family. However, if and when your circumstances change, make sure you update your insurance policy. In addition, you should review your policy on an annual basis to make sure you are on the best deal for you and your family. It’s funny how companies will do anything in terms of deals to get a new client and yet they neglect loyal customers.

Plan ahead and lower expectations: Christmas, birthdays, Halloween and school pictures happen every year. You know (at least approximately) when these events are going to take place which means you can start saving for them early. A $400 Christmas budget seems a lot less daunting when you save $40 a month for 10 months. Use envelopes or create separate accounts and set aside a little money each month so that you aren’t scrambling last minute to come up with the cash you need.

Additionally, start simplifying things. Instead of throwing a huge birthday party, consider a smaller party at home with a homemade cake. Play games, watch movies and enjoy time as a family, and you can save a lot of money.

How to Create a Household Budget

Making a household budget is challenging implying breadwinners should use the following tips to make useful budgets for their households. The first step to making effective budgets is to consider expenditures from all members of the household because knowing all their expenditures enables you to plan.

Other Expenses

It is notable that identifying additional family expenses is useful when planning for a household budget. Thus, breadwinners should write down all their expenses before deciding to make a budget. While doing so, it is advisable to identify unnecessary expenditures and eliminate or reduce them.

Sources of Income

Identifying all sources of income to a household is an imperative element when developing a household budget. It is because knowing the household income enables breadwinners to plan for their expenses against their income. After identifying sources of income, set aside cash for unplanned expenses and emergencies.

Basic Accounting Skills

It is critical that having basic accounting skills enables breadwinners to plan for their budget. Basic accounting skills aid in identifying where how you spend your money and how to generate more income. If you do not have such skills it is time you consult a professional who can help you with basic accounting tips.

The GVK Group

Since it is important to have accounting skills, the GVK Group – Accounting Vancouver, is an excellent organization that can help in obtaining basic accounting skills. The GVK Group is an accounting firm that provides management advisory, consulting services, accounting, and tax services. It follows that approaching the organization for basic accounting skills is useful when planning for a household budget.

The Final Steps

Add up household expenses, additional expenses, and set aside cash for emergencies. Eliminate all unwanted expenses and compare it with the household income. Make sure the income surpasses the expenses by at least 40 percent. If not, identify expenses the household does not need and remove them from the budget.