You can agree that receiving a raise notification feels pretty great. However, raises in the wake of inflation may not meet our expectations.
The price of goods and services has risen to more than 8% compared to last year, but the average wage raise falls below 3%. As a result, our purchasing power diminishes as time goes by.
So, what is the way forward when your raise falls way below what you need to cope with the current inflation? Worry not. We have 10 proven solutions for you. Read on.
- Know Your Worth
While you don’t want to seem ungrateful for the pay rise, you need to know the amount of money you should earn based on your experience, job title, and cost of living. Websites like Salary.com and Payscale will help you discern whether your value is appreciated.
- Ask For Another Increase
If you discover that the company is underpaying you based on your research above, feel free to approach the leadership or HR about the issue. Seek proper compensation based on your experience and track record while maintaining professionalism.
- Improve For Better Pay
If your research proves that you’re rightfully compensated as per your title and experience, consider developing professionally to qualify for better pay. Suggest taking on some training at the workplace and other career development opportunities available.
- Get A Side Hustle
You could try finding a part-time job for extra income if you have a few spare hours before, during, or after work. The additional funds you earn from the side hustle can help sort out some bills that your salary couldn’t. Plenty of online jobs, including mystery shopping and virtual assistance, give you extra income for your time.
- Consider Perks and Benefits
Check whether you can utilize suitable perks offered at your workplace. You could be allowed to control your schedule and lead an excellent work-life balance. If the position comes with substantial flexibility in your life, you can find time for the side hustles we discussed above.
- Review Your Budget to Counter Inflation
If your salary won’t cater to your debts and necessities, it’s wise to reconsider your expenses and see what you can cut. This may include getting an alternative to cable TV subscriptions and tame your discretionary spending.
- Negotiate Debts
Review all your debts and see whether you can contact your creditors to adjust your regular contributions. Be ready to share any information they seek, including your financial statements, and they’ll probably be eager to work with you.
- Sell Stuff
If you have a new product that you want to sell online or just want to declutter your home, reputable online shops let you sell stuff locally for fast cash. Whether it’s a collection of top-brand electronics or clothes you no longer need, there’s a site with buyers waiting for you.
- Consider Government Incentives
The recent Inflation Reduction Act is one of many packages the government has rolled out to curb inflation. Check for government programs in your State and see whether there are any that can help you make ends meet.
- Move on To a New Job
Start looking for a new job if you realize that landing a well-paying one can address all your financial woes. Ensure you find a position before handing in your resignation, and be sure that you’re making a wise decision. Finding a lucrative deal will save you the energy and time of seeking government aid or working extra hours.
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