That's right. You can give yourself a pay increase at work. Stop waiting for your boss to take notice and pay you for what you are really worth. You have done your time and worked hard for years. For a change, start working hard for yourself. Nobody knows your situation better than yoursef. So who better to give you a raise than you? Easier said than done? Not really. Here's how you can if you, in working hard, also work smart.
1.Work closer to Home-By living closer to your job you can save money and increase your pay in two ways. First, the costs associated with getting to and from work are cut significantlly. You will spend much less money on gasoline. In addition, because you are using your automobile less, you will incur less wear and tear on your car. Consequently, fewer visits to the friendly mechanic at the repair shop means less money spent and more money saved. Second, if you live close to home, eat lunch there. A sandwich at home is much less expensive than a sandwich at a shop.
2.Overtime-Many employers, including yours, will allow you to work overtime hours on a voluntary or in some cases mandatory basis. This is a perfect opportunity to give yourself a raise. Sure you work a lot of hours but you are already there at work. Why not stay an extra hour each day? There is an additional benefit over and above the extra money you make if you do this. Putting in extra time at work shows initiative and may eventually lead to upward job mobility. In other words, a position that pays more.
3.401(k)-If you have a 401(k) at your job, chances are your company will contribute money to it. Money that is basically free to you. In this case, make sure to have as much money that the plan allows deducted from your paycheck, at least 3% of each time. Typcially companies will match your contribution. The more you contribute, the more your company will contribute, up to a certain percentage. The money they contribute has just become part of your raise.
4.Reduce Allowances-Get a new W-9 from your HR person at work and reduce the number of allowances you claim on your taxes. By doing this, you just gave yourself a raise. One that will be reflected on your next paycheck. And to keep it from negatively affecting you come tax time, spend a little time with your accountant to come up with a few more deductions.
Working closer to home, working overtime, maximizing your 401(k), and reducing your allowances are not just ways of giving yourself a pay increase at work, they can also be used very effectively as cash management techniques.
1.Work closer to Home-By living closer to your job you can save money and increase your pay in two ways. First, the costs associated with getting to and from work are cut significantlly. You will spend much less money on gasoline. In addition, because you are using your automobile less, you will incur less wear and tear on your car. Consequently, fewer visits to the friendly mechanic at the repair shop means less money spent and more money saved. Second, if you live close to home, eat lunch there. A sandwich at home is much less expensive than a sandwich at a shop.
2.Overtime-Many employers, including yours, will allow you to work overtime hours on a voluntary or in some cases mandatory basis. This is a perfect opportunity to give yourself a raise. Sure you work a lot of hours but you are already there at work. Why not stay an extra hour each day? There is an additional benefit over and above the extra money you make if you do this. Putting in extra time at work shows initiative and may eventually lead to upward job mobility. In other words, a position that pays more.
3.401(k)-If you have a 401(k) at your job, chances are your company will contribute money to it. Money that is basically free to you. In this case, make sure to have as much money that the plan allows deducted from your paycheck, at least 3% of each time. Typcially companies will match your contribution. The more you contribute, the more your company will contribute, up to a certain percentage. The money they contribute has just become part of your raise.
4.Reduce Allowances-Get a new W-9 from your HR person at work and reduce the number of allowances you claim on your taxes. By doing this, you just gave yourself a raise. One that will be reflected on your next paycheck. And to keep it from negatively affecting you come tax time, spend a little time with your accountant to come up with a few more deductions.
Working closer to home, working overtime, maximizing your 401(k), and reducing your allowances are not just ways of giving yourself a pay increase at work, they can also be used very effectively as cash management techniques.
SHARE
