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Financial Literacy

If you experience these signs then know your salary is not enough

Some times, having a job simply isn’t enough. Find out subtle signs to know you are not earning enough.

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Salary

Some times, having a job simply isn’t enough. Because a lot of people strive really hard while hunting for jobs, they immediately settle for whatever placement that opens and salary compensation they’re paid. Of course, you cannot because of earning less (under-employment) quit your current job; you just need to consider adding “something extra” as monthly support stream of income.

As a matter of fact, a long list of rich folks did not rely on salaries alone. They probably had tons of investment or “side hustle” you didn’t know about. If you experience these signs then know your salary is not enough;

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Indebtedness

This does not apply for chronic debtors (people who can’t be bothered to pay off their debts). If you find out that your debts keep piling up, you may not be making as much as you thought you were. You have bills piling up here and there to the point that you start choosing which bills to pay with the current paycheck and which to put off for next month’s pay.

Salary[ALSO READ: How To Run A Successful Virtual Startup Office]

Don’t earn enough to save

With your paycheck, you should be able to pay your bills, live a moderate yet satisfying lifestyle and still have enough left for savings. Ideally, you ought to save first and spend later. A lot of people don’t save because their salary is barely enough to meet their needs. If you fall into this category of people, you’re not making enough money.

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save money monthly, salary

You’re always behind on payments

There are bills that should be paid on a monthly or annual basis. They are not springing up on you, you’ve been aware you would have to pay yet when they are due, you’re unable to meet up. Bills like these include; rent, school fees (for kids if you have any), electricity bills, cable subscriptions and others. If you’re consistently behind on paying your bills, you aren’t making enough.

Money and love, salary[ALSO READ: How To Quit Your Job With Class [Free Guide]

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Always cutting budget

Every month, you need to cut something off some expenses in order to meet up with other things on your budget. In doing this, you’ve to cut humbly so much that there’s nothing left to cut. Evidently, this is a clear sign that you’re not earning enough just yet.

BUDGET AND SAVINGS

Emergencies scare you

You are always worried that something would come up and you wouldn’t be able to handle it. The case is worse when you don’t have any savings and are solely dependent on your next paycheck. If you’re not making enough to have provisions for emergencies, you clearly aren’t making enough.

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emergency expenses

There are several remedies to not earning enough. We mustn’t fail, however, to mention that some people who experience the above mentioned scenarios are solely responsible for their situation due to their extravagant lifestyle and mismanagement of funds which might simply be solved by making adjustments to their lifestyle and their spending habits.

[ALSO READ: How To Quit Your Job With Class [Free Guide]

If, however, you do not belong to the class of reckless spenders and find yourself in a tight financial corner; you might consider getting a part time job or starting a side hustle to increase your net income.

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Patricia

Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

3 Comments

3 Comments

  1. Laolu

    July 12, 2019 at 10:16 am

    Nice post. That hit home! lol

  2. Ak O

    July 12, 2019 at 2:27 pm

    Nice one Chacha.keep it up

  3. Adedapo Adebayo

    November 5, 2019 at 10:56 am

    Big stones…you are throwing

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MSME

130 farmers to receive seed funding of N100,000 each

The target of the programme is to adopt farmers in 774 LGAs across the country.

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The National Information Technology Development Agency has kick-started a job and wealth creation programme where 130 farmers will each receiv, e seed funding of N100,000Border Closure: Nigerian rice farmers are struggling to feed a rice-hungry nation. CBN to give Niger Delta rice farmers single-digit loan 

The National Information Technology Development Agency has kick-started a job and wealth creation programme where 130 farmers will each receive seed funding of N100,000. The programme will be supervised by the Federal Ministry of Communication and Digital Economy.

According to a statement from the agency, the National Adopted Village for Smart Agriculture (NAVSA) programme is in line with the government’s drive to lift 100 million Nigerians out of poverty, and it will start with 130 farmers in Jigawa state.

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The target of the programme is to adopt farmers in 774 LGAs across the country, open the platform to all agriculture ecosystem players with access to information, facilitate and improve productivity, reduce the cost of production, and facilitate access to local and international markets.

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READ MORE: President Buhari directs Ministries of Power, Finance, BPE to seal Siemens deal

With all of this in place, it is expected that the farmers will be able to build sustainable business models and digital business opportunities that will create not less than 6 million well-paying jobs in the next 10 years.

“NAVSA Platform is aimed at digitalising agriculture to drive Digital Economy, as part of President Buhari’s agenda to leverage on technology and innovation to revolutionise the agriculture value chain,” the statement read.

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Among other things, the farmers will be empowered with a digital platform, smart devices (tablets), connectivity for data and calls, Digital agripreneurship skills, and enrolment with telecom operators and the National Identity Management Commission (NIMC) for identification.

All of these will be given to them at the end of the programme, which will last from July 1 to July 13, 2020.

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MSME

Business owners will now get CAC certificate with TIN

This will also allow them to easily request loans and credit facilities from financial institutions.

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PwC's MSME Survey 2020

As part of the Ease Of Doing Business Initiative, the Corporate Affairs Commission (CAC) will now work with the Federal Inland Revenue Service (FIRS) to issue Tax Identification Numbers (TIN) along with the Certificate of Incorporation.

This will save companies and small business owners the troubles of applying separately to the FIRS for their Tax Identification Numbers.

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This was contained in a statement signed by the Corporate Affairs Commission (CAC) on Monday, June 29, and seen by Nairametrics.

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The statement reads in part “Certificates of Incorporation of companies registered under part A of the CAMA will henceforth carry Tax Identification Numbers (TIN) issued by the FIRS”.

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With this development, companies and business owners can now proceed to open a corporate account upon receiving their Certificate of Incorporation, rather than waiting another week or more for the issuance of Tax Identification Numbers.

READ MORE: How FG plans to support Women-owned MSMEs to recover from the pandemic

This also allows them to easily request loans and credit facilities from financial institutions and dispenses the need to visit the FIRS office.

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For the revenue collection agency, the development is set to improve the accuracy of its database of registered businesses operating in the country and can aid it to widen its revenue net.

 

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MSME

How FG plans to support Women-owned MSMEs to recover from the pandemic 

The impact of the on pandemic micro, small and medium enterprises has been quite massive.

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How FG plans to support Women-owned MSMEs to recover from the pandemic 

The Federal Government of Nigeria is set to roll out palliatives to assist women-owned medium and small businesses (MSME’s) recover from the impact of the pandemic.

This was disclosed by the Minister of Women Affairs, Mrs Pauline Tallen, in Abuja during the virtual E-launch of the National Survey on the impact of COVID-19 on women-owned businesses in Nigeria, monitored by NAN.

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According to Tallen, the survey captured trends and patterns of the losses caused by the pandemic on women-owned businesses, and will now guide the government’s move to revive the affected businesses.

The impact of the pandemic on micro, small and medium enterprises (MSMEs) has been quite massive, and resulted in unforeseen losses for business owners, she noted.

“We are all currently experiencing the effects, which have crippled the supply chain of businesses, with dire consequences on MSMEs, where the majority of women’s owned businesses are situated,” she said.

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READ MORE: Focus on one positive impact of COVID-19 on the financial services sector

She noted that the government had commenced the implementation of the findings of the survey, through the ongoing UN Women Assisted Palliative Distribution Project, targeted at poor women in 17 states of the federation.

In addition, the ministry of women affairs is also set to scale-up some projects for women in National Empowerment Fund (NaWEF), Government Empowerment and Enterprise Programme (GEEP) and the Business Development Fund for Women (BUDFOW).

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Other areas include the ECOWAS and Access Bank 50 Million Women Speak Platform Project (50MWSPP), the Trust Fund agreement with the United Nations Industrial Development Organization (UNIDO) to implement the HP-LIFE entrepreneurship and job creation project.

Tallen said further that the ministry would also engage with the Nigeria for Women Project (NFWP), and conduct a mapping of state-level interventions on COVID-19.

READ MORE: PwC survey identifies key priorities of Nigerian businesses amid Covid-19 pandemic

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She also encouraged policymakers, development partners, and donor agencies to adopt the report’s recommendation for the immediate and post COVID-19 responses for women entrepreneurs.

 “The Ministry is engaging with States, relevant government institutions, NGOs, business groups, PWDs cooperative societies, elderly cooperative groups, and women-focused groups to achieve this. 

“I want to encourage our partners to not only stop here but let us together again look at the possibility of conducting a follow-up survey to track the progress of women entrepreneurs recovery. 

The survey was conducted by NACCIMA and SME.NG, and it contained recommendations in retooling policies to address both immediate and post COVID-19 strategies as well as the way forward.

 

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