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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;

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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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.

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.

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

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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.

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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Financial Services

CBN reveals framework for the N75 billion Youth Investment Fund

The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.

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CBN reveals framework for the N75 billion Youth Investment Fund, Economic Growth, CBN, Governor, Emefiele, CBN releases new capital base, sanctions for Microfinance Banks, Nigerian Banks broadly positive after naira devaluation, Naira hits N465 to $1, Central Bank begins disbursing $100million to hit at currency speculators

The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.

This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.

The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.

READ: #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years

The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.

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Objectives of the scheme:

  •  Improve access to finance for youths and youth-owned enterprises for national development.
  •  Generate much-needed employment opportunities to curb youth restiveness.
  •  Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.

Explore Data on the Nairametrics Research Website

What you should know
Recall that on the 22nd of July, 2020, the Federal Executive Council (FEC) approved the sum of N75 billion for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023.
The fund was created to support the innovative ideas, skills and talents of Nigerian youths, and to institutionally provide Nigerian youths with a special window for accessing much-needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.
  • The fund targets young people between the ages of 18 and 35 years.
  • Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
  • Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
  • Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
  • The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
  • The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
  • The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.

READ: CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

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As a huge percentage of youths are engaged in the informal sector, the NYIF will facilitate the transition of informal enterprises owned by youths into the formal mainstream economy, where they can be supported comprehensively, build a bankable track record, and be accurately captured as active participants in economic development.

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MSME

Paystack partners Google to empower SMEs in Nigeria, Kenya, and South Africa

Paystack partners with Google to empower over 500,000 SMEs in Nigeria, Kenya, and South Africa.

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Paystack partners with Google to Empower SMEs in Nigeria, Kenya, and South Africa

Tech startup, Paystack has disclosed that it partnered with Google to aid over 500,000 Small and Medium-sized enterprises (SMEs) in Nigeria, Kenya and South Africa.

This was revealed via its Twitter handle.

READ: Airtel is partnering Standard Chartered Bank as it expands its fintech business

Shola Akinlade, Founder of the company, stated that the partnership would enable the reliability of their work, “which would guarantee that all businesses paid via Paystack are thoroughly checked for legitimacy and credibility.

“In a low-trust environment like Nigeria, where many people are paying online for the first time, it’s important to deliver a safe, fraud-free experience, and this is a responsibility that Paystack takes extremely seriously.”

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READ: Nairametrics announces Strategic Data Partnership with Statista

Explore Data on the Nairametrics Research Website

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(READ MORE:Paypal to offer Cryptos by early 2021)

Why it matters: Paystack’s partnership with Google is to help SMEs to grow and digitise their businesses with new tools, financial support, and training. This would also help business communities in Nigeria, Kenya, and South Africa to rapidly grow.

What you should know: Google is an American multinational technology company that specializes in internet-related services and products.

READBTC bounty: 69,000 Bitcoins worth $700 million waiting for you

Nairametrics reported that the company had a partnership with Truecaller in 2018 to aid in the facilitation of online payments across Africa. The deal states that Paystack will use Truecaller’s database of verified phone numbers to authenticate payments for transactions executed on its platform.

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Personal Finance

Curfew: How to plan for a financial emergency

To ensure that you are prepared for a financial emergency, here are some basic decisions you have to take from the onset.

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Top 5 businesses to start to embrace the "new normal"

Life has its ways of generating unforeseen emergencies that leave us stranded. You cannot exactly prepare for some of these incidences despite your dedication. However, unlike other emergencies, a financial emergency is something you can actually plan for and work towards. Hence, the question of how to plan for a financial emergency is very vital.

READ: This is how Nigerian entrepreneurs can survive COVID-19

READ: The definitive Cryptocurrency tax guide for 2020

The sudden declaration of curfew across several states in the country indicates that things could happen when you least expect. Traders who earn income from daily sales were the most affected; especially, the ones without laid down plans. Some white-collar workers too got a watered-down salary due to the situation, as the company made little or no profit.

READ: CAP Plc is running at a risk of increased bad debts

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READ: Never give money to your financial advisor without signing this document

However, to ensure that you are prepared for the next wave of sudden income blockage, some basic decisions you have to make from the onset are:

  1. Set up an emergency fund account: This is your most assured way of preparing for financial emergencies. It is non-negotiable. At every point, you should always have some money specially set aside for sorting bills in case of financial troubles. Although this seems like an obvious thing to do, in reality, most individuals do not have one. Financial experts recommend that the set-aside sum should be able to cater for at least 3 to 6 months of your basic expenses.
  2. Ensure you stay debt-free as much as possible: When financial difficulties kick in, what becomes a burden is the regular payment obligation you have to make. Remember, there are already basic non-negotiable expenses that you have to meet, and adding debts makes it much worse. If you are currently in debt, channel your resources to pay back in time. Also, focus on paying debts with the highest interest rate first.
  3. Slash down your expenses: As soon as the crisis kicks in, the first thing for you to do is to reevaluate. Run through your standard expenses and remove the wants. In a time like this, only the needs should stand. Keeping your expenses as low as possible would help you thrive better.

READ: Most profitable asset in a decade, Bitcoin up over 26,600,000%

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READ: Personal Finance Culture: The 4 Cs of Financial Success 

Having understood how to prepare for financial emergencies, it is also critical that you understand how to deal with them. Preparation and dealing with the situation itself are two different things.

Here are some tips on how you can deal with the current financial situation:

  1. Be critical about every financial decision: Financial debacles are mentally stressful and could cause you to make poor decisions. This is why, at every moment, you should think properly before making any money decisions. Practicing this would greatly help you steady the ship. Ask yourself what long-term consequences would this have on my credit and finance? If disastrous, you know what to do.
  2. Explore other potential streams of income: One of the fastest and easiest ways to navigate financial emergencies is to explore other streams of income. What else can you do to make extra income that would help deal with the present situation? In real-time, looking for a side hustle while going through financial difficulties is not easy, but if you can pull it off, it would help a great deal.
  3. Talk to a financial advisor: Lastly, you can always visit a financial advisor for a professional view on your current crisis. However, this may be a little tricky because you would have to pay for their services. But the right person can help you get your finances in check from the very first day, as opposed to you trying to put things together by yourself.

READ: 7 Winning ways to become debt-free

READ: Jumia is optimistic of COVID-19 boost, despite poor Q1 2020 earnings report

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Bottomline

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Emerging successfully from financial emergencies depends on how well you can prepare ahead, steady your ship, and navigate the terrain. The good news is that if you are one of those who planned early enough, you are less likely to stay long there than those who are unprepared. Remember that your goal should not be to learn how to deal with the difficulty as it comes, but rather focus on being prepared ahead.

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