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Last Updated on November 28, 2017

You’re Burning Your Hard Earned Money If You Do These 8 Things Often

You’re Burning Your Hard Earned Money If You Do These 8 Things Often

Saving money in today’s economy can sometimes feel impossible. Do you often find you earn an okay amount but don’t seem to have enough at the end of the month? Taking a good look at our spending habits and recognising how we use our money can go towards re-evaluating and cultivating a life where we only spend what’s necessary.

8 Daily Habits That Drain Your Money Unknowingly

What can you do to help stay mindful of what you spend your money on? It’s all about adopting habits to help you be aware of how you spend your money but these are common habits we have that drain our money more easily.

You Justify Buying the Cheap Stuff

We think we’re saving money if we opt for the cheaper options but in truth, quality lasts longer. Looking at more expensive options as an investment rather than an unnecessary expense is a better mindset to have but we seldom think like this because in the moment more expensive equals more money.

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Spending money on items that last rather than cheap ones that need replacing more often will save you money in the long run.

You Justify Buying Sale Items

We’re led to believe that buying stuff on sale is saving money. If you’re in a supermarket and what you intend to buy is on sale, then great. But we can get caught up thinking we’re getting a bargain when really we’d never have bought that item in the first place were it not on sale! So curb unnecessary purchases – don’t get sucked in to the sale items and justify buying them because you believe you’re saving money – you’re not.

Your Savings Account is Too Easy to Access

It’s so easy these days to with internet banking, to have easy access to our savings. While your good intentions are slowly piling up in your savings account, if it’s easy to get to, you can sometimes delve into it if you feel you’re down on your money.

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So find savings accounts that aren’t so accessible and can’t be linked to your current account. This will help you think twice about transferring that money if it’s not so easy to do.

You Don’t Wait 30 Days Before Big Purchases

This is a good trick if you’re more of an impulse buyer. Impulse buying can drain our money extremely quickly and we can be very good at justifying why we need an item. If it’s a big purchase then do this 30 day rule before going ahead with it. You’ll be surprised at how much your mind can change in this period and often you’ll realise you probably don’t need to buy it or, even better, find a cheaper alternative in the meantime.

You Don’t Set Realistic Goals

When we set the intention of saving money, we can get lots of big ideas on how to do this but most of the time, although it feels good and productive to set these big goals, you can’t realistically stick to them in the long term. This then begins demotivation. So for example, instead of setting the goal of not eating out in the next month, set a more manageable goal of letting yourself eat out once a week instead of your normal 2 or 3 times.

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You Don’t Write Lists of What You Need Before Shopping (and Stick to It)

This is similar to the impulse buying but more so when we’re food shopping. When you’re hungry, you will buy around 20% more food than if you went on a full stomach. Being purposefully mindful before you leave the house by making strict lists of what you need, will cut down more spending than you realise. Research recipes in advance and stick to only what you’ve written down. If it’s not on the list, it doesn’t make the cut!

You Waste Time Finding Cheap Deals

The emphasis here is on time. We spend so much of our time researching in order to find the best deals and often in these moments the best deals actually pass us by or sell out. Think of time as money too – overthinking and overanalysing can waste you money despite thinking that you’re ultimately saving it.

You Don’t Carve Out Time to Declutter Your House

Decluttering your living space is one of the best things you can do to save money. Not only because you can sell many of your old items and actually make money, but also it transforms the space in your mind as well. Once you realise that you don’t need so many possessions to make you happy, it will shift your mindset and make you more aware of unnecessary spending in the future.

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Cultivating this mindset is what will save you the most money in the long-term and help you to re-evaluate what’s important to you. So adopt the mindfulness of spending your money to create a better way of saving it.

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Jenny Marchal

Freelance Writer

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

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