Not every salary can cover all monthly expenses. A promotion to a specific position may provide you with a better title and more opportunity for advancement, but it could cost you your overtime pay. You may have valuable benefits like health insurance or paid sick leave, yet your take-home pay leaves your wallet feeling empty.

If you feel like your current salary is not covering your current costs, a budget can help you “stretch” it.

Everyone should understand where their money is being spent. If you are not tracking your costs, it is difficult to see where changes can be made. Even if its painful, it is recommended that you begin writing down all of your expenditures on paper in order to see the reality of your financial situation.

A higher salary is not always a real solution to money problems. Controlling how you spend your income is a stronger method for resolving your financial struggles.

How often have you heard about the lottery winner who ends up broke shortly after claiming his/her winnings? Even with large amounts of cash, these people are unable to address their real problem: unsustainable spending.

Understand the amount you currently spend can help you make a plan to reduce expenditures. Below are some tips to keep your budget on track.

  • There is a vast amount of free financial advice available. Do some research, but decide what will work for your situation.
  • Decide what you are willing to sacrifice.
  • When you decide to discontinue a specific expenditure, remind yourself that you are saying “yes” to a more manageable life.
  • Make sure you are paying the minimum on all recurring bills.
  • Set aside some money for free spending. When it is gone, wait until you are paid again before you buy anything non-essential.
  • Try to save for emergencies, even if it is only a small amount. It will add up over time.
  • Sell items you are no longer using and use that money to pay larger bills.

When you are feeling discouraged about your financial situation, it is important to remind yourself that you are not “stuck” with your current salary. It is actually a step toward a brighter future and not a permanent situation. Set small spending goals for yourself so that you can actually “see” your progress. Look for any opportunity to increase your income.

It can be overwhelming and difficult to sit down and analyze your spending, but the rewards are well worth the initial discomfort. Controlling your spending will give you a sense of accomplishment and help you feel like you are in control of your life again.

Do you need help figuring out your economic situation?

>> Speak with a Minnesota financial planner.

If you have any questions about Financial Advisor Minneapolis feel free to come pay us a visit!

3 Ways To Boost Your Retirement Account Balance

Let's be honest- saving money is certainly not easy. Most of us save a small increment of our checks, and the rest goes to bills and life. In addition, we don't always know the in's and out's and trick to retirement savings accounts. Or what kind of benefits we could...

read more

What IS Retirement?

According to the Merriam-Webster dictionary, the definition of retirement is the "withdrawal from one's position or occupation. Or "or from active working life." The other definition is "an act of retiring: the state of being retired." I understand you probably know...

read more

How To Retire Early

How many of us want to retire early? Basically everyone right! Who wouldn't want to retire early, is the real question. But what's an even more vital of a question than that? HOW can you retire early, especially in this economy. Retirement is often viewed as a happy,...

read more

Getting Ready For Retirement

If you have not downloaded our FREE Retirement Guide yet, you most certainly should! Get your now by clicking HERE! If you are getting ready for your next phase in life- Retirement- you've come to the right place. It means you have decided to take a more active role...

read more

Why Choose To Retire In Minnesota?

While there are an overabundance of beautiful places in the US to retire, we like to think Minnesota is the best choice! If you already live in Minnesota, and are ever-so-slightly nearing your retirement years, you are leaning towards permanence here right? You likely...

read more
Tips for Making the Most of Your Salary
Rate this post

Sign up for our eNewsletter

Welcome! Please input your email address in the box below to begin receiving periodic email newsletters from Assured Retirement Group. Our e-newsletter covers timely financial news and planning strategies you can put to use. You will be able to unsubscribe at any time, and this service is free. Please let us know if you enjoy receiving the email updates and if there are any topics you’d like us to cover.

You have Successfully Subscribed!

Retirement Guide Includes:

Financial Evaluation
Comprehensive financial assessment form.

Pre-Retirement Checklist
Our checklist lets you know exactly what you need and what steps must be taken before you retire.

Financial Inventory Form
Allows you to keep a detailed record of your assets in an organized manner so that your retirement options are clear.

You have Successfully Subscribed!

Schedule An Appointment:

Fill Out This Form To Get Instant Access To My Schedule! Pick A Day That Works Best For You!

You have Successfully Subscribed!

Retirement Guide Includes:

Financial Evaluation
Comprehensive financial assessment form.

Pre-Retirement Checklist
Our checklist lets you know exactly what you need and what steps must be taken before you retire.

Financial Inventory Form
Allows you to keep a detailed record of your assets in an organized manner so that your retirement options are clear.

You have Successfully Subscribed!

WhyWe UseWealthGuard

WhyWe UseWealthGuard

Manage all of your accounts

Take control of your investments

Help protect your retirement

You have Successfully Subscribed!

Why We Use Wealth Guard

Manage all of your accounts

Take control of your investments

Help protect your retirement

You have Successfully Subscribed!

Let Us Help You Prepare For Retirement

Get Instant Access To Our Retirement Video Series

You have Successfully Subscribed!