I Love My Job but I Need More Money. How?

Many of us are looking for opportunities all the time. We look for ways to earn more as inflation causes the price of things to rise.

I know that it is not easy to change a job, especially when you enjoy what you are doing. You are one lucky person who have found your dream job! However, what if you need more money to cover your expenses?

After working for more than 5 years, I have learnt the following:

#1 Understand your financial situation

  • Make a list of your monthly expenses to understand how much you are spending on each item (as shown in the picture).
  • Identity what is non-negotiable and negotiable items (eg taking a taxi is a negotiable item while taking a bus is a non-negotiable).
  • Reduce spending on the negotiable items.
    It is easier to start spending less on negotiable items (such as meals at restaurants, taking taxi rides, and using less mobile data).
    We know that you may not be able to reduce spending on non-negotiable items immediately. However, it’s good to start thinking of solutions which may include shifting to a more affordable housing area.

After identifying the things which you can save more on, let’s proceed to look at increasing your income.

#2 Research on your salary

  • Find out how much other companies are paying for your role in the same industry. This can be easily done by asking your peers or quick search on the websites of recruitment agencies. They often list the role, responsibilities, working experience and estimated salary.
  • Talk with your supervisor or manager if your salary is way below average. Find out what you need to work on before asking for a raise.

If you are a valuable employee, your salary should be increased. If not, improve or look at the points that follow.

#3 Think of the near future

Think of how your current job be like in the next 6-8 months – will there be a bonus coming? Will there be a chance for you to be promoted? It’d be good if you can check with your boss.

If there is no bonus or promotion anytime soon, then the last point is for you.

#4 Find a part-time job or business

  • Think of what you are good at that can be done after work or on weekends. This could be teaching, writing, or an online business!

Thanks to technology, we can do a lot more! I started a side business a year ago and my income was a couple of thousand Kyats (just several USD).

Now, my monthly income has increased to a couple lakhs (few hundred dollars in USD)!

This is the power of a side business. Of course, you got to be hard working and produce good work.

I hope that this has stretched your imagination. We live in exciting times!

Which step or steps have you taken?
Which step or steps will you try out this week?
If you are working part-time or have a side business, tell us! We would love to hear from you.