Thursday, February 2, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Inflation: What to do if your salary is no longer sustaining you

by e-Naira Online News
June 14, 2022
in Personal Finance
Reading Time: 3 mins read
A A
0
Home Personal Finance
Share on FacebookShare on Twitter


What do you do if your salary is no longer sustaining you?

This is a question most salary earners have often asked themselves, especially in the current economic downturn. The inflation in Nigeria is constant, the economy is not stable. You can go to the market today and buy something at one price and return in a few days and it’s a higher price. But your salary remains the same.

If the prices of your needs are increasing and your salary is not increasing to match the cost, then you will agree with me that there is a problem. So what is the solution to this problem?

There are several options you can exercise depending on what is most feasible for you.

Be your company’s fixer

Every company at its core has a single most important problem. If you’re the staff who is the go-to guy for solving that problem, it makes you the fixer. It also makes you indispensable and makes it easy for you to negotiate a higher salary for yourself.

Do your research

Now you know what you earn. Compare your salary with what others in your field are earning. Go ahead to find out what the benchmark is if your salary meets it. If you earn lower, you can use this to negotiate a higher salary for yourself by preparing great visuals showing what you bring to the table, your valuable input and progress, and how the company has benefited from you. Visuals are best for this because people are more likely to respond to visuals than to conversations.

Master a new skill

If you want to earn more, a good way is to master a new skill. It has to be a skill that you can actively use in your job description and produce better results. It could be a new certification or training. Apply these skills in your daily tasks and call the attention of your direct supervisor to them.

Ask for more responsibilities

A great way to get a salary increase is getting more responsibilities. This would be a good incentive for your job to pay you more as no one expects you to do more jobs for the same pay. Getting a new skill or certification can help you to be qualified to carry on more responsibilities.

Change your location

Geographical location also affects inflation, so where do you reside? Where do you purchase your needs? It is possible that all of these have a high effect on the area you are based. For instance, a person living in Lagos and earning a salary of N200,000 would still be managing and living on average whereas a person staying in Port Harcourt earning the same salary would live better. This is because the standard of living is not the same. Accommodation, feeding and necessaries in Lagos are all more expensive than in Port Harcourt.

Get a side hustle

You can also consider doing something else on the side. It could be utilizing a skill you have by working remotely or working in the same capacity for another firm. Or it could be starting a business where you buy and sell goods or also offer skills in exchange for money. You can either put someone in charge of it while you work or run it on flexible hours.

Consider a career change

Another option is to transit. Most people these days are transiting to tech by acquiring the required skills and applying to jobs based on those skills. You can also look into other career opportunities that you think you can handle and most importantly that pay more than your current salary.

Dedicate your time to finding a new job

A poor salary is more than enough reason to start looking for a new job. Most people work to earn, and if you’re not earning enough, it is good to explore other options. So, apply to jobs, get certified attend interviews and do everything you can to improve your chances of getting another job. So long as it’s a job you can handle and it pays more than your current job, go for it.

Related



Source link

Tags: inflationlongersalarySustaining
Previous Post

Why Bitcoin and Crypto markets are dropping faster than gravity

Next Post

NASS workers suspend strike – Nairametrics

Related Posts

Personal Finance

8 Black Financial Influencers You Ought to Follow

by e-Naira Online News
February 1, 2023
Personal Finance

The 10-Minute Finance Move Every Parent Needs to Make

by e-Naira Online News
January 31, 2023
Personal Finance

Chipotle Is Hiring 15,000 Employees Ahead of Burrito Season

by e-Naira Online News
January 30, 2023
Personal Finance

My Handyman Says I Should Tip Him $20/Job. Seriously?

by e-Naira Online News
January 29, 2023
Personal Finance

Want to Go Electric? This Gas Stove Rebate Saves You $840

by e-Naira Online News
January 28, 2023
Next Post

NASS workers suspend strike - Nairametrics

Coca-Cola to launch alcoholic drink, months after Elon Musk suggested takeover

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

British American Tobacco earns alliance for Water Stew — Opinion — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Crypto Bank Custodia Denied Membership in US Federal Reserve System – Finance Bitcoin News

January 29, 2023

CAP full year PBT rises by 79% to N3.1bn

January 27, 2023

UNCTAD, Islamic Development Bank unite over sustainable investment — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Guinness grows half year gross profit by 16%

January 27, 2023

Nigeria, others to meet over development in oil sector | The Guardian Nigeria News

January 27, 2023

Vitafoam Plc advocates special FX window for manufacturing sector

January 28, 2023

NIMASA plots CVFF disbursement strategy with banks — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Two Stocks Trigger 0.05% Loss At Unlisted Stock Exchange

February 2, 2023

Tinubu distancing self from APC’s failure —Atiku’s aide

February 2, 2023

Why rail sector remains moribund, has no profit in 59 years | The Guardian Nigeria News

February 2, 2023

Nigerian universities and the noise of advancing ideas

February 2, 2023

Moody’s downgrades Nigerian banks’ rating

February 1, 2023

8 Black Financial Influencers You Ought to Follow

February 1, 2023

Despite deadline extension, crowds besiege banks amid scarcity of new notes

February 1, 2023

Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell  – Economics Bitcoin News

February 1, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.