5 Reasons why your Income is Never Enough

Have you realised that regardless of what you earn, it’s actually never enough?

To be honest, human beings are insatiable, it seems like nothing is ever adequate, so also our salary, we want more

Think about this; before now, when you were earning less, making more money or getting a pay raise would have seemed like the end to all your struggles. But the moment you earn more, your needs increase. It’s as if as your income increases, there are always more needs.

Below might be some reasons

  1. Salary is too small -The most common reason why your income is not enough is that you do not earn enough money, many people are underpaid. If this is the case, step up your income by creating an additional source or lookout for a better pay job.
  2. Cost of living keeps rising– Inflation causes the cost of living expenses to regularly increase. Also as your family grows, and your needs change, the amount of money you need to finance your lifestyle increases. Here, you have to make some adjustments to your lifestyle.
  3. You have accumulated too much debt-Many people are certain about their income at month-end, hence they purchase on credit, accumulating debt, which will further affect the next pay. The best solution here is to consider all the little purchasing decisions you make over the course of a month and try to live below your means.
  4. You compare yourself to othersWe all earn differently, therefore we should spend differently. Comparing kills! If your friends cannot respect your financial choices, then they can stay clear. A friend once told me that if I’m not purchasing the Aso-Ebi for her wedding ceremony, I should ensure my dress is nice. Why the pressure? I have an allocation for Aso-Ebi(for close friends only), anything above that, I am not getting until when my income can accommodate a higher budget which it’s fine.
  5. No budgeting– Most times, there is no plan, we spend whatever, whenever, it’s time to be proactive about planning; creating a budget and sticking to it (you will learn more on budgeting in coming posts). Noting your expenses will help to identify where your money is going, with this you can cut back and even eliminate some expenses. You can spend on what you love, but it takes a plan!

The gap between your income and expenses is very close, to widen this gap, it is very important to cut down on your expenses and also increase your income. Stretch each side as much as you can, it’s not enough to make more money. It’s a journey of tenacity!

Are you ready? 

Read previous post here to review your financial situation.