Why You May Have More Money Than You Think

It can seem like our finances are always one step ahead of us. We do our best to save and cut back on spending, but try as we might, our bank balance never looks quite as healthy as it we’d like it to. But here’s the thing: while we tend to think that we’re always on the back foot when it comes to our finances, it is possible to adopt an attacking stance. It’s all about looking beyond your base salary or incomings, and understanding that you probably have more money than you think. We take a look at a few ways how below. 

You Overspend

Most people have a lot of money, when you look at how much money they make. If you just took a snapshot of their salary, you’d conclude that they have a lot of money to work with. Alas, that only tells half of the story. How much you earn isn’t what counts; what you spend is what matters. You could have a $100,000 salary, but if you’re a $99,000 lifestyle, then you’ll have problems. It’s always good practice to be aware of lifestyle inflation; we tend to accrue new expenses over time, and before we know it, we’ve got enough financial obligations to overwhelm us. Take a look at where your money is going, and then cut back on any that can be deemed unnecessary expenses. Just by making a couple of changes, you might find that you’re significantly boosting your bank balance.

You’re Due A Raise

When it comes to making money, the greatest tool you have in your arsenal will be your talent and skills. People tend to assume that they should just be happy with the salary that’s offered by their employers. But this isn’t the case — your salary isn’t a command, it should be a conversation. If you’ve been working for your current employers for some time and have yet to receive a raise, look at asking for one. Many bosses are open to this idea since they don’t want to risk losing a staff member that already knows how things work. They’d rather bump up the salary rather than go through the process of hiring and onboarding a replacement. 

What’s Rightfully Yours

Sometimes, our financial issues come from one-off events that put us in some jeopardy. It could be an event in the home or an accident on the streets. Suddenly, we find ourselves in financial difficulty due to these unexpected expenses. But here’s the thing: while you’ll sometimes you will have to suck up the cost of these expenses (as in the case of, say, a new boiler), at others the costs might be the responsibility of someone else. It’s all about fighting your corner. If you’re involved in a car accident that wasn’t your fault, then search for personal injury lawyers dedicated to fighting for you. They’ll help to ensure that the responsible parties pay for the losses, rather than you. Everyone knows that they should have insurance for their home, but not everyone realizes that they can fight the verdict of the insurance company if it goes against them. Always fight for what’s rightfully yours!

In the Drawers

You’ll likely have expensive items in your life. Your smartphone and laptop, for instance. They can cost a lot, but at least you get a lot of use out of them. That’s understandable. What’s not understandable is why you’d leave expensive devices just sitting unused in your drawers. This is very common! The average home has hundreds of dollars worth of unused items sitting in their home. Look at having a clear-out, and sell those valuable goods. You might just find that you can raise the equivalent of a month’s salary, just by selling stuff that you’re not using. 

Putting Assets to Work

One issue that many people suffer from is that they’re asset rich but cash poor. If you’re a home and car owner, for instance, then this could be the case. So you’ve got a lot of money, but it’s just that it’s tied up in your assets. So why not put your assets to work, and get some money cash? In the case of your home, you can do this by renting out a room to a lodger. With your car, you can offer seats in your car for journeys that you’re already making. You won’t get rich this way, but it can have a big effect on the state of your finances.