Hello you. Yes, you that just got a job for the first time, or that business has commenced operations and you are on the verge of earning your first income.
Welcome back from your dreams on how you plan to purchase your wants; the bags, the clothes, the shoes, well may be the books. Of course, you are earning, and you deserve to be seen as one. You need to ‘chop this life’. The prudent part of your dream about hitting a good savings plan is also welcome. Likewise, the French part of me tells you ‘Bienvenue’.
I am here to enlighten you on how you can realize than age-long dream of yours. Studies have shown that 80% of new income earners have a plan on how their first income will be spent before the pay day. The excitement about being able to earn your own money for the work you put through is overwhelming. Congratulations again, it is a giant stride, no matter how little it is. You are Earning.
However, the reality begins to set in as you get your first pay. If there has been a long break between your pay day and the last time you got money either from your parents, or loved ones, or that meagre income that has been supporting you, there is a high chance that you might have borrowed from a friend to keep you running
for the month. Did you just sigh because it is true? Smile, you are not alone, and it is a trusted and tested way forward. Then you realize your income is reducing. Did you also get a job at an establishment with custom
dress code? Your account is moving towards that RED ZONE. At this point if you have the urge to drink a glass of water or take a walk, please do. You are breaking through. All is left for your income is just enough to keep you running till the next pay day. However, there is absolutely no reason to panic.
This a process that most new earners go through except for the ones that either had a non-refundable supporting source of income till their pay day, or those that fall in the bracket of earning significantly higher
than these expenses. This bracket is accounted for by just 5% of new earners, because most new earners do not earn an extravagant pay rather a near-comfortable one. This phase may also repeat itself at the end of your second pay day. Surveys have shown that most new earners begin to save towards their highly-coveted wants by their third pay day. However, this wait could be longer if your new job location required you to get an apartment. At this point, it appears you are earning hand to mouth. In reality, it might be so. You may begin to feel frustrated but hey! look up. You have a hand to feed your mouth. It could be challenging but the end of the tunnel is almost here.
Obviously, this is not the dream you had but you have not failed. You just faced reality. Congratulations, your dreams are just about to be realized. If you work hard, then you should get to play harder. The only way to get this dream is by “TRACKING YOUR EXPENSES”. Did you read it so easily? Well, it is not as easy as it is written. Tracking your expenses is a process that takes about 3-4 months to know the expenses you incur. More so, if you do not know the expenses, how do you intend to track it?
Did I get you prepared on how to do this or is there are a bit of anxiety on how to track your expenses? Either ways, you need to read the next article.
By:Mashood Bolajoko Mariam
Contact:[email protected]
