3 Steps to get a RAISE in 1 month

Around a year ago I was looking to get a raise from work at Level Up. However, times weren’t really good then so I sought advice from one of my good friends and mentors, Randell Tiongson. I followed his advice and guess what? I got a raise in just 1 month!

Well technically it wasn’t a raise but I definitely felt more secure with my money and all my bills were being paid on time. That and I enjoyed a “controlled but happy” freedom because there was no more fear and regret when I spent my money. Most of the time you don’t really need to blow cash on the stuff that you regularly buy. By avoiding excessive and useless spending, you are building a brighter future for yourself and your family. This also sets you up towards the millionaire track. Here are the 3 easy steps:

STEP 1: Track all of your expenses in a month
Your tracking system doesn’t have to be sophisticated. It can be a simple notebook or a mobile application for your phone. For BlackBerry, Nokia, and iPhone users there are tons of free personal expense trackers out there for download. Note that it is important that YOU WRITE DOWN ALL EXPENSES regardless if it is just coffee with your friends at Starbucks or you buying C2 from the canteen. After 30 days, set aside 2 hours to review your expenses and move on to step Believe me, you’ll get the shock of your life when you check your expenses for the past month. Sometimes the little “stuff” will add up and become monstrous black holes that will suck all of your hard earned money.

STEP 2: Review the past 30 days and make a MONTHLY BUDGET
At this point you’ve probably discovered how badly you spend your money. This was a huge shocker for me as well because when I checked my expenses after doing this, I found out that I spent a considerable amount of cash on coffee and eating out. Now that you’ve had a reality check, it’s now time to set things right. Work on a MONTHLY BUDGET that you will attempt to stick to for the next month. Write down all the necessities first like your transportation, food, utility bills, rent, etc. Note that this is your budget so you pretty much control it. Put in budget for your dates, gimmicks, and whatnot. Just don’t overdo it.

After doing your budget, repeat step 1 for the month and try to see if you were able to follow through with your original plan. If you didn’t, then make adjustments.

STEP 3: SAVE SAVE SAVE
Remember to always keep on building your savings. This money is the difference between winners and losers in real life. If you’re a fresh graduate, I want you to literally embed the word SAVINGS on your brain and heart so that you will never forget it. Not only am I speaking from personal experience, but I’ve seen so many people literally piss their life away because they let money control them and not the other way around.

If you simplify personal finance and wealth building, it’s pretty simple guys. It’s WORK WORK WORK -> SAVE SAVE SAVE -> INVEST (Risk) -> WORK WORK WORK -> SAVE SAVE SAVE. Rinse and repeat.

When the time comes that you do actually get a promotion and your monthly income is increased, don’t re-do your budget so that the savings amount is the same and your “stuff” budget is higher. Save more. Why? Because every peso spent is an opportunity for a future investment that can make or break your financial life – be it abundance, security, or bankruptcy.

I hope this article made sense to you. If you want to read more about personal finance, I suggest you drop by Randell Tiongson’s blog.

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