I stumbled on a website for working mums, and one of the stories shared struck a nerve: “I work full time 50 hours plus. I was paid on Tuesday. I have just checked my balance and I am £12.00 overdrawn, which means as I have a month to go I will be up to the max on my overdraft by the time I am paid again. I feel like all I do is work and then still can’t say, well at least we can afford to have nice holidays, etc. I am so fed up with being broke!!!!”. 

One of the motivations for work is money. Of course, you most likely won’t tell a recruiter this during an interview, but deep down, you know you are pitching yourself for the job because of the great pay. There are chances of you leaving for another one if it offers more money, or you simply take side gigs to add more cash to your stash. You measure your growth by your milestones; new responsibilities you are given and the unique challenges you take, but also by the increase in what you earn or make. You will stop working if the salary is delayed for months. You would smile when you are applauded for a job well done, but you would smile better when you are rewarded with more money for that job well done. So, money is one of the motivations for work.

What happens when you put in all the effort and the money isn’t coming? The motivation to work flies out the window? Working your ass off without enjoying the financial rewards is perhaps the closest feeling to heartbreak. 

The financial reward that comes from your hard work gives an unmatchable satisfaction in comparison to other forms of reward; commendation, promotion without a raise, or even credits. So why do you work hard and your finances don’t give what it’s supposed to give?

Some of our readers gave insights into why they think workaholics still get broke

“It’s simply debt!” -Emmanuel 

Having to pay rent and try my hands at different business opportunities outside of my 9-5 got me deep into debts that I’m still repaying. I think loans are the main suckers of income, maybe not for everyone, but that’s my experience. If I can pay up, I think I will enjoy myself more” 

“Expenses” -Aanuoluwa

It’s just the expenses really. We make money to spend, but expenses can be overwhelming sometimes. And it seems the more you earn, the more expenses you have to cover.  

“There’s a lot of underpayment out there, and we are not ready to talk about it” -Ejiro

Honestly, many people are being underpaid. To an extent, my financial situation is doing great, but I have seen people who live like they don’t even earn anything. And that is why many hop jobs like they are changing clothes while others take on many side hustles that are more than they can bear. After deducting your basic expenses there’s supposed to be enough left, but that’s not exactly so. Pay people what is deserving and you will even see their productivity take a rise

What do you do when you are caught in that trap? 

Just as there are different money suckers, there may be no one-way fits-all when it comes to handling those money suckers, but here are useful tips. 

1. Budgeting practices: sounds too familiar? Well yes, but not many know the best budgeting practices to work with, which is why you may make budgets but get no results. Budgeting as a salary earner is quite different from budgeting as a freelancer or entrepreneur. Luckily, there’s a detailed resource to help you out with that here. 

2. Side gigs can come in handy: You have probably heard that having multiple streams of income is the way to go. No truer words have been said. So, what are the best side hustles you can explore? They are many and lucrative. While some are good to complement your main income, some can even become a major business in the long run

3. You deserve that salary raise: You are putting in the hard work, getting results, and even growing, so why not ask for a raise? Asking for a raise may be a hard nut to crack, but with the right words to say, you can do it seamlessly. Here are 7 email templates to help you ask for a salary raise. 

4. Salary negotiation: Set the right track from the onset by demanding the amount you deserve. At Careerbuddy, we made an extensive survey into local and international markets and generated a salary negotiation guide that comes in handy during the interview process. With great feedback on how it has helped Gen Zs and Millenials navigate the salary negotiation process, the salary negotiation guide is a highly recommended resource you need to ace your financial goals. 

There’s no question that managing your finances can be a challenge, especially if you’re a salary earner. But by following some simple steps and making a few smart choices, you can take control of your money and achieve your financial goals. With a little discipline and a lot of planning, you can make your salary work for you.