6 Signs You Aren't Making Enough Money

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Living paycheck to paycheck can take a toll on your stress levels and emotional wellbeing. It can also greatly impact your financial wellbeing both in the present and in the future. If you aren't confident about your financial future, then it's time to make a change. Here are a few signs that you need to spend less — or make more.

1. Your Bills Are Overwhelming

If you don't make enough to pay your bills every month, then you need to make more. Even paying the minimum amount on your bills is not enough. You should be working to pay off your debt, without having to worry about making enough to buy food every month.

Overdrawing your checking account, paying your bills late every month, or ignoring your financial obligations altogether can make the problem much worse. If you commit any of these bad habits, then you'll have to worry about overdraft fees, bounced check fees, and may even be sent to collections. (See also: How Late Payments Affect Your Credit)

2. Your Budgeting Isn't Enough

The best way to get more out of every paycheck is to simply spend less. Creating a budget can be the right step towards making lasting changes that will pay off big in the end. However, what do you do if you have already created a budget and cut out all the unnecessary spending you can, but still aren't making enough? You'll need to find a way to make more money.

3. You Have No Savings

If you aren't able to pay down your debt and set aside money for your savings and retirement accounts, then you simply need to make more. In the event that there is a large unexpected expense coming your way, you should have some savings to cover it. It is crucial that you set aside money for your future, and if you aren't, then you need to do something to change the present.

It's important to keep your money goals and future finances in mind. It's essential that you are saving for your future, in the event that you experience a pay cut or layoff. Saving for retirement is also one of the most important things you can do for your future self. If you aren't reaching your short and long-term financial goals, then you aren't making enough money.

4. You Keep Relying On Credit Cards

If you find that you are relying on your credit cards just to make ends meet, and are only paying the minimum on your credit cards month after month, you're heading towards prolonged debt and a host of other problems. This can result in a lower credit score and less money available for your savings account. In the long run, you'll also be responsible for higher interest charges and credit card payments.

5. Your Paycheck Disappears in No Time

If you spend the bulk of your paycheck in the first couple of days, then there's a problem. You should have more than just enough to pay your bills. There should be money left to save and invest towards retirement. Everyone has a bad month from time to time, but if you find that your paycheck runs out within the first week of every month, then you may be overspending or simply not making enough.

Special occasions occur for most people several times per year. During these times, you'll want to have a little money set aside (for holidays, anniversaries, birthdays, and other occasions that can cut into your pay). The last thing you want to worry about is breaking out the credit cards just because you need to buy gifts for the kids.

6. You Feel Undervalued

If you feel you aren't being paid enough at your current job, then you may get resentful and less productive. Consider speaking with your manager about what you bring to the table and ask for a raise. The worst they can say is "No."

If you decide to ask for a raise, then you need to first determine what your time is worth. Use a salary calculator or salary comparison site, and find out what the average salary is for your career so that you have that information on your side when you speak with management. (See also: Getting the Most Out of Salary Comparison Sites)

Is It Time to Make a Move?

If you realize it's time to make a move, then there are several steps you can take. If you haven't worked on a budget yet, then it's time to do so. You can also take steps to reduce your rent, find alternate forms of transportation, or simply spend less. You may also need to consider changing employment or taking on a weekend or side job.

Do you know of other signs that a person just isn't making enough? Please share your thoughts in the comments!

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