Struggling with a payday loan cycle is unproductive and never any fun. To get out of this, you need to change your life situation.
You have two basic choices to do this. You either need to cut back on your expenses or you need to increase your income.
If you have cut back on your expenses as much as you can, you will need to figure out how to increase your income. Most people would assume this means changing jobs, getting a second job, or starting a business on the side. However, you can increase your income at your current job.
The most obvious place to start is asking for a raise. This is not easy to do, but it is something you really need to consider if you haven’t tried this option yet.
Asking for a raise requires the right timing and tact. Most importantly, you need to be prepared well ahead of time.
Before asking for a raise, you need to be armed with information. Don’t just go to your boss with your hat in your hand asking for more money because you need it. A raise should be a reward for your superior productivity, not a handout.
You need to be able to document your productivity. If you can show how you are more valuable that what you are being paid, it should be pretty simple to get a raise.
The best type of documentation will show how much the company has benefited from your productivity in actual dollar amounts. This will make it clear to your boss how much your productivity is actually worth to the company.
If you’re unable to document your productivity with actual numbers, another approach would be to show positive reviews of your work. You may not be able to show exactly how much you are worth, but at least you can show that you are deserving of more money. It will just be more difficult to negotiate just how much more you are worth.
Get out of payday loan cycle by asking for more hours at work
Another way to earn more money at your job is to take on more hours. Talk to your supervisor about working extra hours, especially if you are working on a project that is in danger of missing its deadline or that is critical to get done as soon as possible.
Also, let your supervisor know you are willing to take on extra hours when they become available, such as when another worker calls in sick on your day off or on a different shift and the company needs someone to fill in.
Be proactive by keeping your eyes and ears open. If you hear about the company being shorthanded on your day off or on a different shift, go to your supervisor and let her know that you are available and ask to fill in. Unless she has it filled already, she will be glad to not have to call someone to fill in or ask for volunteers.
If you work in a service job that routinely earns you tips, you can focus on improving your service to increase your tips. Make yourself available for the busiest times to give yourself the most opportunities for tips. Talk with your supervisor and other employees that bring in larger tips on average on what you can do to improve at your job.
One way to make more money that is commonly available but employees rarely take advantage of it is an employee referral rewards program. When a company is in need of new employees, it will often offer a bonus to any employee that refers someone that the company hires.
Many companies don’t advertise this bonus program well, so you may need to talk to human resources and ask about any bonuses that are available for referring potential employees.
However, you want to be careful when doing this. You don’t want to refer people that are clearly unqualified, as it will reflect poorly on you and could affect our negotiations when it comes time to ask for a raise you need to get out of a payday loan cycle.