When is your pay review time? January? April? Is it an embarrassing question right now? Will there be a pay-rise this year? According to the ONS statistics in the year to June 2016 the average pay rise in the UK last year was 2.5%. The average annual salary was £26,502.
This means that the average employee had a pay increase after tax and national insurance of £36.91 per month. What if you could help them get that now? Today. Without having to go through hours and hours of budget negotiations, meetings and problems?
If you could benefit the average employee by £36 per month would that make all employees happier and more engaged? The magic answer is giving them the time, space and support to be better with money. No smoke and mirrors, just give them some time and help to reduce their outgoings. This then boosts their available pay to help have more in their pocket, reducing stress and potentially boosting savings for the future.
Let’s take Pete, 35 and newly married. We put him through our money saving programme and he took the actions that were suggested. Anyone can do this. You don’t need our money saving programme but what it does do is give employees the time, space and support they need to do the boring admin that saving money needs. What sort of thing did we help Pete with? Firstly, shopping around for his gas and electric. Then his home broadband, TV and mobile. Next he looked at his food spending. He is also just reviewing his bank account. Going through his bank account he found he was being charged for services he didn’t use. We then challenged him to look into some of his other direct debits and spending habits and the savings kept on coming. His mortgage is fixed until next year but moving his home insurance saved another £5 per month. Did he exceed the average pay-rise by doing all of this? Well Pete’s savings are £63 per month and rising!!
Everyone’s savings will be different, but everyone can challenge themselves to aim for a pay-rise. Using a basic budget planner can really benefit everyone.
Contact us if you would like one or if you are interested in our Better With Money – Give Yourself a Pay-Rise Course.