Thursday, July 5, 2007

Watching our expenses too much!

I've decided my wife and I our watching our expenses too much, ignoring the other half of the equation, which is my salary income. I'm making a nice $36K/yr, but am underpaid for the type of work I am doing (was hired to do computer maintenance, been doing mainly programming). I have checked the rates for programmers on a variety of salary sites as well as job postings. Here's my initial brainstorming session:
  1. My 6 month review comes up in 2 months, which at that time I'll be requesting for a large raise (bring my salary up to $42K/yr).
  2. Over the next two months, send my resume out for feelers on the job market for programmers. That way when my review comes up and they fight the large raise, I have something possibly to fall back on.
  3. Spend 2 nights a week working on improving my programming skills.
  4. Search out contract work to be done night/weekends in the programming realm at the $40/hr range.
I am no longer satisfied with $10/hour pay when with the right promoting of oneself I could be bringing in $30-40/hour. That way we can also say goodbye to our debts even sooner!

1 comment:

MyDebtBlog said...

I understand where you're coming from when it comes to being underpaid based on the work you do. When I started my career the offer was not what I expected but did include the other incentives many seem to forget about like insurance, vacation time, 401k, pension plan, which all have value to them. After 2 years I've gone up about 10% base, not including bonus. When I get to my annual review where things like salary and bonus are handled, I'll be pressing for a respectable raise instead of settling for the 3% cost of living increase. If they don't want to pay me properly, there are others out there that will. The other option is to run my own business which I have always wanted to do some day.

What companies seem to forget is when inflation rates are higher than cost of living increase, the dollars are less and the expenses go up. I think investing in yourself through taking classes or learning new skills is the best way to make more money.

I do websites for people on the side and charge between $50-100 an hour because that is what my time is worth. Some people rant like that seems too much and I tell them I've done websites for 9 years and I have a 4 year degree, my time is worth it. Don't cut yourself short and make sure you're paid what is right. Also make sure you work to live, not live to work.