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Author: Alison Banney | finder.com.au

Why ‘backing yourself’ is one of the best financial decisions you can make

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Getting ahead in your finances can be daunting if you don’t know where to start. A lot of financially successful people have two things in common: they’re confident in their decisions and they always back themselves.

Here are five ways you can back yourself financially:

1. Ask for a pay-rise

If you’ve been doing a great job at work, have been meeting (or exceeding) your KPIs and are doing tasks above and beyond your job description, it’s time to ask for a raise. It can be nerve-racking approaching your boss and asking for more money, but if you know you’re great at your job, it’s important to back yourself and ask for a salary increase.

2. If this fails, get a new job

This isn’t to say you should get a new job just because you don’t get a raise. But if you present your case well, come prepared with a list of key achievements and evidence of your KPIs being exceeded and still don’t get at least a salary review, it might be time to look around. This is especially true if you know other employers are offering more money for your skill set elsewhere. It’s scary to quit, but you need to back yourself and have faith that your skills will be valued somewhere else.

3. Pitch for new business or side hustles

If you’re a freelancer or contract worker, or even if you have a full-time job but sometimes do extra work on the side, you’ll need to pitch for new business. To do this, you need to be completely confident in your abilities and not afraid to promote yourself, which often isn’t as easy as it sounds.

You might think an opportunity is out of your league, but it’s important to go for it anyway. Even if you fail, it’s great practice for next time - Alison Banney, finder.com.au

Backing yourself financially Finder Greater Bank

4. Negotiate a better deal, for everything

Don’t put up with a poor rate on your home loan, higher-than-average insurance premiums or even a pricey phone plan just because you’re too scared to ask for a better deal. Lenders, service providers and financial institutions are competing for your business and you’d be surprised what you can get just by asking the question. If you don’t succeed, don’t be afraid to switch home loan or insurance providers.

5. Try new things

You don’t need to be a finance expert to start dabbling in the share market. The best way to learn is to have a go. If you have no experience and you’re nervous about buying shares yourself, consider using an investment app like Raiz or Spaceship Voyager.

Unlike buying an investment property or launching your own business, which might take years to achieve, these are all things you can do right now to get ahead financially.