How Best To Utilize The New Minimum Wage

On this day the 28th day of March 2019, the President and Commander in Chief signed the long-awaited new minimum wage bill into law. This automatically increases the national minimum wage from 18,000 Naira to 30,000 Naira.

Why it is good to celebrate, is it also important for you especially the direct beneficiaries of the new wage not to be carried away by the euphoria of the moment.

The new development calls for a new spending formula especially on the part of the salary earner.

In this article, I want to educate my readers on the implication of the new law, the opportunities within and necessary steps that are required of them.

How best to utilize the new minimum wage and its opportunities

#1. Decide to save the added income

As difficult as it might seem especially in the beginning, deciding to save the added amount of money I can assure you will turn out to be the most rewarding decision that you have ever taken in the nearest future.

Strive as much as possible no to increase your needs because of the increase in your purchasing power. Condition your mind to stick to the previous minimum wage of 18,000 and limit your spending to that.

#2. Learn to say NO

Yes, if you must reap the benefits that come with the increment of pay, then you must learn to say “no” at times. It will interest you to know that all your family and friends are fully aware of the pay increase.

This by implication means that they will also increase their individual demands and requests.

If you don’t learn to say no to some of their demands, then you will realise that you might even run into deficit while trying to solve their problems even without solving your own immediate needs.

#3 Invest in something meaningful

Investing the extra cash into something worthwhile is also not a bad idea. It could be on your education or that of your spouse or children.

You can choose to invest the extra cash on a building project or even channelled towards raising capital for a business of your dream.

For some, this might sound like a mirage but I can assure that little drops of water form a mighty ocean.

To summarize, you must be familiar with the saying that nothing good comes easy. The process of achieving your dream might require a painstaking and a persistent effort coupled with some radiance of good fortunes.

I leave you with this; nothing is impossible, it can only be difficult.

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