One of the most common things that us mid-level PRs complain about over a beer is how little we earn. There’s no doubt that if you’re a talented PR and can stick it out in the agency world, there’s huge rewards waiting for you.
However, for now us mid/entry level PRs need to be a little more frugal and sensible with our hard earned cash. That’s why I’m introducing a new category to my blogroll – finance. At the moment, there are only two people in there – Ramit Sethi’s “I Will Teach You to Be Rich”, which is constantly giving great advice on how to save and the No Limit Ladies, PRlinkbiz and Kimber (who also writes the diamond in the rough Road to Forbes).
The latter may be focused on the ladies, but there’s nothing there that a smart PR guy can’t learn from. Plus the PR blogging echo-chamber is slightly unrepresentative of the gender make-up of the PR industry so I’m betting some of my readers appreciate the gender bias going their way for once. Whatever the politics, check them out and start saving.
My quick tip is this. Decide how much you want to save each month and then take out a standing order to transfer the money out the day you get your paycheck. You’ll soon get used to living on what’s left and will build up a nice little reserve in the meantime.
My mum’s quick tip is that when you get a pay raise, take half of it for yourself and half for your future. Wait until your newly inflated paycheck hits the bank and increase your standing order by half of the increase. You’re already used to living off the old amount, so whatever happens, this is an increase in real terms for your living expenses.
My final tip is a new one. I should be getting a nice income tax rebate from the Canadian Revenue Agency and it’s eminently wasteful. I could lash out on a much needed new laptop, holiday to somewhere hot where they serve unlimited drinks with umbrellas or go on a huge drinking binge. But I won’t.
I’ll decide on one or two reasonably priced treats that I actually need and put the rest away. I’ll reward myself because I’ll resent saving if I don’t, and the rest will go to buying a house, retiring to a remote villa in Italy or paying for my children’s education.
What are your tips? Where do you get your financial advice from? As always, answers in the comments please – and remember, local advice is great, general advice is fabulous.
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