Earn extra money part time job
• Do the hustle to get finance in order
• Part time jobs are a great way to generate more money
• Plan your part time job
Have you reached a crisis point over of your finances? Have you come to the conclusion that you need to have them in order? You need to have some savings? And, you need to do it quickly? I’m not asking about a particularly severe financial crunch here (although, that could be a contributing factor). I’m asking about your state of mind; you don’t want this current phase of lack and uncertainty to last any longer.
The faster you get your finances in order the better off you will be—on more than one level.
There’s a lot of truth in the above statement. Consider… When will your next emergency occur? What will it be? You don’t know. That’s the nature of emergencies. They are unexpected. You can’t know what it will be or when one will happen: It’s sensible to assume something unexpected is coming, and it’s going to be costly. Wouldn’t it be wonderful to minimize the expense (and the stress) of that event.
As a fairly mild example, let’s say one of the tires on your car blows out. If your credit cards are maxed out and you’ve got no savings or spare cash (or the tire you were riding around on was your spare, what are you going to do? I don’t know, but a whole lot of us can find ourselves in that situation—and, it’s not pleasant. In fact, it’s very stressful and can have very negative consequences. Like, what if you can’t get to work? Could you lose your job? The repercussions can just keep increasing. So, what can you do now to avoid this trap?
You could take on a part-time job. With the extra income you could accelerate debt repayment, build an emergency fund, a savings account. It’s amazing how quickly you can save enough money to cover the cost of a new tire (or something even more expensive) if you are dedicated to do it ahead of the need.
So… now you’re thinking about getting a part time job: Make some extra money, ease the current budget pinch, get prepared for the curve ball life is sure to toss your way. Great Idea! (It really is.) But, it is a change. It’s going to enable you to improve your financial position, but it needs to be thought through. There’s a bit more to taking on this second job than just clocking out of your main job, heading down the street, and working a few more hours. You have a life outside of work, and just as with your primary job, there are details and events that have to be taken into consideration. Of the top of my head, I think of a few: child care, transportation, and food. Oh, yeah—laundry, maybe, too? In order to make your part-time job really profitable the availability and expense of these things should be addressed. Below are some thoughts I have on them.
Child Care: If you have young children, will you be able to find someone to watch them the additional hours you will be working? If it’s not the same provider that you use while you are working your full-time job, how will they be transported between the two? If you have to take the time to do it, it could push back your start time and add to your time away from home. Can you find a part-time job that will financially cover the increase expense? The strategy for getting children to the provider is often challenging to single parents or two parents who have conflicting work schedules. (One car families sometimes have a problem with this, too.) And what do you do with/for/about the children if you/the provider/the children have an emergency? None of this is insurmountable, but it does need to be considered.
Food: Since you’ll be working more hours, it’s likely you will need to eat away from home more often. I’ve written a post on how much you can save by taking you lunch to work verses picking up fast food or going to a restaurant. The cost of eating out is outrageously high, and the whole idea of taking on this part-time job is to save money—right? Don’t sabotage yourself by eating out. Save money. Take a snack/lunch.
Laundry and Uniforms: Will you need to change clothes when you get to your part-time job? Will you be required to wear a uniform? If so, does the employer provide it? If not, it may be a bit pricey, but save your receipts; it’s likely you can deduct the cost from your taxes. And, consider laundry costs. If you have to wear two clean sets of clothes daily, that will up the cost of laundry considerably. But, if it’s only one additional shirt and pair of pants a week, it will make no difference. Laundry is, probably, not a deal breaker, but it’s always good to take into account the costs of working.
Transportation: If you drive from one job to the next, how much fuel will you use? You don’t want transportation costs to eat deeply into the profit this part-time job should bring you. This sounds like a real no brainer, but we really do tend to forget that this is money spent. If available, travel by bus could be much more economical, but buses sometimes run behind schedule. Again, consider and plan.
Perhaps you have some other considerations? One I just thought of: How much sleep do you require? That could make a difference in how many hours you can put into a part-time job after working a full day.
As I read back through the above, it might seem like I’m trying to give a negative impression about taking on a part-time job in addition to your regular employment. Nothing could be farther from the truth! I’m all for it, but I’ve found that applying the old saying “all things considered” can increase the yield of any endeavor.
Conclusion: If you decide a part-time job (in addition to your full-time employment) will provide you with the means to accelerate financial recovery and prosperity, go for it! But, go for it with a plan and a strategy. Take any inconveniences and expenses into account. Find a job that works for you while you are working it. It’s rewarding to pay cash for unexpected events instead of worrying about how to pay another bill—or worse, not being able to resolve the problem at all. It’s even more rewarding to bank money. Taking on a part-time job can make that available to you.