Living on a starting salary is harder than ever, particularly if you are trying to manage the cost of living expenses in a big city. It can be downright excruciating to make ends meet and afford everything you need, plus one or a couple of occasional wants. For many, the only way to keep going is to get a second job. If you are considering this option as well, here is a guide to determine if this is the right option for you.
Assess your financial situation
The purpose of a second job is to make extra cash. Part-time jobs are the most obvious solution to supplement income and have a bit of spending money. But it may be wise to take a look at your financial situation first. Do you really need to work the extra hours to get back on track or will the implementation of a stricter budget be enough to tide you over?
If it is for the short-term – say you are looking to fund a future expense like a move to a new apartment – the second job makes sense. However, it is a good idea to give yourself a tentative time frame. That way, you can develop a budget for the months you are making extra money and look forward to the days of freedom in your not-so-far future.
Determine your level of job security
A second job is a good backup plan if you think you may be without a job in the near future. Even a few weeks of being in between jobs can cause a headache if your rent is on the line.
What benefits do you seek?
Extra income is not the only benefit to a second job, though it is definitely the sweetest. You can get employee discounts if you work in retail and this can help you to shop for things you want minus overspending. You can also further your career if your second job is within the same industry. Meeting new people will grow your network and the extra experience will bring you more insight and skills.
Picking up a second job has its perks but not without disadvantages, too. Consider how much the added hours will affect you. At all cost, you must protect yourself from burnout. It only takes a couple of months of insane hours to drain you physically and mentally. It can take a huge toll so determine immediately how much you can take.