Last week we talked about the pros and cons of working overtime to help you earn extra money for your financial goals.
This time I want to explore another option: getting another job.
Getting another job is another option to help you earn more money, but is it a better idea than working overtime?
Here are the benefits and drawbacks of deciding to get another job.
Benefits of Getting Another Job
Taking on a second job may have some benefits over working overtime at your present one. Some of them include:
Working on Your Own Time
Depending on the type of job you take as a side hustle, you may be able to work your own hours. If you work from home as your own boss you may have a certain amount of control over when you work.
Should that be the case, you may be able to work while your kids are napping on a Sunday afternoon. Or, work two evenings a week instead of daily or on weekends.
Of course, your work hours for a more traditional job may not be as flexible. That could turn this positive into a negative aspect of taking a second job.
Gaining Other Skills
Adding a second job may gain you more than only increased income. It is possible you could add to your skill set.
Learning new skills at a second job may give you a leg up if in the future you should apply for a different job to replace the other two. It increases the opportunity for you to move up the ladder and make more money at the job you hold now.
Doing Something You Enjoy
Liking your work makes it easier to stick with it. When you get joy out of working a second job it may not seem like a burden to you or your family.
Having positive motivation to work an additional job can make you work harder. Personal or family sacrifices can be diminished somewhat by the satisfaction you receive from doing what you love.
Disadvantages of Getting Another Job
Obviously there are also disadvantages to getting a side hustle. It can be:
Difficult to Coordinate Schedules
Trying to get schedules to line up with more than one job is not always easy. If you have family to add to the mix it can even seem impossible at times.
Something may have to give. Hopefully it is not sleep or your presence at family gatherings.
A Conflict of Interest
Some part-time jobs, or side hustles, could be a conflict of interest with your first employer. Let’s say your full-time job is working in a retail business.
If your side job involves working for another employer in direct competition to your first neither employer may be happy about the arrangement. You may even be let go from one or both of your jobs.
You would be wise to bring this up before starting work for your second employer.
Compromising to Your Job Performance
Working a second job may tire you out so much you have trouble performing your duties at your current job. If your employer finds you nodding off while working it could be grounds for dismissal.
Or, your work may become sub-par. Either one of these scenarios could put your present job in serious jeopardy.
What if you neither work overtime nor get another job. Are there alternatives? The answer, as a matter of fact, is yes. They include:
Changing the Way You Spend
Instead of taking a second job or working overtime, examine your spending habits. Could you create a budget and cut back on your spending.
Maybe you could cancel unused memberships and subscriptions. Or, cut back on restaurant meals or salon visits to save money. Doing some of these things can ease your financial strain and make you more available to your family.
Contact your creditors to see if they are willing to negotiate on some of your bills and debt. You might be able to lower some of your monthly payments and avoid having to even consider a second job.
Asking for a Raise
Has it been a while since you have had a raise at your existing job? If you are a valued employee but haven’t had one for a while, ask.
It’s true that when it comes to earning extra money there is a dilemma between working overtime or getting a second job. Hopefully by weighing some of these advantages, disadvantages, and alternatives you can make the best decision for yourself.
Have you had to work overtime or get a second job to make ends meet? If so, which seemed like the better arrangement?