Last Updated on Feb 28, 2020 by James W
Getting a secondary job is a very tempting proposition when you’re looking for ways to increase your income. However, there are a few important things that you should think about before you take the plunge and find another job. Here are 4 important things to consider before getting a second job to boost your income.
Evaluate Your Finances
One of the most important things to do before you decide that you need a second job is to sit down and truly evaluate your finances. If you’re looking for extra income because you feel like you’re struggling to meet your financial obligations, there may be other options available to you. When you’re having trouble meeting repayments and feel like you are slipping further into debt, consider speaking with a professional about the benefits of a debt consolidation loan.
A debt consolidation loan will combine all of your credit cards and personal loans into one easy monthly payment with a low rate of interest. No longer will you have to stress about making several different repayments at cripplingly high rates of interest, and you can instead focus on becoming debt free for good. If this sounds like it could help you, consider Fox Symes debt consolidation. Fox Symes are one of the leading debt solutions specialists in Australia, and will give you the very best advice to help you get back in control of your financial situation.
Could Better Budgeting Help?
Getting a second job is a big decision, and there’s a chance you may not even need to do it. Overhauling your budget can yield surprising results and uncover a range of ways to use your money more effectively. Tightening your budget on luxury items and shopping smart can give you a significant amount of extra savings to help you through difficult financial patches in life. While sticking to a budget can be hard at first, just remember that it is saving you from having to work two jobs to pay the bills.
Quality of Life
It’s not only time that you lose when you work two jobs, there’s increased travel costs and higher levels of stress to consider as well. Having the extra money is definitely a perk, but you should think very carefully about whether the pressure will outweigh the potential gains.
Tax Concerns
Working two jobs generally means that you will be paying an increased amount of tax. You might find that you have to work increasing hours just to make your second job a worthwhile use of your time, as much of your pay will disappear to tax. Consider seeking professional advice about the viability of working a second job, and assess your options carefully before you make your decision.
Once you have considered these points, you will have a clearer idea whether getting a second job is going to be the right course of action for your individual situation. Remember that sometimes better budgeting can be the solution to financial difficulty, and saves the extra time, stress and taxes of working a second job.
Written by Alex Howarth
This is a Guest Post
