There are all sorts of reasons to get a second job. Whether you are trying to get out of debt, or just shorten the amount of time it takes you to save for a big purchase, a little extra income can go a long way.
But, getting a second job isn’t always an easy decision. The idea of working an extra 15 to 20 hours per week can be a little daunting.
So, if you feel like you need to make a little extra money, but are unsure about adding the extra work to your plate, then stick with me. In this post, I’m going to cover 10 reasons to get a second job.
Let’s get started!
1. Get Out Of Debt Faster
I can personally attest that getting out of debt is a tough process. And if you are going all in — scorched earth — on your debt, then it’s about the toughest financial journey you can make. If you’re in the middle of it, you know what I’m talking about.
So, if you have the opportunity to shorten that timeline, you should capitalize on it. And getting a second job is about the best way to do that.
There are plenty of part-time jobs out there that pay $15 – $20 per hour, and at that pay rate, you could make an extra $1,500 – $2,000 per month. For all you readers that are on a debt-free journey, you know the kind of impact that could make.
For example, let’s say you are trying to pay off $50,000 of debt. Let’s also say that you are currently (while working one job) able to pay $1,500 towards your debts each month. At that rate, it would take you approximately 36 months to get out of debt.
However, if you were to work a second job, and contribute an extra $1,000 per month toward debt, then you could shorten your debt payoff journey to 21 months. That’s 15 fewer months that you have to sit under the burden of debt.
I don’t know about you, but if working a second job meant 15 extra months of financial freedom, then I would be all over it!
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2. Travel More
If you love to take vacations, and travel all over the world, then a second job might be a great move for you. If you were to make an extra $1,000 per month, then you could see a lot of different places, and do a lot of different things.
Now, I realize that working two jobs means that you would have to get time off from both employers in order to do so, and that can be a challenge. However, I would prefer the challenge of finding time to travel, over not having enough money to travel.
And trust me, if you work a second job, your travel funds will see a nice little boost.
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3. Improve Your Financial Stability
One of the most stressful financial situations you can experience is instability. And the more people you have in your family to support, the more this becomes a problem. So, if you are worried about making ends meet, then you should most definitely get a second job.
Sure, it might mean you have to work long hours, but if it helps you bridge the financial gap through some tough and uncertain times, then it is well worth it.
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4. Increase Your Retirement Contributions
Funding your future retirement is one of the best things you can do with your money. And if you feel like you are falling behind in that respect, or you just want to beef-up your contributions, then that should be all the reason you need to get a second job.
The best part about using the money you make from a second job to fund your retirement is that the sooner you do so, the longer the money will have to grow.
You see, compound interest is a very powerful thing, but it takes a lot of time for it to produce significant results. So, even though putting your paycheck from a part-time job into your 401K might not feel like a big deal, when it comes time for you to retire, you will be extremely glad you did.
Think of it this way — assuming your 401K earns an annual return of 10% — if you were to work a second job for the next twelve months, and contribute $18,000 toward your retirement, 40 years from now, that $18K would be worth over $900,000.
If that isn’t a reason to get a second job, I don’t know what is.
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5. Find Financial Freedom
Financial freedom is a pretty broad idea. For some, it might just mean getting out of debt, or building up enough savings that they don’t have to rely on their very next paycheck to get by. Meanwhile, for others, financial freedom means earning enough passive income to support them for the rest of their life.
But no matter what your idea of financial freedom is, one thing is for sure, getting a second job and earning a better income gives you a higher likelihood of finding it.
6. Pay For School
There’s no doubt about it, getting a college education is expensive. Even going to community college costs thousands of dollars per semester. That’s why paying for school is a great reason to get a second job.
Now, I realize that for some, paying for school might fall into the whole debt payoff category with their student loans, while for others, getting a second job can help pay their way through school. Either way, paying for your education is a great reason to get a second job.
7. Pay For Fun
If you just want some extra spending money, without disrupting your long-term financial goals, then getting a second job is a great way to go. If this is your reason for finding additional work, then, honestly, even a job that pays a few hundred dollars a month might be all you need.
Seriously, if you just want a little fun money, then you could probably find a part-time job that only requires you to work 10 to 15 hours per week. That’s more than manageable, and it could pay for a lot of fun times.
This is a great way to get your retail fix without harming your financial future.
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8. Save For A Wedding
Weddings are just plain expensive. Between the dress, rings, flowers, venue, catering, honeymoon, dj, photographer, videographer, and about a million other things, the expenses pile-up quickly. That’s why saving for a wedding is one of the best reasons to get a second job.
This is particularly helpful if the length of your engagement gives you enough time to do some serious saving, and if both of you are willing to work two jobs. Think about it, if both of you can make an extra $1,500 per month throughout your engagement, then you could probably save enough in that amount of time to pay for the whole thing.
Just saying, if you are getting married sometime soon, you should really consider getting a second job to help you save for the wedding.
9. Prepare For A Baby
Having a baby is one of the most fun — and pricey — moments in life. And if you don’t feel like you are financially prepared for a baby, then you should think about getting a second job.
Trust me, when your baby comes into the world, the last thing you want is a bunch of financial stress weighing on your shoulders. That should be a time of joy and celebration; not a time of trying to find ways to make ends meet.
If you spend the 9 months leading up to the birth of your child by working a second job, you could save up enough money to pay for medical expenses and maybe even maternity leave.
Preparing for a baby is a great reason to get a second job.
10. Save For A House
One of the most important things you can do when buying a house is put at least 20% down. That keeps you from having to pay PMI, and also starts you off with a solid amount of equity in your home.
Beyond the down payment though, when you are a homeowner, you need to be prepared for expenses like landscaping, repairs and upgrades. To put it plainly, homes are expensive to buy and maintain, which is more than enough reason to get a second job.
The more you prepare for all the expenses of homeownership, the better off you’ll be. And an increase in your income never hurts. Truthfully, with the income boost you get from your second job, you might just decide to keep it.
So, what’s your reason to get a second job? Be sure to comment below.
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