There are times in life when you may just need a little more income. Taking up a side job doesn’t have to be a permanent move. However, you may want to consider a side job for a set amount of time. I’m going to go over some things to think about when evaluating if you need a side job.
Do You Have Student Debt?
One of the great things about graduating from college and finding a job in your field of choice is the feeling of accomplishment that those first few paychecks bring. But depending on how much debt you may have in student loans, you may find out that your job is not going to get you in the clear anytime soon. This is when a side job can really help get you out of debt quicker.
Many people who find a career in their field, work five days a week if they get a salary. Many times this leaves Saturday for a side job and Sunday for family and a day of rest. By taking on one more day of work a week and applying the full profits from that job to your student loans, you can greatly speed up the time that it will take to pay your loans off.
Are You Saving Up For a House?
Many young people who pay rent feel trapped. They don’t see how they can afford a downpayment on a house. Taking on a side job can help to provide extra income that they can put towards a house. If you have been thinking it’s time to ditch the landlord for a life of taking care of your own property, it may be time for a side job.
You will need to put at least 10% down on the price of a house to qualify for a mortgage. And, if you decide you can put 20% or more down, you may not have to pay for mortgage insurance. One thing is for certain, and that is the more that you put down, the less that you will be paying in interest over the years as you work towards paying your house off. Each dollar that you put down on a house or property is one less dollar that you will have to pay mortgage interest on.
Money from a side job can help you to start saving for that downpayment. You may want to take out a savings account specifically for a house downpayment. If you are getting a side job, that means that you already have a main job. Try to keep the side job income just for your house savings. It really can add up quickly. A side job can help you to become a homeowner much sooner than expected.
Do You Want To Buy Something Extra?
Taking on a side job can help you pay for a luxury like a boat, or a recreational vehicle. Your main job may be supplying all of your financial living needs, and you may even be saving a little from each paycheck. But have you been longing for something extravagant that your salary just won’t cover? A side job may just be the answer.
Do You Want To Go On Vacation?
Now that you have a steady income coming in, chances are that you have lived up to a lifestyle supplied by your income level. Often that doesn’t leave a lot of room for extra expenses. If that dream vacation that you are saving for calculates to be five years away when you can afford it, why not speed up the process. A side job might just mean that you can go on that cruise this year or maybe next season. Think about how much time you are willing to sacrifice by taking on a side job to go on a getaway. If the desire to go outweighs some extra time at a side job than what are you waiting for?
Would You Like To Pay Off Your Mortgage Early?
Mortgages can keep people being a servant to the lender for up to 30 years. Sometimes it can even go on longer if they choose to refinance the mortgage. If you would like to be debt free earlier, then you might benefit from a side job. Mortgages allow you to pay more money each month than what is due. In the long run, by paying more than is due, you can speed up the process of getting your house deed in your hands.
Has Your Family Suffered An Unplanned Expense?
Life happens and so do accidents. If a family member is going through a hard time, you may want to take on a side job to help them out. Parents or caretakers take care of our every need as we are growing. It can be nice to return the favor if they are going through a life crisis. A side job taken on behalf of someone else can be the blessing that they need. It can also feel good to know you are helping someone out who really needs it. Unplanned expenses can happen in our own lives too. Dental expenses or laser eye surgery are just two of many reasons to take on a side job.
I’ve covered some reasons that you may want to take on a side job. Remember, that a side job doesn’t have to go on for years. It may be a temporary situation that gives a permanent cure. Student loans, mortgages, vacations, and unplanned expenses that arise are just some of the reasons that people take on side jobs. The beauty of a side job is that it’s not anything that you have to commit to for a long amount of time unless you want to. You really have nothing to lose in seeing if a side job may help your current situation. Happy job hunting!
For more information, check out our Top 10 Favorite Side Jobs!