Are you thinking about taking on a second job to bring more money home? Do you work already and have young children? Have you worked out how much time you actually have to take on another job – with the responsibility of juggling a family?
Here are some things to consider before you take on the extra job, so that you don’t end up adding more stress with no gain actual financial to your life:
- Are you prepared to make the sacrifices to your life?
Working brings home the money, and a second job will bring even more, but life isn’t all about money, is it? If you already work full time and have children, the prospect of a second job for a short time to help you get out of a rut may seem impossible. Does it mean working a 9-5 and at the weekends, as well? Can you physically manage any more work? How will the time you’re away impact your family?
If you have a short-term goal and feel you can benefit from the short-term sacrifice (and manage the tiredness and guilt), then go for it. If you don’t have the necessary support system in place to help ease the blow, you may decide that a job that takes you out of the family home isn’t going to work for your circumstances…
- Have you got the time to take on a second job…realistically?
Needing money can often blind the judgement. The fact that an extra job is available and can go some way to helping with paying the bills is often the first thought and priority. But do you have the time to do the extra job, and maintain a decent work-life balance? Could a simple adjustment of your spending make the difference without requiring you to take on an extra job?
- Is the money enough after tax and additional expenses?
We all need to pay our bit, but if you already work you’re paying your dues anyway. Add an extra job, and you could find yourself being so heavily taxed that you’re left with a pittance after all your hard work and juggling. Make sure you do the sums and use a tax calculator to avoid disappointment.
What about childcare costs? Will you have to pay for extra childcare, or can a relative or friend help out with your children while you’re working? If you end up paying out all the money you make after tax to childcare, then it won’t be worth your while and you’ll feel cheated. That’s why it’s important to check this beforehand.
- Have you got the right support in place?
Having people you can trust and call on will go a long way to handle the extra demands of another job. Can your spouse fill in the gaps when you’re not at home with the children? Do you need grandparents to step in and help out with childcare?
These are all questions you need to have firm answers to and know confidently that they are in place before you commit to another job. With the right support, you’ll have the peace of mind to work without the added worry of your children not being well looked after.
