Increasing Household Income: When trying to save money and pay seemingly never-ending bills in your household, sometimes an extra part-time job can make all the difference. The following looks at some part-time work options and the difference an extra job could make to your household budget.
INCREASED INCOME
Experiencing an increase in your income is an obvious by-product of taking on an extra part time or casual job. Assuming you are paid an hourly rate, every extra hour you can spend doing additional work will add to your income. With every extra dollar that you earn, your ability to meet your spending needs is increased and you should eventually find yourself in a position where you can put aside some of that extra income as savings.
TYPES OF WORK
Depending on your skills, there are numerous fields in which obtaining an extra part-time or casual job can be relatively simple. This is because the very nature of some vocations – often including weekend hours – means that part-time employment often works well for both employers and employees. Some of the roles for part time work that are commonly available include:
- Delivery drivers
- Reception and administration
- Bar and hospitality work
- Shop assistants and cashiers.
Organisers of one-off events, such as festivals, concerts and sporting events, also rely heavily on temporary workers, which may provide extra employment opportunities and the chance to add to your income.
USING YOUR SAVINGS
Once someone in your household has an extra part-time job, paying the bills will be easier and you can accumulate savings. Your savings can be used for things such as:
- An emergency fund to cover unexpected expenses that may arise.
- A capital purchase, such as a new car, house or a well-deserved holiday.
- A gift for your children or a charity.
- Making an investment.
MAKING AN INVESTMENT
One way to maintain your savings is to invest it into a term deposit account. You may also like to consider investment options to increase your income further such as:
- Purchase shares – a riskier option, given market volatility, but with potential for greater profit.
- Purchase an investment property – a lower risk option, but one that may require you to take out a second house loan.
- Use the additional savings to reduce your home loan. The more money you can pour into your home loan, the quicker you’ll pay it off.
An extra part-time job might not bring you instant wealth but every dollar you earn can help you reach your savings goals, deal with dreaded household bills and take you one step closer to financial security.
