budget – Launch Digital Freedom

Why would you want to manage two jobs in the first place? Having a steady income is peace of mind for most people. It gives you the opportunity to live your life to the fullest. You don’t have to worry about financial insecurity or an excessive amount of expenses. Of course, the cost-of-living increases once you have a small family of your own.

You may search for alternative ways to gain an extra source of income. With the extra expenses that come along with having children, that one source of income may not be enough. It is possible to secure a second source of income with the cost of extra effort.

Why Should I Search for a Second Job?

Searching for a second job can seem ridiculous for individuals with heavy workloads! There are many benefits to doing so.

The first thing you should do before job searching is analysing your current work schedule. Identify any available time slots for a second job. Keep in mind that most jobs do not allow 30-minutes or 1-hour shifts. So, ensure that you have at least a few hours available for your new job. Being realistic about your working hours is important because extra work can lead to stress and strain in your personal life.

After you have created a schedule for a second job, reach out to your connections. They know you best. Place your current job details and relevant experience on your resume when you begin to apply to job opportunities. If you have a busy schedule with your current job, consider searching for freelance or contract work. These jobs will work around your schedule and provide a source of secondary income.

Benefits of Having Two Jobs

Having two jobs can be stressful at first but will become rewarding. From a new source of income to new networking opportunities and even a chance of promotion. There are plenty of benefits to working two jobs. Here are a few reasons why you should do so:

1. Second Stream of Income

When expenses and bills feel overwhelming, you may wish for an extra source of income. Throughout our lives, there are many expenses that we incur. These include college debt, car loan debt, mortgage, rent, bills, and recreational activities. Wealth is the basis of society, and we need enough accumulation of money to enjoy life.

Having a second job will provide a steady stream of secondary income. It can rid you of debt or pay for new financial stressors, such as your child’s college tuition. When adding this income to your budget, you may even find that you now have enough funds to plan a new vacation. Or even spare money to buy that car you always wanted.

2. Income Security

The job market is currently unstable but improving by the day. You may worry about the state of your current employment. From budget cuts to the worldwide crisis, there are many factors that can affect whether you will stay employed with your job in the future. If you ever lose your job or resign for any reason, a second job will ensure that you have an alternative source of income.

While you are working a second job, you will have time to search for a new job to replenish lost income. In short, having a second job protects against unpredictable events. It grants income security if something happens.

To find out more about types of income, visit this page Active vs Passive Income

3. Career Opportunities

By working a second job, you will be entering an unfamiliar environment with a blank slate. Always use a good work ethic. This will allow you to connect with other professionals and potential employers. Networking is always great for ensuring that you can gain another job should you lose this one. In your new workplace, there may also be opportunities to grow.

4. Discovering a New Passion

Having a second job in a new field may reveal certain traits about yourself that you had not known. Maybe you work best in a creative environment as opposed to an office? Many people enter different fields of work before settling on the right job for them. Finding the right job is a sort of trial-and-error process. Try and align with your passions. You may find that your second job does not feel like a job at all.

5. Skill Enhancement

Different jobs need employees to have specific skills for employment. For instance, a tech expert may need computer skills. A therapist may need interpersonal skills. By entering a new job, you will be able to gain and hone new skills. This will not only enhance your resume but make you stand out to future employers.

Maintaining a Balance While you Manage Two Jobs

Many employees find that it is already difficult to put all their efforts into one job. To balance two jobs, consider making a planner of important tasks and dates. By adhering to this planner, you will gain better control of your life and manage your time better.

Be sure to allow time in your daily tasks to spend with your family and for yourself. Self-care is vital in ensuring that you do not become overwhelmed. Self-care can include simply taking a long shower or even treating yourself to a fancy dinner.

It is also important to schedule days off from both jobs in advance. While this may seem unorthodox, it helps manage your employer’s expectations. You also have time off to look forward to. Time management and planning are key to managing your time between two jobs.

Check out how I manage my Daily Activity here, Daily Method Of Operation

Keeping Your Family Happy

With most of your time being shared between two jobs, your family may feel as though you are not making time for them. While this feeling is rational, it is important to speak with your family about your new commitments. Provide them with a rundown of the details of your alternative employment and what is expected of you.

Gaining your family’s approval before entering a new job is vital. Even though it is an extra source of income, you also have responsibilities towards them. If you don’t have time during the week, plan weekend time with family. This can include going to the park or eating at a restaurant. Of course, younger children may not completely understand why you need to work two jobs. Be sure to let your family know that you will be there for them even while you are working.

Things That Are Easy to Forget While Working Two Jobs

While working two jobs and dealing with added responsibilities, it can be easy to neglect certain tasks. For instance, tasks, such as exercising may go out the window. Like with your family, you should make time for these activities during your free time. They are vital to maintaining optimal mental and physical health.

1. Getting Enough Rest

With back-to-back work hours, you may not get enough sleep each night. Planning your weekly schedules beforehand can counteract this. By dedicating time, work-related tasks have to finish. If you finish your tasks before their deadlines, use the time to catch up on sleep or get some well-deserved rest.

2. Exercising

The importance of a job differs per individual. Most people can agree that family is the utmost priority. When an important occasion arises, such as a wedding, take time off. You must enjoy the journey!

Gain a few hours of exercise each week to maintain energy. Depending on your jobs, you may not have the opportunity to do so. Pick routines that are adaptive. Running can happen between tasks. Yoga can be practiced at any given time. You can even turn your exercise into a family activity and spend some time with them. If you are into training, try and do it from home.

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3. Eating Healthy

While engaging in work-related tasks, you may feel tempted eat junk food. It’s easy to grab a packet of chips or an energy drink. While such foods may provide a temporary boost of energy, they are bad for our health. By eating three meals a day, you will have enough energy to engage in both jobs. But these meals should be well-balanced and provide an excellent source of nutrients.

4. Important Life Events

5. Budgeting

With an alternative source of income, you may be tempted to spend your money as it is received. Unfortunately, doing so can cause more harm than good. Align your savings goals with your combined income. Determine whether you have enough money to make unneeded purchases. Try not to spend more than you have. Good budgeting will prevent this and allow you to build wealth over time.

Outlook

Now that you have many reasons why you should search for a second job, the decision lies with you. Do you need a secondary source of income? Do you have enough time to commit to a new workload? Are you unhappy in your current employment?

If you answered yes to any of these questions, it may be time to begin your search for a second job. Be sure to reach out to other professionals or past employers who can provide you with a lead on where to apply. Remember, working two jobs may be stressful, but it has plenty of benefits.

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Budget is a smart way of managing available finance. Coming up with one allows you to shop for specific items that are essential and utilizable at that period. Sticking to the planed list when purchasing goods and services has proved to be a challenging exercise, and many give up and spend money aimlessly. Impulse buying remains the primary cause for failure to stick on a budget. Emergencies and forgotten items are two more reasons people spend funds in ways they had not planned. We’ll show you how to stick to a budget.

Spending your finances without a management plan can seem justifiable, but it destroys your financial status, throws you off balance, and you lose control. Unbudgeted spending can be disastrous as it requires you to go back for your savings. When you have depleted your savings, the left option to finance your spending is loans. The pile of debts creates financial stress, and before you know it, you become financially insecure.

8 Successful Ways on How to Stick to a Budget

1. Do not Spend more than you Have

Every fraction of your income is allocated to its purpose on a budget. The amount of money assigned to complete a particular activity should be enough to support it. When the funds are inadequate, you go back to your budget and re-evaluate if you aimed too high or minimize the number and some commodities forgone to keep the account in line. Resist the urge to source finances from external sources to boost your funds. Do not compromise on your savings to finance other personal projects unless that is the planned intention for saving. If what you have at your disposal is more than enough, you can always add to your saving in case you urgently in the future.

2. Shop Online

Shopping cart isolated on the computer keyboard. Online shopping concept

Users who buy items online have little or no interaction with marketers online. When navigating with a cart, promoters have no interruption who persuade you to carry more items compared to local stores. A customer does not have a chance to try different things, limiting their option in selected commodities. Physical absence is a significant factor in eliminating impulse buying. Online items are also offered at low, relatively competitive prices, and commodities are high quality. Free shipping services provided by online sellers will help you save on your time, fuel, and energy. If the shopping exceeds your budget, you do not have to initiate a purchase. You have an option of temporarily abandoning your cart and cone save it later when your finances are in order and finalize the purchase.

3. Lower your Credit Limit

Limit the maximum amount of money that your financial institution allows you to use before maxing out. Consumers who have fewer credit card funds will be strict on their budget to avoid running out of credit. You cannot spend beyond your limit. Eventually, this will amount to less debt when paying back for the credit service to your financier. Exceeding the limit set would provide relief but impact heavily on your credit scores and the vastness of the debt. Find out more about Basic Financial Literacy, it will help you to make the right choices.

4. Think Long about your Purchases

Rushing your shopping process can make you pay for unnecessary items that you pick along with the required items. Since you paid little thought to the things you choose, you spend more money than budgeted. To avoid this error, take your time as you budget, which will help you narrow down to only essential items. The shopping list will guide you throughout the shopping process. If you encounter a new product and are somehow moved to purchase the item, take your time, and think before buying it. Evaluate its uses or applicability; it might have no utility in your home and save you an extra coin.

5. Eat at Home

A meal prepared at home has a variety of benefits. Besides the healthy ingredients, the homemade meal will save you money. Buying foods from restaurants and the food market is expensive. You do not pay for only food but for all the other services, including renting and maintenance expenses. You do not have control over the portion you are served and could keep o ordering until your stomach is full. Make your meals and leave your house after you have eaten to avoid feeling hungry in the streets. If you are working in an office, make it a habit to carry your lunch from home and brew your coffee in the office other than buying in the streets.

6. Use Cash (run out of money, you are done for the week)

Prefer cash transaction to credit cards. When you transact using cash, you avoid funding goods or services that do not make sense. Losing money on unimportant issues could be a somewhat painful experience. You calculate on every purchase and rethink because you are parting with such a massive amount of your cash and end up holding to it more. As a buyer, you will get better deals in the market if you are using cash. Negotiate the price to the amount your money in the pocket can finance. Cash also allows you to portion your money and carry a tiny amount with you on your shopping activities.

7. Compare Brands (Find Cheaper)

Make it a habit of comparing prices from different stores before you make your purchases. You will realize that different stores price their commodities differently. Some stores have fixed prices while others can offer discounts to their customers on purchases. Second-hand stores have refurbished or older gently used items to get at low prices and still serve the purpose. ensure you get the best deals out of every purchase that you make. Do not compromise on quality as you go for cheap commodities; it could be expensive in the long run.

8. Go Minimal

You do not have to quit shopping altogether to save money and stick to the budget. Minimizing the number of commodities, you buy in a shopping exercise can help you stick to the budget. Going minimal allow space for priority goods and services. You are more focused on the vital products, and the process of allocating the scarce resource becomes simple. If you have different commodities that are not useful around your home, you can resell them and retain more money. Perishable things will go bad if they are not utilized on time. There is a possibility of items going out of fashion, and if you had concentrated on purchasing maximum items, it would be challenging adapting to the new lifestyle.

If you want to learn more about minimalism, check out this blog on the 8 Essential Principles of a simple lifestyle.

In Closing

Becoming financially independent can be tasking but rewarding to a patient and focused individual. If your income is under your control, then you can enjoy a stress-free lifestyle. The benefits of budgeting and sticking to it are not to be underestimated as they create more balance in life. Your savings are essential in times of emergencies, retirement, and re-investing. When you take your time to manage your finances, the chances of spending money that you do not have and accumulating a considerable number of debts on unwanted goods are eliminated. Manage your money correctly and track your expenditure and account for every dollar spent.

Learn ways to save and invest using traditional as well as alternative investment strategies.