by Fran Mascioli

Created on: January 10, 2009   Last Updated: January 01, 2010

Having a little extra money at the end of the month to pay all the bills is wonderful.  Achieving extra money is difficult.  How will a second job affect your lifestyle?  Will it be hard to find a job that fits your schedule, is close to home and offers enough extra income to offset the consequences?

If you are seriously in debt, you may have no other alternative.  You may need to look for either temporary or permanent part time employment to increase your monthly salary. The goal is to add funds to your budget. It will be worth the peace of mind you get from the extra effort. You will need to find employment that will fit into your current schedule, and allow extra time away from your personal life.  You may want to try signing on with a temporary employment agency.  They may have existing jobs that fit your present schedule.

Try concentrating on cutting your budget and paying off all unnecessary debt. The income from your part time job will be a big help in paying off those high interest credit cards. Your debt did not happen overnight, and the cure may take months. By carefully planning a budget that you can stick to, you will reduce your monthly expenses.

Gather up at least three months of past expenses, bills, charges and receipts. It is very important for you to spread them out a desk or table. You need to visibly see where your money went. One by one, take each bill/expense and determine if this was absolutely necessary. Was it for taxes, utilities, gift, or a living expense? Try to determine where most of you income is going. You need to start living on only what you earn. With a second job, your lifestyle will change. But change is a good thing sometimes. Start looking at other areas that may need a change. There is no quick fix in budgeting. Careful planning is the only way to succeed. Then, you need to adapt your life to the New Plan.

When you begin your part time job, make it your goal to pay off at least one unnecessary expense. This will motivate you to continue working part time. When you manage to pay that debt set a new goal. When you've managed to pay off your high interest debts (such as credit cards), you will see significant changes in your budget. It may take about six to eight months, but with no outstanding credit card debt, you will begin to get lower interest rate offers. Sometimes it will be necessary to use a credit card, and having a low interest rate available will result in monthly savings. If you do manage to get an excellent credit score, you may be offered short-term zero percent credit cards. By all means, take advantage of these offers. But use the cards wisely.

Your reward for reducing debt will be a tremendous sense of security and peace. The savings in interest payments alone will be a huge benefit several years down the road. Truly, a second job is worth the challenge and the sacrifice.  May you achieve great success in becoming financial secure. 

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