The following is a guest post
With few well-paying fulltime jobs going around, plenty of part time jobs are up for grabs to anyone willing to take them. More and more people have been picking up second jobs to supplement their income since the global credit crunch kicked in, and for those who work freelance having a secondary job can almost be a necessity. You should think carefully before taking the plunge into a second job though and there are a number of elements you should take into consideration.
Before you even consider looking for another job, you should first check your contract for any existing employment. Many contracts have clauses that may prevent you from taking a second job with anyone who could be seen as a competitor or might require you to receive written permission from your current employer.
Once you’re sure of your position with your current employer, you might want to take some time to consider just how lucrative a second job might be for you. Many people forget to take tax into account when chasing a second job and are disappointed with the size of their paychecks as a result. Taking a second job might even push you into the next tax bracket, which could actually bring your overall take home pay down. You will also need to be careful that you don’t overpay tax if you don’t fall into the next tax bracket – merely having a second job can make the tax office whack emergency codes on your tax account and the money lost to this can be difficult to recoup. If you are in receipt of working tax credits or child tax credits you may lose these if you take a second job, so weigh up the costs and benefits carefully.
If you have a family you should also take the time to consider how you taking a second job is going to affect them. Does this mean you won’t be able to see children as much, or take them to afterschool clubs and activities? Will your relationship with your spouse suffer? Unless you have no choice but to take a second job, you might find that there is a richer reward to be found in investing in your family than in another job.
A second job can bring massive rewards and can make a huge difference to you and your family’s lives, but take care to consider all your options before jumping in head first.