Whether you supplement your full-time salary with a part-time position or you rely on multiple part-time positions for your income, juggling more than one job is challenging. Managing your time, stress, and energy levels effectively for success takes conscientious lifestyle changes.
From maintaining your physical and emotional health to balancing your personal life with your professional goals, working two jobs can take a toll on your financial and mental stability.
Finance experts, lifestyle bloggers, employers, and even college students agree that enhancing your organizational and planning skills can help you keep a healthy perspective while also staying on task. Here are the top recommended principles to help you work two jobs:
1.Make a Daily To-Do List
Aside from keeping you organized, the advantage of list-making is learning how to prioritize the importance of each item. In as little as 15 minutes at the beginning or end of each day, you can stay task-oriented and focused. "I've worked a full-time job while maintaining several freelance contracts on the side, and the critical advice I can give is to stay organized," said Glenn Carter, author of the personal finance blog The Casual Capitalist.
2. Begin Each Day with One Easy Task
The first action you take in the morning sets the tone of the day, so an easy micro-habit of accomplishing one easy task, such as taking a walk or watering the plants, can set your mind in a "proactive" mode rather than a "reactive" mode, according to Nick Loper, founder of the Side Hustle Nation.
3. Communicate Well with All Your Employers
After assessing the time and energy commitments each job requires of you, divide your availability responsibly between employers. Clearly communicate to your bosses when you are available in order to avoid conflicts of interest that would cause your performance to suffer. Generally, the highest-paying or most stable job should take precedence, so be realistic about your motivations for working for each employer. At BalanceCareers, they urge, "Do not let the second job encroach on the quality of your work performance of your first job," because ideally you've picked your second job carefully in order to best suit your availability and skill sets.
4. Have Clear End Goals
Ultimately, working more than one job is rarely tenable. Stay reflective and self-aware about your reasons for balancing two separate work schedules. Bobbi Rebell, financial expert and author of How to Be a Financial Grownup, urges people who work multiple jobs to have a strategy for accomplishing their final goal. "For example, to earn money to pay down a debt," she says. "Or to save for a vacation. Or to acquire a new skill that can expand your professional options. Or to explore whether a business is financially viable. You have to be careful not to just work two jobs for the sake of it, because that can be exhausting,"
5. Do NOT Neglect Yourself
Sleep needs to remain a priority, even if it seems counterintuitive to optimizing your productivity. Jeff Proctor, finance expert, reminds his clients, "Missing sleep can quickly compound into less focus and decreased productivity at work, which can actually lead to depression. Moral of the story: get your sleep." Eating well and exercising are equally important in order to ward off avoidable illnesses and physical burnout.
No one makes perfect plans the first time around. Balancing your personal and professional well-being is an ongoing process for every adult. When you're working two jobs, the challenges can seem overwhelming, but these small, daily lifestyle changes can add a sense of structure and stability to otherwise chaotic schedules.
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When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.