Sometimes it is difficult to cut expenses any more. You are fairly close to bare bones and to cut expenses may do more harm than good. Or perhaps there are some expenses that are not bare bones that you simply are not willing to give up. You may be looking for wiggle room in the budget or perhaps you are looking for something that will get you ahead. For a number of people this could entail moonlighting.
While I am not an advocate of putting your main source of income at risk, and some employers do forbid outside employment. If you do have some opportunity it could very easily be something to look into under this caveat: it is not a good idea to depend on your moonlighting in order to meet your regular budget. If you have to moonlight to pay for regular expenses, most likely you need to think of either a) cutting expenses or b) look for finding better paying employment or c) some combination of the previous two.
Now, that caveat given, there are a number of potential things to be said in favor of moonlighting. If you are in debt, it can serve as a means to accelerate debt repayment which should free up your overall budget. It can also serve as a vehicle to promote savings and investments which will generate income. Also, if there is some special onetime purchase for which you would like to save such as an engagement ring (hopefully just one time… though statistics may suggest otherwise), moonlighting can serve well. Over time the extra money that you may gain whether it is $500 or more per month of income can truly add up, and you may find yourself with less debt, more investment income, or that treasured item far more quickly than you would have been able to obtain with regular savings.
There are a few reasons beyond money why one might want to consider moonlighting. It can provide some greater ability to handle job loss should arise. Also, it may serve to help broaden your skill sets and contacts which may help you in looking for your next line of work.
When it comes to budgeting, both income and expenses are important. Moonlighting may serve as a way to give your income an edge. Once again, just be certain not to increase your regular expenses to match your new income. That mistake could be something you would doubly regret.
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