Saturday, March 5, 2011

Saving for Survival - The Part-Time Job

When it comes to economic survival, a part-time job can help defend you from economic hard times. With the rate of savings by most Americans under 4%, the extra income generated by a part-time job may be the only way for you to increase your savings or maintain your emergency fund. These extra savings may be what saves you from the effects of inflation or a sudden job loss due to lay-offs or cutbacks.

There are some drawbacks to having a part-time job, especially if you are currently employed. The main one is finding a part-time job that can fit into your current work schedule. To do so will usually require you to work those times when you are usually off or at times others don't want to work (such as nights, weekends and holidays). You'll be giving up some free time but gaining in the cash department. This will allow you to save some extra money that can help to cover the numerous little expenses that tend to eat away at your regular income or your emergency fund.

So where do you find the time? Let's consider some hard facts that many people fail to realize. First, there are 168 hours in a week ( 24 hours X 7 days = 168 hours). That's a lot of time and if managed properly can allow you to do a lot more than you realize. Now let's figure where it goes!

The average person normally works a 40 hour week and this leaves you 128 hours a week (168 hours - 40 hours = 128 hours) to do other things. Figuring you would like to get a little sleep each week that's going to use up another 56 hours (8 hours X 7 days = 56 hours) on average. It could be a little more or a little less...depending on your sleeping habits. This leaves 72 hours.

Figuring in some average travel time for the commute to work of 10 hours ( 5 days X 2 hours daily), this leaves 62 hours (72 hours - 10 hours). Another area to cover is the time spent eating meals and figuring 1 hour per meal and 3 meals a day will use up another 21 hours (3 meals X 7 days = 21 hours). this leaves a grand total of 41 hours. Figure another hour per day for the necessary hygiene practices and this leaves 34 hours.

That's 34 hours of free time each week. Using just a small part of that time for a part-time job can help you during tough economic times. It's a lot easier to give up a little free time (i.e., less TV time for most people) than it is to do without something you may need more.

Consider the positive effects of using only 8 hours a week for a part-time job. Even at minimum wage, this could be as much as $50 to $60 a week ($2500 to $3000 a year) extra to go into savings or to cover miscellaneous expenses while still leaving you 26 hours a week to do other things.

Got part-time job for survival?


No comments:

Related Posts with Thumbnails