Moonlighting: Is a second (part-time) job right for you?

What could you do with some extra income? Pay off debt? Support an new member of the family? Get ready for the holidays? Pay for huge hospital bills? Send one of your kids off to a great college? Pay off your mortgage faster?

Of around 2400 adults surveyed by a Pew Research Center survey, 24 percent said that someone in their household has taken on a second job because of current economic conditions.  Some because they haven't seen a raise in their primary job, others to reduce debt or build savings, and some as a form of "insurance" in case they lose their current job.  Is moonlighting a smart financial move for you? Check out the special tips we put together to avoid downfalls, and be on your way to an extra paycheck and some financial freedom!

Pros

• The money- The most obvious. Who couldn't benefit from a little extra cash?
• Employee discounts- Most business offer special employee deals on the merchandise. 10%-50% off is average
• Resume building- The fact that you worked more than one job at a time can show your dedication and work ethic to future employers
• An alternative to a loan- Taking out a loan costs you more in the long run, and can cause you to get stuck in a deeper financial hole.
• Save money- Build up a savings account with the checks you get. Don't forget about all the interest you will build up.
• Variety- Meet and connect with people you probably wouldn't have met otherwise. Who knows? These new connections could be meaningful and lifelong.
• Lay-off security- With layoffs going on left and right, having a second job adds some security to your job. Should one employer lay you off, you could switch to full time at the other one.
• Gaining skills and knowledge- Gain experience you may not have had the opportunity to otherwise.
  
• Temporary finances - Reel in a little extra income for a temporary expense, such as a hospital stay or holiday shopping.

Cons

• Time- Another obvious one. Your free time is going to decline, leaving less time for hobbies, household work, social activities and time with friends and family.
• A decline in performance- If your burning the candle at both ends, will the quality of your work decrease?
• Employer issues- Will your original employer be offended you want to get an additional job? If you aren't sure of their policy on moonlighting, ask first. Explain the circumstances, and that you won't let your second job interfere with your first.
• Taxes- Be mindful that a second job could throw you into a higher tax bracket.  Keep that in mind when filling out your W2.
• Conflicting interests- Do your partner and you watch the children while the other is at work? Consider time and schedule conflicts in your family.

Look at this list and ask yourself : Do the pros outweigh the cons? Consider additional pros and cons.

The ideal second job...

• Is close to your home or other place of work
• Pays well enough to justify the extra time and stress levels - every penny counts when it comes to a paycheck.
• Interests you
• Won't be too physically or mentally demanding
• Won't interfere with your performance in your main job.
• Has a schedule you can work with
• Will benefit you after the paychecks stop coming (meaning you will have gained some type of skill or experience)

Where should you work?- Try not to work in the same field, as you will easily "burn yourself out". Pick something interesting to you.

• Something simple- A part time job waiting tables or working in retail is not mentally demanding and fun.
• Seasonal- Plan on only keeping it for the season? Do the company a favor and mention this, or apply for jobs that aren't available year round such as the public pool during the summer, or preparing students for SATS around testing time.
• Use license you have- Go to cosmetology school eight years ago? Try getting a gig trimming hair to utilize that.
• Consider your skills-  If you've learned about something in the past, use those skills now to get ahead.

Helpful websites for finding a job

• Snagajob- Find part-time and pay-by-the-hour jobs. Updated every hour.
• Employment Guide- Search for part-time and full-time jobs. You can pick up the localized paper edition at many gas stations, restaurants, newsstands, and bus stops.
• Ju Ju- Offers both simple and advanced searching.
• Indeed- My favorite. It searches through a huge database of sources, including other job search engines and newspaper classifieds.
• Simply Hired- Claims to be the "biggest, smartest job search engine on the web" . Very similar to indeed.
• Groovejob- Specializes in finding temporary and hourly work.
• Yahoo! Hot jobs- Lacking a lot in my opinion, but worth checking out.
• Monster and Career Builder- The most popular. You need to fill out pages of information and upload a resume.

Many that aren't listed in any newspapers or job search engines are under the "jobs" section on Craigslist.