If you have been considering picking up side employment for some extra income, you are not alone. In this “gig” economy, it is becoming the norm to have a side hustle or side gig to help support growing costs, put aside some extra savings, or pursue a passion that you may not be able to touch on in your regular 9-5. While there are many compelling reasons and considerations when weighing out a second job, there are also some downsides to be aware of. You be the judge of whether it is right for you or not.

Review the Perks:

• Increased Income

  The main upside is very obvious, but still worth mentioning. You will increase your income. With an increased income, you can potentially pay bills more easily, resulting in lower stress around your finances. When your monthly bills don’t cause struggle and worry, you make more room for the fun in life.

• More Money for Fun

  Speaking of fun, many people will take on an extra job when saving up to go on a specific trip or fund a fun activity that will take some financial planning. Paying for a trip or activity without going into debt brings another level of fun and satisfaction for a lot of people. While vacations are good for the soul, extending your credit to do so can just cause additional stress in your life, negating the effect of the vacation in the first place.

• More Money for Savings

  If you barely squeak by every month and have addressed and cut your spending already, it will be tough to find any money for savings. It may be necessary to pick up another job to create a healthy emergency fund for the inevitable “just in case.” While this doesn’t have to be a long term gig, a short term sacrifice can help you put away extra money so you can live easier mentally.

• More Money to Pay Off Debt

  Again, to improve your mental health (and physical, as we all know how stress affects the body), ridding of the burden of debt can do wonders. To not have to worry about payments on old purchases or creditors calling you at all hours of the day is like paradise to some. Using an extra job to pay off debt faster and create less personal overhead can be a game changer and drastically speed up the pace, allowing you to move past debt and work on other life goals. What would you do with more money left over every month without working any extra? Get a second job, pay off your debt, and you will see.

• Try a New Career Without the Risk

  Is there something you have always thought would be fun or has piqued your interest? Picking up a second job in a related field (or position) can help satisfy this feeling for a lot of people. You can explore if this side job is a good long term fit, build connections, and gather experience, making the transition easier if you choose to make the switch from your regular job at some point. You can do all this without the risk of losing your regular income and stability.

Consider the Downsides:

• More Demand on Your Time and Energy

  More work is exactly that- more work. If you are already strapped for time and are spread too thin, a second job could be a detriment to your mental and physical health. If you really feel like you want or need to pick up a second job, reflect on your schedule and life and see if there is something else that can temporarily get cut out. Just don’t sacrifice your health or most important relationships.

• Your Current Employer

  Unfortunately, there are some employers that limit what work you can do outside of your work with them. Check your company’s policies carefully and make sure you will not be in breach if you pick up a second job. You don’t necessarily want to lose your regular job by trying to pick up some side income.

• Lifestyle Creep

  A friendly piece of advice- when you start making more money, keep a close eye on your expenditures. The general idea is- the more you make, the more you spend. If you pick up a second job with purpose, don’t fall into this category. Keep your expenses the same (or lower) and use your second job to reach your goals, not float into more spending or more debt. Just sock your income away and don’t consider it into your spending budget- you’ll be glad you did.

Whatever it is that you decide, just be sure to keep your mental and physical health at the forefront of your choice. No amount of money or work is worth your well being. Good luck and enjoy!