Working part-time means you’re earning a part-time paycheck despite having the same nagging bills as everyone else. Whether you’re trying to find full-time work or juggling your job and other responsibilities, it is possible to set yourself up for financial success by being smart with your money, even boosting your savings along the way.
Here’s how to help put away a little money while working a part-time job:
1. Prioritize your expenses.
This is especially important if the amount of hours you work each week fluctuates. Know your monthly bills, and make sure that money is earmarked before your check arrives. Rent needs to be paid monthly and will likely take up the largest portion of your check. After that comes utilities and other bills. Ensure these expenses are addressed first and foremost before everything else, then see what you have leftover.
2. Create a budget.
When you know how much you’re spending on those mandatory expenses, figure out how much you’ll have leftover. The best way to do that is to sit down with your bills and your pay stubs, see how much you bring in, and see where it goes. Cross-reference this with your latest bank statement to see all the other little expenses that might not be as front-and-center on your radar: subscriptions to streaming services, that daily cup or two of coffee, etc. Get a clear idea of how you’re spending your money, and then figure out how it can be done more wisely.
3. Set goals.
If you want to save money, make that clear. Make it a priority. Determine what you’re saving for — whether that’s a certain amount you’d like to have set aside for emergencies or to get a newer car, or for a vacation, whatever it is — and try to figure out when you’d like to make that purchase. Estimate the amount you need to save, divide it by the number of months in your timeline, and that’s your savings goal per month. You can break it down by week if you’d like!
4. Consider your schedule.
If you’re working a part-time job but have room in your life to work more, try to pick up another part-time job. Some industrial jobs offer a premium rate for working less desirable hours — overnights, for example — and if that’s a possibility in your current job, and you’d be willing to take on that opportunity, talk with your boss and see if you can make the change. If you work in the hospitality industry, try to get a shift that might offer a slightly higher tips rate. There are other options, too: If you’re crafty, maybe there’s a product you can make and sell online, or a small business you could start from your home, or you could start offering your services as a dog walker or rideshare driver. Get creative and see what you can do!
Budgeting and saving money is not the most fun thing in the world, but a little hard work can pay off if you’re dedicated to it. You can make it happen!
Find Your Next Job with Davis!
If you’re looking for a new job, maybe one that offers more hours or possibly a temporary job to help fill your financial gap, call Davis Staffing. We work with great companies looking for all kinds of new employees, and you might be just the right fit for one of them. Call Davis Staffing today, and let’s see what we can do.