Is Balancing a Full-Time Job with a Side Hustle Right for You?

Side hustles can be a great way to earn extra income or explore new interests, but is it really worth the added stress of juggling both a side gig and a full-time job?

While the gig economy has surged in recent years, the idea of taking on extra work isn't new. Many people have turned to additional jobs to boost their financial stability quickly.

During the pandemic, countless Americans sought side gigs with companies like Instacart, Amazon, and Uber, filling crucial roles in the economy. Women, who were already a significant part of the gig economy, have increasingly taken on additional jobs alongside their full-time commitments and family responsibilities. However, managing both a full-time job and a side hustle can be demanding, and it isn't feasible for everyone. Here’s how to assess if this dual approach suits you.

Understanding the “Second Shift.”

Before the pandemic, many women were already handling a “second shift,” being primary caregivers and managing household responsibilities. The pandemic only intensified this role, with many adding teaching to their responsibilities. Even with partners working from home, women often continued to shoulder most household duties. Therefore, finding the time and energy for a side hustle may not be realistic for everyone.

Even if you can squeeze in a side gig, it might not be the healthiest choice. Over time, it could feel like just another obligation rather than a fulfilling pursuit. Striking a true work-life balance, which is often misunderstood, can become increasingly difficult and might negatively impact your mental and physical health. Research indicates that individuals working over 55 hours a week face a higher risk of anxiety and depression than those who maintain standard working hours.

It’s crucial to recognize that managing a full-time job, a side hustle, and household duties may not always be the best option.

Assessing the Side Hustle Economy for You.

If you’re contemplating whether to take on a side gig, think about the following:

Do you have an emergency fund?

Having an emergency fund that covers three to six months of essential expenses is fantastic! This might indicate that you don’t need a side gig solely for extra income. If your emergency fund is lacking, a side hustle could be a good solution. Consider placing your emergency funds in an online account that typically offers higher interest rates.

How much have you saved for retirement?

Ideally, aim to set aside at least 15% of your net income for retirement. If your full-time job provides a 401(k) with an employer match, contribute enough to take full advantage of that opportunity. If retirement savings aren’t possible at the moment, don’t worry. Everyone’s career and savings journeys vary. A side job might help you increase your savings.

Can you allocate energy to a side gig?

While extra income is certainly appealing, it’s just one aspect to consider. A side hustle demands significant energy, resources, and time. Choose something that excites you, as setbacks are inevitable, and progress may feel slow at times. Connect with others who have similar side jobs to grasp what’s involved in balancing it with your current workload. If the side gig adds excessive stress or detracts from your current commitments, it may not be the best fit.

Ultimately, weigh whether the financial benefits of both a full-time job and a side hustle surpass their potential drawbacks. Burnout is a real concern today as many take on too many responsibilities. It’s vital to ensure you have enough time and energy not just for work and home but also for yourself. However, if your side gig thrives, it could lead to pursuing your passion full time.