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- Health Insurance. There are several companies that offer health insurance to part time employees. If you are self-employed of work for a company that does not offer health insurance, this may be a good option for you.
- Save for a Vacation. Many people have to skip vacations due to not having the money. Having a part time job could provide the funds to allow you to take vacations if you aren’t, or take more extravagant vacations than you are currently taking.
- Create an Emergency Fund. I love the concept of the $1,000 emergency fund. Dave Ramsey is a big proponent of this, and after taking his Financial Peace course years ago, my wife and I had our emergency fund in place. While I was away on business she called me saying that her car wouldn’t start. It was determined that the car needed a starter at the cost of a few hundred dollars. We were a bit concerned about the cost because we weren’t used to having an emergency fund, but when we realized we had it, our stress levels definitely went down.
- Save for Retirement. The Huffington Post recently referenced a report by Fidelity Investments that stated 55% of Americans “do not have enough money to retire set aside.” Imagine how you could turn that around with a part time income of just $100 per week? A little sacrifice now will pay off big down the road.
- Long Term Savings. Perhaps you need to save for a down payment on a house, to buy your next vehicle without taking out a loan, or to create a college fund for your kids. This is a great way to grow your long term savings as well.
- To Cover Self-Employment Taxes. If you are self-employed, you will need to set aside money for your taxes, and technically you should be paying quarterly estimated taxes. Many small business owners don’t feel that they earn enough to do this, so many of them end up having tax problems. If you have a part time job, you can have your employer take out a much higher percentage of taxes to help cover your tax burden from your business.
- Learn a New Skill. If you are considering changing careers, getting a part time job in the field you want to go into can help you acquire practical experience in the field before making the leap.
I am sure you can think of other great reasons to get a part time job and if so, I’d love to hear from you. Simply leave a comment below with your suggestion so everyone can benefit.
In my upcoming blog posts, I will address the best part time jobs and also how a part time job can help you value money.