Is Job Juggling Feasible?
Since college, I’ve held a myriad of jobs. From babysitting to proofreading, research assistance to web design, budgeting advice to business advice; I seriously have done it all. I work part time, but I fill in the gaps with random odd jobs. Today, I’m helping tutor someone with music homework.
I’m a job juggler.
Job juggling is nothing new. Many people, especially people in their 20’s, are taking multiple jobs to make ends meet. And usually they can pull it off… at least for awhile. But others job juggle their way to bankruptcy and bad credit. Why? Here are a few reasons.
- Health issues. Health care is expensive; many people who job juggle have no sort of insurance or health compensation. Health issues are probably the number one thing that forces job jugglers, and even people with steady jobs, into financial problems. When my knee went out my second year of graduate school, I was uninsured. Because my community has an unusually high poverty rate, they have a lot of health programs available. Thankfully, I was eligible, and had my MRI and my hospital bill mostly covered, but even with that, I struggled immensely with finances for a couple months after.
- Economy swings. When the economy goes sour, so does the job hunt. Even if you’re someone who has at least one part time job consistently, it’s going to be harder to find those random jobs that helped pay the bills. Also, your bank account and other investments are probably struggling a bit too.
- Retirement? What Retirement? Many job jugglers lack any sort of significant retirement fund, especially since statistics show that many people wouldn’t even invest in any retirement fund if their jobs had not offered it to them.
- Company layoffs and company bankruptcy. Last but not least, this is what gets almost everyone in trouble, but especially job jugglers. They’re most likely to be the part time workers at different companies… which usually results in their positions being the first ones to be eliminated during budget cuts.
So, what is there to do? Can you job juggle and be successful? I think so. Here are a few tips.
- Look into community health care options. This is what saved my rear end, and it could save yours too. Larger cities may have free clinics, areas like my rural one offer community health care at a reduced price. Don’t just settle, do what you need to in order to get the best health care affordably.
- Make a retirement fund, no matter how small. In the next six months, I’m opening a retirement account (I haven’t decided what type yet) with $500. That’s it. I’m not retiring for at least another 40 years, and I’m hoping to be able to start putting more into it within the next few years. But it’s at least something to get me started. Talk to a financial planner at your financial institution and see if an option like that is available to you.
- Have an emergency fund. I have $500 rotating in a 3 month CD that is untouched for this very reason. Just in case something goes sour, I’ve got it available quickly, and it’s earning interest at a quicker rate than just sitting in my savings.
So, if you’re a job juggler like me, there is hope. You can be successful and not struggle financially! You just need to plan ahead, and as always, spend smart and save smart!
