It’s time to get a new job or start a side hustle in the following scenarios:
You don’t earn enough at your job to pay your bills and/or to save as much as you would like to.
You want to save more money than you are currently able to.
You find a new opportunity that pays more.
You find out you are being paid significantly less than people at different companies who do the same type of work that you do.
Before finding a new job or side hustle, figure out if there are any expenses you can cut back on or live without. The biggest categories consumers spend money on are housing, transportation, food, and entertainment. The most obvious things to cut back on would be your vehicle, eating out, cable/satellite television, or moving to a less expensive dwelling.
I recommend cutting back first. This will help now, and help you better manage your finances when you do find another job or begin a side hustle. If this still isn’t enough to pay your bills or save the amount you would like, then it’s definitely time to find a higher paying job or get a side hustle or second job.
Something else to consider is that if you do research online and learn that other companies are paying significantly more for the same type of responsibilities that you do, you might be at the wrong job. It might be better to work for a company that consistently pays more for the same type of work.
Additionally, you may find out through online research or in conversation that someone who is doing the same type of work at the same company is earning more than you do. Some companies do a good job of keeping the pay consistent for job descriptions, and others simply pay the lowest amount that they can in order for you to come on board. The main reason someone would be getting more or less would usually come down to negotiation. They may have negotiated for more when they joined the company, have negotiated for a raise, were more qualified for the job, or simply have been at the company long enough to earn more raises.
If it was me, I would not be happy to learn that someone with the same or worse work ethic than me who had been at the company for the same amount of time and had similar skills and credentials to me might be earning more than I am. Unfortunately, this is usually the result of poor negotiation, so the only way to keep this from happening is to make sure do your research and negotiate your pay from the start of your job or asking for a raise. It’s not a reason to find another job in and of itself, but in this case if you try to negotiate for a raise and your employer says no, it may be wise to find another job to get another chance at negotiating a better amount of pay.
Not earning enough and wanting to save more money isn’t the only reason you should find a new job or side hustle. Whenever an opportunity for a job that pays more comes up, you should definitely consider and try for it. The opportunity won’t always be there. The economy won’t always be solid, and when the opportunity comes, you should be ready to take it.
Don’t let reasons like being needed at your current position, complacency with how things are, or the fear of change to get to you. You are in it for your financial state. Nobody would be at work if it wasn’t for the paycheck, so you might as well work somewhere you can be paid well and take the opportunity when it presents itself.