Can a Part-Time Job Really Make a Dent in my Debt?

Many times to get out of debt quicker, or make ends meet, people need to get a part-time job to supplement their full-time job or family income. One of the excuses people have is that many of the part-time jobs available don’t pay enough. Presumably, they don’t think it is worth their time, or they don’t think it will make a difference.

I recently found an Ohio Paycheck Calculator (I’m assuming other states have something similar) that will allow you to enter some basic information such as hourly rate, the number of hours worked, pay period, and exemptions, and it will give you an idea of how much your paycheck would be.

For my test scenario, I used a conservative rate of $10 per hour, 30 hours worked per pay period, a bi-weekly pay period, and one exemption for federal, state, and local taxes. I came out with $270 per pay period.

Assuming an average of two pay periods per month, that is an additional $540 per month. That could make a big dent in getting caught up on debt payments, such as a car loan or lease, towards four walls payments, such as rent and food, or reach Baby Step 1, a $1000 emergency fund, in two months.

Of course, you need to weigh whether being away from your family for an additional 15-20 hours per week is worth it, but a part-time job can make a difference in how fast to become debt-free.

Looking for ways to make extra money? Read Dave Ramsey’s article “How to Make Extra Money.”