(Before reading the post, read the title again but this time, sing it to Samantha Fox’s “Naughty Girls (Need Love Too)”. Makes it better, right?)
The Single Saver recently wrote a post that discussed why single people need a side hustle. I totally agree with her. Having that extra income does make numerous situations facing single people significantly easier. But I need to add that married people need a side hustle, too.
As one half of a married couple, I’m the first one to admit that married people, overall, have an easier time financially. If both partners are employed, that’s double the income which means more money to cover the bills that single people generally have to absorb on their own. And, if the couple can manage to avoid the lifestyle creep that tends to happen with increased income, it is possible for a family to live on one income and save the other (this hasn’t happened in my house but from what I understand, it can happen). These certainly give a married couple a significant benefit over a single person.
However, married couples do face similar challenges of single people. Married couples still need to pay bills and eat and save. We still need to pay a mortgage or rent. We still have pets and kids to take care of (well, some of us do). But even more than that, having side hustles helps married couples in a number of ways:
- Debt repayment. Two people sometimes means double the debt, either individual debt that’s brought into a relationship or debt that was accumulated together. In my relationship, we had both. We each entered the marriage with our own debt and then accumulated even more together. The fact that both of us had part-time jobs enabled us to pay down our individual and collective debt that much faster.
- Disposable income. At the beginning of our marriage, and for many years afterwards, we had very little income to go around. Almost everything we earned went straight to our debt repayment as well as our normal monthly bills. Every once and while, we’d work an odd job that we designated as our fun money. We’d use it to treat ourselves to a movie or to dinner. Now that we’re pretty much consumer debt free, it’s nice to have that extra income to put towards savings or retirement.
- Income insurance. Not in the sense of car insurance or homeowner’s insurance but insurance in the event that one person loses his (or her) full-time job for whatever reason (layoff, medical reason, injury). For instance, if my husband were to lose his job, he still has his part-time job that provides a decent amount of income. The additional income that he brings in would soften the blow of losing his full-time income.
- Death. Spouses die. It’s a fact. If a spouse dies, expectedly or unexpectedly, the financial consequences can be damaging (this is also why life insurance is so important and I’m yet again reminded that I really need to get some) especially if the spouse that dies is the higher income earner. That extra income can help offset the financial stress.
- Relationship problems. Speaking from experience, spouses cheat. There is nothing worse than the feeling that you can’t leave a relationship that you are unhappy with because you can’t afford it. By having a side hustle, or part-time job, it’s possible to build up a savings account or have the extra income necessary to leave. I don’t necessarily advocate this as an option but sometimes, a relationship cannot be salvaged. Having the financial means to terminate the relationship provides necessary peace of mind.
Readers: If you’re married or in a relationship, what do you think of having a side hustle or part-time job? Do you have one? How do you use the money?
You mention that couples (overall) have an easier time financially….obviously there are always exceptions. One challenge that couples have is a conflict between how to apply their income. If those differences in expectations are not resolved, that leads to a very rough road.
From a side hustle perspective, blogging is my side hustle, as well as secret shopping. Right now, the money is just plopped into the general budget “bucket.” We throw all our income into a pile, and budget from there.
Travis @Debtchronicles recently posted…Do You Remember?
I am married with 2 kids. As you know, I do have a side hustle :). We are using it more for fun money and a few luxuries. But now we are in the process of buying property overseas and will use some of the money for a down payment.
Tushar@EverythingFinance recently posted…Why Do Companies Have IPOs?
Sure, married couples can benefit from side hustles. Besides running our site Money and Matrimony, my wife and I also run a Web Development company salimedia.com. The extra income goes straight to savings and debt reduction.
Enjoyed the post BTW
Tony | Money and Matrimony recently posted…The Catalyst For Change
My side hustle is linked vvvvv right there vvvvv. So far I’m just making it drizzle but we’ll see how it works out in the long run…
Nick recently posted…What’s your worst money habit?
This made me stop! couples had a limited time, but when it comes to income they need to fit all the expenses about their daily living.
Angel Collins recently posted…OSHA Gets Serious About Modernizing Its Injury and Illness Data Collection
Samantha Fox had 1 great album then disappeared. She dressed a little more slutty than Madonna, so that was also pretty cool 🙂
I don’t see what the difference would be between singles or marrieds or just live-ins. I think everyone should have something going on on the side if they can in order to boost household cash flow.
Needing/wanting/benefiting from more money isn’t relationship-status-biased to my knowledge.
Eric J. Nisall – DollarVersity recently posted…Is Technology Ruining Society?
I agree, for us it helps allow for some extra disposable income which we wouldn’t otherwise have. My blog is my side hustle. My wife has a couple of great ideas but the problem is she keeps giving the stuff away for free to family and friends and doesn’t leave time to actually make money off it!
Money Beagle recently posted…Weekend Roundup: March 2, 2012
My wife recently left her job to work our side hustle(s) full time. Having multiple streams of income provides stability for our family in case I were to lose my job.
Dollar D @ The Dollar Disciple recently posted…Guest Post Day: MyBrokenCoin Edition
I think side income is very important. We both have our own little gigs.
Michelle recently posted…Budget Update
Since I haven’t found “two live more cheaply than one” to be more than the tiniest bit true for us, I think married couples and singles need side incomes just as much.
That said, we don’t have any. We’re not permitted to have second jobs and none of our random other income sources really qualify, I think. Maybe our blog will generate a little income eventually, but not yet.
I keep trying to convince my husband to write smartphone apps. He has had a couple good unique ideas and part-way completed the code but so far hasn’t followed through the whole process. That’s real passive income, once the project is completed!
Emily @ evolvingPF recently posted…Why Do We Make Rules If We’re Just Going to Break Them?
I hope to be joining the ranks of DINKs very shortly. I find it’s always important to have a side gig since it’s completely on top of your “pay the bills money.”
Last year I made some money selling on amazon — it was a lot of hassle, but having the money changed my outlook quite a bit.
Epicfinances recently posted…iPad 3 Release Date Drops Prices of iPads on Amazon
Jana, I think having a side hustle or part time job is a good thing for sure if you do not have an emergency fund and still have consumer debt to pay off. The only problem comes in when you start living on the three incomes if married. Robin and I were TRINKS (triple income no kids) for 8 years and were not very wise. We drove nice cars and traveled. We were all flash and no cash. Once you get your finances in place then you can start using the extra income to Give, Save or Invest and of course have some fun. We would love to take our 2 children and their spouses on a family cruise and pick up the tab… Good post!!
Jeff
Debt Free Squad
Jeff Ehrlich recently posted…Lesson #19 Part 3 Jonni McCoy: The Cost of a Job
I think it all comes down to what you, as a couple, do together when it comes down to extra income. Do you decide together? We do. But then I go ahead and make plans how to spend it. 🙂
Aloysa @ My Broken Coin recently posted…Debt is All Around You (And It’s Accruing Interest)
My wife and I both have businesses that are basically turning a former side hustle into the main hustle. We’re mostly ignoring other side hustles for now but it is nice to know they are there if we need the extra income.
Andy Hough recently posted…Why am I Still Married? What Good is It?
I love this term, Side Hustle.
And yeah.. Having 2 folks, means double the opportunities, to find places to earn a few extra bucks.
Of course, I know you talked about this recently, but if one of you stays home with the kids.. the need for “Side Hustles” increases even moreso!
jefferson recently posted…One at a Time, Zen Master
I definitely need a side hustle. If I had one, I would save the majority of the money – children’s school fund, retirement fund and any other fund that needed to be built up.
Dannielle @ Odd Cents recently posted…Comment on How To Survive on a Small Pay Cheque by Emily @ evolvingPF
I’m in a relationship and definitely think that side hustle is important. I run a pet sitting/dog walking business in my free time and have so far been using the money as extra savings. I also babysit here and there for extra spending money.
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