Why not work more to pay off debts?

[greedy4chips]

I am asking because I have not read one post yet where anyone is working extra jobs to pay off their debt faster after stabilizing your budget.

We choose to spend fast and furious, but work slow and hard at paying it off. It we only put as much vigor into paying off our debts as we do spending we would all be debt free!

My sister-in-law has a no work spend tons philosophy. Dear ole daddy bails her out and enables her by giving her a brand new house, rent to own option, which I believe means here is your inheritence now. He also bought her a used SUV to get to work, a gas station which he owns. She has 2 kids from 2 guys, one of which is a deadbeat and works barely ever. The other worked 80+ hrs a week when they were married while she chose to sit back at home with their son. She had every excuse why she couldn't work and eventually he got smart and left her.

My point is she spends like she has an income 4x what it is and paying off her debts does not consist of working more hours or two jobs. The debt is growing and growing on her CCs and she believes that 25-30 hrs per week is all she can spare.

Yeeesh!

[neatdesign]

Forgive me, but your first two paragraphs seem completely unrelated to your latter two paragraphs.

You start out with a fair enough question: Does anyone on here take on additional employment to get their debts paid down more quickly? (In my case, we haven't taken on additional employment, but I am starting a new job next week which will pay 1/3 more than what I had been making, so that's progress.)

But then you give a very detailed description of your sister-in-law's history of personal and financial irresponsibility, which implies that those of us who are in a lot of debt are just as irresponsible as she is, or else we wouldn't be in debt.

I'm hoping that this isn't what you were trying to imply, but I still don't see the connection between the two.

~ Jenney

[Broken Arrow]

Overtime pays more.

[robex]

My brother and I have totally different work philosophies, too, so I understand your point. It can be frustrating to be the responsible one, but think what you're learning (and teaching your kids, if you have any!).

Dh and I decided to earn extra money last month for our family vacation. We did well, making over $1000 in 3 weeks. It was a fun family project!

[pearlieq]

Because I don't have to.

I have a moderate amount of debt at low, fixed interest rates. It's there, but it's not killing me.

If my situation were desperate, of course I would find other work, but as it is now, I'm comfortable with the amount of debt we have and would much rather enjoy my life and spend time with my family than work 3 jobs just to get out of debt faster.

YMMV.

[Kris10Leigh]

For my family, we believe that family come first. As long as our children's needs are met and met well, then I don't believe we need to be away from them any more than necessary by taking on extra work. And be careful about how you judge a woman's choice to stay home with the children. That's a touchy subject and very, very much based on individual circumstances.

That said, debt is our second highest priority and my DH did take on a second job. Fortunately his first job is 60% out of the home and the second job is a "church gig" which means he goes to meetings once a week and works through the church service where we all are anyway. And it pays well. We are giving some of that money back to the church and the rest goes to debt- every penny.

[freein2012]

I agree that it is important to get out of debt as quickly as possible, but I also agree with Kristen that family comes first.

[Diolla]

I considered it when I was in debt (I am currently debt free) but something always got in the way. Now I would like to build up my savings a little faster but I am also going to school 3 nights a week. One of my classes is in tax preparation and I am hoping once I graduate (In November) I might make some extra doing tax returns this season.

I also do a little financial counseling on the side but it doesn't really pay because most of my 'customers' are so deep in the hole that the last thing they need is someone else in their pockets. I think of it more as mission work. I hope to do it for pay when I retire from my 8-5 job (about 9 yrs) and these people will make good references plus I will have my classes finished by then.

[Ima saver]

My husband works 7 days a week, usually 10-12 hours a day. At his age, he probably can't work much more than he does! When he was younger, he would often work close to 20 hours a day. No one can ever accuse my husband of being lazy!

[sakigt]

All work and no play makes Jack a dull boy

With that being said, I do work about 7-10 hours of OT a week. Heck, Im here at work on Saturday doing just that!

[Ima saver]

My husband works those hours because everyone wants to move into their houses yesterday. It is always, when can I move in. He has never been able to hire help because the locals do not want to work more than 20 hours a week, so he does the entire house alone! He is building kitchen cabinets and the drawers right now.

[poundwise]

I agree 100% with the notion that family comes first. However, in some instances, fulfilling that principle may require working more hours or working another job to pay off debt and provide for the family.

Its a decision with many factors.

I don't work a 2nd job because I don't have debt. But the two times that I did, when I bought my car new and when I purchased my house, I did work 2nd jobs until they were paid off.

Now there are things that I am wanting to buy and needing to save for and I am thinking that I probably should get a 2nd job again. I just need to get my life together a bit more before I do that.

[Ima saver]

I use to do things, like sell avon or tupperware when we needed extra money. I loved it when I had a job that paid overtime, most of them did not!

[Roupey03]

A lot of Jobs will not allow you to work overtime because they dont want to shell out the extra pay. For me I am going to school full time and working 20 to 30 hours a week. So right now there is no time.

[Ima saver]

My husband works by the hour, but he does not charge overtime!

[Snoopy2645]

Well some people cant work more because of kids & other things maybe taking care of elderly parents or something. I am going back to work ft I planned on keeping my pt job on the side but think working 7days a week with 3 kids is too much. Dh on the other hand does work tons of OT but he knows I am here to watch the kids & take care of the house ya know.

[Tree0164]

It is a personal situation on whether someone wants to get a second job or not to pay off debt or get beyond living paycheck to paycheck. It is suggested to people on this board when they come and let us know what their budget is and they can't make ends meet, how about getting a second job.

[lrjohnson]

Originally Posted by greedy4chips

I am asking because I have not read one post yet where anyone is working extra jobs to pay off their debt faster after stabilizing your budget.

We choose to spend fast and furious, but work slow and hard at paying it off. It we only put as much vigor into paying off our debts as we do spending we would all be debt free!!

I think there a fair number of us who have no debt, or only mortgage debt. The reason we are in that position often relates to us not spending "fast and furious." We wouldn't need to consider a second job, and we don't have much spending to curb. Certainly I don't.

When folks have debt, my opinion is that more can be gained at first from analyzing spending patterns and reducing outgo than to gain additional income to pay for expenses that really could be reduced or cut. And many money saving activities may require additional time, such as cooking from scratch and the like.

[shengmei]

I could not wory very hard because my husband will suffer. Right now my husband works overtime and I am feeling a bit lonely.

I think too many people in Asia work too hard. Suicide rates are high. I promised myself I would take a break because money cannot save my soul.