inflation at Highest level in 40 yearsThis puts pressure on many families financially. Around 65% of Americans They say they live from paycheck to paycheck. My wife and I are also upset. It has been difficult to keep up with our savings goals due to rising costs such as gas. We went from spending less than $200 a month on gas to almost $500 a month overnight.
Personal finance experts recommend cutting out unnecessary expenses to make up for price increases. However, if you live in an economic environment, you probably don’t have much indulgence to remove from your monthly budget.
This is the situation we are in. Either we need to adjust our financial goals or find a way to make more income, which is why my partner was considering hopping for a higher pay. But if a recession is imminent as economists warn, is it safe to jump on jobs now?
Is now a good time to work?
Now the job market is very strong. The The unemployment rate is low and companies They are going through a hard time Find workers. According to the Department of Labor, there are 5.5 million more jobs than there are available to fill. So this might be a good time to jump in the action. Maybe that won’t happen It takes a long time to get hired in a new company due to the lack of labor. And since employers struggle to find workers, you’ll be in a good position to negotiate a higher salary and get the salary you want.
However, many economists say a recession is on the way. When companies start laying off workers, they usually give up Few people hired first. So if you leave your current position to take on a new one now, you may increase your chances of getting laid off if a recession hits in 2023.
Whether now is the time to jump in the action or not, it all depends on what level of risk you are comfortable with. If you have a large emergency fund or work in a somewhat recession-resistant industry like health care, you may feel like you can take a chance and jump in on the action. But if you are just as risk averse as my partner and I, it may be best to stay put and find other ways to increase your income.
Consider getting a side hustle instead
If you don’t feel safe leaving your job for a new, higher paying job, you can start a side hustle instead. Companies that cannot find workers to fill vacancies may turn to self-employed workers to help with overwork. So it probably won’t be difficult for you to find clients even if you are a new freelancer, whether you choose web development, graphic design, writing or any other field you are passionate about.
I have indulged in photography and selling recipe photos to food bloggers. But my partner and I decided to ramp up this side hustle to bring in some extra income instead of hopping between jobs. We live in a rural area, so we don’t have gig apps. But if you live in a more densely populated place, you can join Uber, TaskRabbit, or Instacart to earn some side cash.
There are many ways to generate additional income to reduce the effects of inflation on your budget – you just have to be a little creative.
Are you planning to get a higher paying job and become part of the “Great Resignation”? Or are you satisfied with your current role and salary? Let me know in the comments section below!
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Vicki Munro is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money-saving or fiddling with her budget spreadsheets, she loves traveling, gardening, and cooking healthy vegetarian meals.