The other side of the budget
A very basic budget has two main elements: money coming in and money going out.
Often attention is focussed predominantly on “money going out”, such as examining what is being spent where, if the spending is needed and whether savings or cutbacks can be made.
This poll question focusses attention on the “money coming in” side. Just as cutting costs is a way to balance the budget, so is boosting income.
For some circumstances, it might be easier to boost income by EUR50 a week than cut spending by the same amount.
The availability of work, however, might be a factor – as well as the availability of time.
“I teach night class”
On personal finance website Wisebread, readers posted examples of their “side incomes”. These second jobs included blogging, teaching night classes, renting out accommodation, selling handmade clothes and jewellery and more.
But beware, some people posted about trying to get a side income but not actually making any money from their project.
And – like investments and other earnings – there will likely be tax and other associated complexities involved.
What would you rather be doing?
A key concept in economics is opportunity cost – or the loss of the potential gain when an alternative is chosen.
A classic example of opportunity is the loss of potential interest and earnings from cash left sitting idle.
In the context of this poll question, the opportunity cost of taking a second job might be the potential loss of enjoyment from spending time with friends and family.
It suggests that the decision of whether to find a second job could well be more than just a matter of money.