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When it comes to managing their finances many South Africans seem to adopt the serenity prayer– accepting the things they cannot change and changing the things they can.
The choice of the Finance Minister or the outcome that a rating’s agency gives us is beyond our control, so many people are finding creative ways to close the ever-growing gap between income and expenses.
You too may have tried to pinch and squeeze and do what seems nearly impossible to make every Rand count. You’ve reduced your spending, tried to save, pay off your debts and plan for a better future, all while trying to still live
a little and not feel deprived. But all these efforts still seem like they are in vain because the more you skimp and save, the more it seems like the hurdles you are encountering are growing.
You might be one of the people who have exhausted all the different avenues to save money. You’ve tried:
But South Africans are coming up with ingenious ways to increase their income. This year’s Old Mutual Savings and Investment Monitor (OMSIM) results revealed a rise in Slashers. This was a term coined in 2007 by Marci
Alboher, to describe people who have more than one job to supplement their income. As an example, you could be a Receptionist – slash - Photographer – slash - Caterer.
Of the 943 people surveyed:
It seems that many Slashers have found ways to monetise a hobby or pastime to their benefit. It is an activity they can do after work or on weekends without it affecting their primary job.
Some of the popular choices for a second job for Slashers includes:
But before you rush off to take on an additional job, here are some tips to help guide you:
Review your employment contract for any specific rules around moonlighting (part-time work) to make sure that taking on a second job will not be in breach of your contract. If the job is very different to your ‘day job’ for example,
you are a writer but supplement your income by being a wedding photographer, there may not necessarily be a conflict of interest. But if you are a writer, you may be restricted from offering your services to a competitor or even
writing about topics for the same industry, there might be specifics in your employment contract. Speak to your manager about your reason for wanting another job and whether it is allowed. Your manager would also probably want
some reassurance that your second job will not impact your dedication to your day job and that it will not result in a loss of company resources.
Of the people who were surveyed, 17% said that having more than one job has negatively impacted their family or personal life. You will need to prioritise your time and diarise your appointments so that you avoid being late,
double-booked or disappointing anyone. You’ll need to make time for family and friends to ensure that you still socialise with the people that matter and to help you stay ‘sane’. If you are going to work hard, find time to play hard.
Make time for exercise or other activities that help you relax and unwind. By taking on a second job you will be reducing the amount of free time you have but the benefit of the extra income might outweigh the risks.
You will need to be an entrepreneur and grow your skills in order to manage your second job, which could potentially become a business. You’ll need some basic administrative skills but will also need to market your services.
You will need to provide your customers with great service for them to refer you for other jobs and also to make sure that they are happy and use your services in the future. You can use social media platforms and other websites to
advertise the services you offer.
If you’ve decided to become a Slasher, you must consider the reasons and benefits before getting a second job. Keep your goals top of mind so that you can check them off as you go along. Your goals may change and you need
to adapt your plan to accommodate this.
Speak to a financial adviser who will be able to help you with your financial planning. If you are making more money, you might want to save for a specific goal, like an overseas trip, an emergency fund or for your retirement. The
financial adviser can also help you with your budget and planning for the future.