28% of Americans Are Getting a Second Job to Cope With Inflation. Should You?

It's certainly an idea worth considering.

Inflation has been making life more difficult for consumers for well over a year now. And unfortunately, we could be in for many more months of rampant inflation before living costs start to drop to more moderate levels.

If you're thinking of getting a second job to cope with higher expenses, you're not alone. In a recent survey by Bank of America, a good 28% of respondents said they're contemplating a side hustle to better make ends meet during these expensive times.

Clearly, a boost to your income could make it easier for you to manage your bills and avoid being late on financial obligations. But you might benefit from a side hustle in additional ways, too. Here are some of the things a side hustle might allow for.

1. An easier time boosting your savings

It's a good idea to have enough money in your savings account to cover three full months of essential bills at a minimum. But many people don't have that level of savings -- either because they were never able to build up to it, or because they've been forced to keep dipping into their savings to manage higher bills over the past year and change.

If you take on a second job, it might be your ticket to growing your savings account balance to a more comfortable level. That could come in handy if a financial emergency strikes.

2. A quicker way to pay off debt

Right now is a pretty bad time to owe money on a credit card. Credit cards tend to come with variable interest rates, which means your debt could end up costing you more over time. And given that the Federal Reserve has been implementing interest rate hikes and could continue to do so until inflation levels cool, the credit card debt you have now might cost you a lot more in the new year.

If you get yourself a second job, you can use the money you earn to chip away at your debt. That could mean losing less money to interest. It could also help your credit score improve.

3. More peace of mind

Not only has inflation been soaring lately, but many financial experts are convinced the U.S. economy will hit recession territory in 2023. That could lead to a world of layoffs.

In fact, it's likely that a lot of people are already losing sleep over the idea of a recession. If you get a side hustle, it might give you some added peace of mind to ease your fears. That's because if you were to lose your job in 2023, you'd have that backup income source to turn to.

Right now, the gig economy is in a good place, so you may find that it's not so difficult to find a second job. Finding the time to do that work is a different story. But if you're willing and able to put in the effort, you might benefit in multiple ways.