Part-Time Jobs vs. Side Hustles: What Is Better for Your Finances?

The times have changed, and now, in the rapidly evolving economy, many students face the challenge of managing not only their studies but finances as well. Today, almost every college student has to deal with educational expenses, living costs, and, in some cases, even supporting their families. As a result, the need to earn money has become increasingly common. However, when it comes to college student income, there are not as many opportunities. Basically, what you can choose from is a part-time job or a side hustle. But which one is better? The following blog post will tell you all about the pros and cons of part-time jobs and side hustles and the differences between the two. Let’s get started.

The Basics: What’s the Difference?

Before we continue, it’s important to better understand the topic. What is the difference between part-time jobs and side hustles?

• Part-time jobs: This is a traditional employment opportunity where you work a number of hours each week. Typically, full-time jobs take about 40 hours a week, so when it comes to part-time jobs, the number of hours is significantly lower. Part-time jobs often require a regular schedule or at least some kind of one. It is also common to get a consistent paycheck each week. An example would be working in a retail store, a restaurant, etc.
• Side hustles: This is the way to earn extra bucks outside of traditional jobs. These jobs are often more flexible and can be pursued in addition to part-time jobs or full-time jobs. Side hustles can include freelancing, gig economy work like driving Uber or delivering for DoorDash, selling products online, etc.

As you can see, these two methods of earning extra money are completely different and have specifics that you should know and consider.

Flexibility and Time Management

Part-time jobs: As was said earlier, part-time jobs typically come with a set schedule. The schedule might change depending on different factors, such as the time of the year for retail stores when they need more stuff on the floor. But generally, your supervisor or manager will create a schedule for you that you need to stick to. This factor can both be an advantage and a disadvantage. On the bright side, a consistent schedule can help you manage your time effectively. You will know when you’re working this week, allowing you to plan your study sessions and social activities. On the other hand, you will probably not be able to change your schedule even if you have some important tasks to do or even exams to attend. Many students who work part-time jobs face the need to work during holidays and weekends, which is not very pleasant.

Side hustles: Side hustles often come with more flexibility. Since you’re usually your own boss for freelance and various gigs, you choose when and how much you work. This can be incredibly beneficial for college students who need to juggle a lot of different tasks and also fluctuating academic schedules. For instance, if you have a particularly heavy course that requires more of your time and attention, you can reduce your side hustle hours and postpone them until you have more free time.

This flexibility, however, comes with the need for strong discipline. It’s easy to procrastinate or neglect your side hustles, which can lead to poor income. You will also be responsible for researching income opportunities, unlike with part-time work, where a manager handles this task.

Income Potential

Part-time jobs: Working part-time jobs generally means a steady and predictable income. Of course, it depends on the jobs and location, but many part-time jobs pay hourly rates that are often at or near a minimum wage level. Additionally, you might also be paid for overtime or tips, which can boost your earnings. Generally, it’s not that much, but it can surely support your financial situation especially if you’re working on campus, which comes with benefits like tuition assistance or meal plans.

Side hustles: The income potential of a side hustle can be much higher than a part-time job, but it’s also more variable and not as stable and predictable. For example, freelancing in spheres of high demand, like website development or graphic design, generally brings a more significant income. However, you might not always have paying clients back-to-back, which will result in a significant period of time without any income at all. You should also be sure to take as much work as you can handle and be reasonable about the deadlines. It can take a while for you to understand how much time you can actually spend on side hustles, especially when you’re just starting. Also, always remember that the demand for your service can fluctuate depending on the season, rates, and competition.

Skill Development and Career Growth

Part-time jobs: Almost every part-time job can be valuable for skill development. Particularly if you choose the position related to your field of career. For example, a marketing major student can learn a lot from working in retail and see how marketing campaigns work. You will also learn how to properly manage your time by working in a team and managing different tasks. All of these soft skills are very important and valuable for any career. You can also choose to continue working your current job to become a manager or get a higher position. However, only a few part-time jobs can provide opportunities like that. If you are working at jobs that are completely unrelated to your sphere of interest or study, you will have no opportunity for growth nor the motivation to do it.

Side hustles: When it comes to side hustles and career growth there is a lot to take into consideration. For example, it can be particularly beneficial for developing both hard and soft skills, especially if you choose hustles that align with your future career aspirations. For instance, if you are interested in graphic design and start a freelance design business, you can build your portfolio, which will be very valuable when applying for jobs after graduation. However, unlike a part-time job where training is often provided, a side hustle is hard work and a path that you have to figure out on your own. These can be both a challenge and an opportunity depending on your motivation, effort, and sometimes luck.

Job Security and Stability

Part-time jobs: Part-time jobs often provide stability and security when it comes to regular paychecks and reliable sources of income. Even though the pay might not be that high, the predictability of your finances can be a significant advantage. Especially when you are a college student with many costs that you need to cover.

Additionally, part-time jobs often come with a particular level of security. For example, you can generally count on keeping your job for the duration of your college years. If you are on good terms with your management, you can also sometimes ask for a paycheck in advance in case of a special need.

However, it doesn’t apply to all spheres. Some industries may be pretty vulnerable to seasonal fluctuations, which often result in fewer working hours.

Side hustles: Side hustles generally tend to be less stable. Your income may be irregular, especially in the early stages. There is always a risk that demand for your services could decline. For example, if you deliver or drive, your earnings might drop if there’s a decrease in demand or an increase in competition.

However, the flexibility of hustles can sometimes offer a different kind of security. If one side hustle is not that great money-wise, you can pivot to another one or diversify your income by taking multiple side hustles. This is how you can secure yourself from no income periods.

Social Interaction and Networking Opportunities

Part-time jobs: Part-time jobs often provide an opportunity for communication, social interaction, and networking. Working in a retail, hospitality, or office team allows you to build connections and relationships with coworkers, managers, and even customers. That said, you can even make some great acquaintances who can provide you with job opportunities and references in the future.

Side hustles: Side hustles are typically less rich in social interactions, especially if you’re working from home or freelancing. You will surely be able to build a network of clients and fellow freelancers, though. If you would like to be more socially involved and build a network while freelancing, you should focus on online communities, social media, and professional network sites like LinkedIn.

The Verdict: What is Better for Your Finances?

So, the answer depends on your individual circumstances, goals, and priorities:

• If you value stability and predictability, part-time jobs are the best option for you. They provide a steady income, a structured schedule, and opportunities.
• If you are looking for flexibility and higher potential income, you should choose a side hustle. It allows you to work around your academic schedule and possibly earn more money, especially if you have marketable skills or talents.

In some cases, the best approach would be a combination of both if you have the time and the energy. You can also delegate some of your academic assignments while you are participating in side hustles or part-time jobs. Our online service will be a great pic for every busy student.