Is Working Overtime Worth Your Hard Work?

Who wouldn’t love to earn a bit extra than their regular paycheck? This is the reason why most people opt for working overtime. Sometimes you may have an urgent need for extra money or often people just like the idea of being able to save more. At such times, working overtime always seems worth it. But, is putting extra hours and effort for some extra bucks really worth your time?

How can you make more by working overtime?

Basically, overtime means that you’ll get extra money for each hour, which exceeds your regular working duration. To understand better, let’s take an overview of how doing overtime can work for you:

Working overtime in an hourly paid job

Overtime is, basically, a great way to earn more for people who get paid hourly. Though there are some exceptions for salaried jobs, doing overtime essentially gives security to those people who work hourly. It ensures that they are being properly paid for their endeavors and time.

Overtime pay as per week

If your job involves weekly assessment for payments, then you’ll receive your overtime payment on the extra hours that you worked more than 40 hours in one week (8 hours per day, 5 days working). Instead of a calendar week, your workweek can be a sequence of any 7 consecutive days.

If you work more than these 40 hours in your workweek, then it will go down into your overtime hours. And you will be entitled to ask for your extra pay. As per the US federal law, you can ask for 1.5x or more of your regular pay for the hours over 40 in one week.

Overtime Pay Per Day

The rules regarding overtime vary from state to state and by different employers. In addition to the minimum pay scale decided by the federal guidelines, some employers might offer better pay than others.

For instance, in California, if you work more than 8 hours a day, you get 1.5x your regular pay for an extra 4 hours. Similarly, if your working duration surpasses 12 hours a day, the payment will be 2x your usual payment for that day.

Overtime on holidays

You can also do overtime on holidays, weekends, or night shifts. However, this varies by job type and your job may not allow it.

Is the extra earning worth your time?

Now, as you can see, doing overtime is not a bad idea. It can help you earn a lot of money in the comfort of doing the kind of job you usually do. However, is that worth your time? It more or less depends on your job type, financial condition, and your preferences for the work-life balance. You will have to closely examine all these factors and then decide if you should give it a go.

Top 6 questions to ask yourself before considering overtime

To help you determine your work-life goals better, here are the top 6 questions to consider before going for an overtime option: 

#1. How desperately do you need that extra money?

Above all, do you really need the extra money? Are you not able to make ends meet with your regular pay? If yes, then you might actually need to do overtime.

Since an overtime job suits those who work on an hourly basis, it is also for those usually who have a lower income. In this case, maybe you need the money. Otherwise, you can also work some extra hours in order to save up for emergency or retirement funds.

#2. Is there any other way to make more?

If you love your job, working on extra hours for it shouldn’t be a big deal. However, if doing overtime on those similar things is stressful and tiresome, you should look for other ways.

You may find later that it was not worth investing so much of your time. Rather, you may find other passive ways of earning like a second job. Or better you should delve into your hobby list to find something which is both interesting and financially profitable.

#3. Are you facing an emergency?

If you encounter any emergency or need to make a big payment immediately, then overtime can be a good choice. However, in this case, you should only do the job for the short term or until you overcome the urgency. Your surplus time should be invested in learning new skills and investing in a higher education or specialized skill set to earn a higher salary in the future.

#4. Are you going to overwork at the cost of your health?

Most importantly, make sure you don’t compromise your health over making money. When you work overtime, it can have a negative impact on your physical and mental health.

Overworking can lead to burnout, stress, tiredness, and lack of proper sleep. This may take a heavy toll on your body and you may fall ill. Thus, if you are prioritizing money-making just to lose it later on your medical costs, you better leave the thought of overworking in the very first place.

#5. Will it affect your relationship?

Not just your health, but working overtime can also impact your relationships with family and friends. Ask yourself if you will be able to manage time to spend with your friends and family you love. Or will you even get a chance to enjoy things you like to do with them? It can make your relationships suffer in the long term.

#6. What is your age?

Here we aren’t talking about your specific age but at what stage you are in life. Young people might not find it difficult to work overtime as they have energy and a passion for work. Moreover, young people have no commitments to fulfill. Therefore, they can freely invest all their free time into working.

On the other hand, as you grow older, neither your relationships nor health allow for the strain of overworking. You should also clearly determine what your work and life goals are and work toward setting a balance in between in order to have a fulfilling & enriching life.