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How to Budget for Irregular Income
Today we are diving into how to budget when you have an irregular (not the same) income from week to week and month to month.
Many people are challenged because their paychecks are not the same every time. Bartenders, Waiters, Farmers, Business owners, Freelancers, Seasonal Workers, etc.
It can be difficult to plan your life and money /budget around an irregular income. But there are ways to make this easier and I will walk you through how to do this. By creating a budget and planning ahead for the future short-term and long-term will help keep your stress levels low, your budget on point, and your savings increasing.
My husband is a farmer, he makes an irregular income. Some months are good months and some months are bad months. We create our family budget based on his "bad" or lowest months. There are multiple ways to budget for irregular incomes. I personally would rather budget off a low-income month and put the “extra” income into savings or onto debt than to budget for a good month and be short for our bills and expenses in certain months.
For example, let’s say over the past 4 months you’ve brought home these amounts each month: $4,000, $3,700, $3,900, and $4,100. The way I recommend basing your budget is the $3,700. That means that for the most part, you will always be on a good track and in the positive numbers with your budget.
If you loved this podcast and you are feeling encouraged and ready to tackle your life + finances, would you do me a favor and share it with 3-5 of your friends? Thank you and be sure to make today a great day!
For ALL my info: (Quiz, Podcast, Courses, Free Budgeting 101 online course, Services, Private Facebook Community)
https://linktr.ee/jesswaynecoaching
If you would do me a favor and share on social media that you are enjoying this podcast I would be so appreciative. You can tag me in the post and you will be entered into a monthly Starbucks or Caribou gift card drawing!!
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By JessToday we are diving into how to budget when you have an irregular (not the same) income from week to week and month to month.
Many people are challenged because their paychecks are not the same every time. Bartenders, Waiters, Farmers, Business owners, Freelancers, Seasonal Workers, etc.
It can be difficult to plan your life and money /budget around an irregular income. But there are ways to make this easier and I will walk you through how to do this. By creating a budget and planning ahead for the future short-term and long-term will help keep your stress levels low, your budget on point, and your savings increasing.
My husband is a farmer, he makes an irregular income. Some months are good months and some months are bad months. We create our family budget based on his "bad" or lowest months. There are multiple ways to budget for irregular incomes. I personally would rather budget off a low-income month and put the “extra” income into savings or onto debt than to budget for a good month and be short for our bills and expenses in certain months.
For example, let’s say over the past 4 months you’ve brought home these amounts each month: $4,000, $3,700, $3,900, and $4,100. The way I recommend basing your budget is the $3,700. That means that for the most part, you will always be on a good track and in the positive numbers with your budget.
If you loved this podcast and you are feeling encouraged and ready to tackle your life + finances, would you do me a favor and share it with 3-5 of your friends? Thank you and be sure to make today a great day!
For ALL my info: (Quiz, Podcast, Courses, Free Budgeting 101 online course, Services, Private Facebook Community)
https://linktr.ee/jesswaynecoaching
If you would do me a favor and share on social media that you are enjoying this podcast I would be so appreciative. You can tag me in the post and you will be entered into a monthly Starbucks or Caribou gift card drawing!!