Not everyone has a consistent income and this can create problems when it comes to creating a budget. However, it's definitely not impossible! It's perhaps even more crucial to have a budget in this circumstance.
Here are a few links that I found with tips to create a budget when you have an inconsistent income:
- How to Set up a Budget with Inconsistent Income
- Budgeting when your Income is Inconsistent
- Here's how to Budget with Irregular Income
Here's a quick break down of the ideas to help you create a successful budget on an inconsistent income:
- Determine your income streams
- Develop a monthly average income estimate
- Calculate your expenses to create your monthly budget:- Tally your fixed expenses (mortgage, etc)- Tally your variable expenses (electricity, etc)- With your discretionary expenses (clothing, entertainment, etc), come up with fair dollar amounts based on the lowest income month(s).
- Any months that you earn more than normal, put that money into savings for the really low income months so you can still pay your expenses; and even put money into an emergency fund.
Do you live on an inconsistent income? I'd love for you to share your tips!
When one check is bigger than others I take what is left over and put it toward the next small bill. Example: trash bill is every three months at $60. Putting $20 aside each payday makes sure I can meet the due date.
I am a full time university student on government loan. I live with my boyfriend who works full time and goes to school part time. Our finances aren’t all that bright but we still manage to cover more than necessities. My tip is to look for deals on stuff you NEED. Don’t buy something just because it is CHEAP. Save up at least a portion before you make big purchases.