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Practical Budgeting Strategies When Your Income Fluctuates

Thursday, November 03, 2016

Practical Budgeting Strategies When Your Income Fluctuates

Let’s face it, ladies, we’ve all gone through one time or another when our income was unstable or fluctuates. If this description sounds like your financial life right now, then you’ll appreciate these budgeting strategies for women.

Budget Based on Last Month’s Income

If you don’t know what you’ll be making this month, then budget based on what you earned last month. Use your earnings over the last 30 days as a way to figure out cash flow management.

Of course, the next question to ask is, “what happens if you earn less this month than the last month?” In that case, let’s get to the next tip.

Calculate Your Bare Minimum Amount

Calculate what is the least amount of money you need to make to get by this month. This figure is also called your “make or break number.” It’s the cumulative cost of all of your expenses for the month, including food, mortgage, and insurance. Add about ten percent to this bare budget number as life can be costlier than we imagine.

Next, subtract this sum from last month’s earnings. Now you have the amount that can go toward your long-term financial goals, such as paying off debt or buying a house and spending for fun, like a dinner out with your best gal friends.

Have Perseverance

Remember that it takes time to get into the swing of budgeting; for most ladies I help, it takes at least a few months or as much as six months. If you hang in there, you’ll see the benefits. Also, customize the budgeting framework to what works for you – and let me know what you discover!

Even when you do not have a regular income, there are still ways to manage cash flow effectively. With patience, the best financial system for you will become clear. At that point, you can save and spend in ways that help you reach your financial objectives

Here is your No Risk Action Plan:

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