Highlights of today's show:
- Budgeting on an irregular income can be difficult
- The key is to prioritize your spending each month on what is important
- Establish a Hill and Valley fund to get you through the lean months
- How to budget when getting paid every other week
- March Madness should not be what you use to describe your finances!
[caption id="" align="alignleft" width="450" caption="Credit: Joseph Sangl"][/caption]
Budgeting on an irregular income can be tough. This goes for anyone who is self-employed or works on commissions. Because it can be difficult a lot of times we give up and do not budget our money, which leads us into problems. To combat that you need to make budgeting a priority even more because of the unpredictable income!
A traditional budget will not typically work with irregular incomes. To help with that I have created the irregular income spreadsheet on our free financial resources page to help out. This budget is much easier for people on an irregular income to use than a traditional budget. Today we walk through how to budget for irregular incomes. In addition, we discuss why it might be wise to establish a hill and valley fund separate from your emergency savings as well as discuss budgeting when you get paid every other week.
With March Madness upon us I encourage you to look at your own finances. If you use March Madness to describe your financial situation then you have a problem that needs to be addressed. If you would like me to help walk with you in this process contact me today. Remember, March Madness should only be used to describe the action on the hard wood and not your personal finances.
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