How Do I Budget When My Income Fluctuates?
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- Опубліковано 15 жов 2024
- How Do I Budget When My Income Fluctuates?
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Does every dollar app offer a feature where I'm able to have 2 separate budgets on there? one for my business and one for my personal side?
This is the first time a budget actually makes sense for me. My income fluctuates pretty dramatically. I always give up on budgets because they are often described as being so set in stone. What worked one month winds up not being the case the next month. I like this idea for having a list of things you'd LIKE to get done only IF you meet the important stuff, like paying rent and bills and transportation.
If you don’t like budgets because they are set in stone, then the problem is the person doing the budget. You can give it flexible room. You can change it from one month to the next. Why do I get the idea that people think a budget has to be the same every month? It will never be the same every month.
that or use averages. My wife's paychecks vary from month to month as well as some of our bills, so I just kept track of it for a few months and set an average, then I compared it to after a year and it was pretty accurate. So I just budget based on a yearly average. I budget every month like we are making the same amount and paying the same average bill payment every month. Some months we'll meet our average savings, some months we'll break even or even lose money (bi-annual insurance payments, etc.), and some months we make way more than average (3 paychecks, less bills, etc.) but by the end of the year it all averages out.
🎉
Holy cow get to the question! People love calling in to tell Dave their life stories.
alphamarshan they sure do. He finally asks the question at 3:00
Lol
His life story was more interesting than the actual question though.
Socrates92 you were probably the guy who called in 👀
@@mikenelson8377 Do you think I should? I'll dream up a real doozy, and leave you guys wondering whether it was real or not. This'll be fun.
1:53 is where the questions start y’all.
More like 3:00
"In a nutshell ....". Good god - imagine if he gave us the long version!!!
Myztik thanks
He can talk underwater
@@Albert12893 LOL! I haven't heard that before
My wife and I have 2 full time jobs, side gigs and rental income which can fluctuate each month. We record all income in the current month and use it in the next month. For example, all the income we receive in January isn’t used in January for us, it is used in February, that way we know exactly how much we have to work with based on actual money sitting in our account. It’s really simple.
Great idea
*when my income & expenses fluctuates a lot I like to figure the average, median, max, min and standard deviation then use that to make an educated guess at what they'll be for the coming month.* then use that to try to make intelligent decisions insofar as my will will allow for
> Base the budget on the worst case
That’s exactly what I did when I started my new job, I had no idea what my first check would look like. I calculated it that even at the worst case, I still had plenty of money left over for fun stuff :)
This is pretty easy.
I live on a $36k income where some months can pull in $2,200 to $2,800 after taxes and the other ones can pull in $1,800 a month after taxes on the low end spectrum. Just live like you’re making $1,800 a month the entire year, anything extra goes straight to savings or investments. Dont touch it, and you’re golden.
This is actually really great advice, thank you 😊
This is great advice!!! Thank you ❤❤❤❤❤❤
I own a landscape company for 20+ tears. It can absolutely vary month to month by $1000's....between weather and additional projects im all over the place.
Hard to budget
We recently started earning an income through social media. We have “eggs” in a lot of “baskets”. And my husband just celebrated 1yr being self employed in construction. This is pretty helpful. Thank you.
This man talks so much no wonder he's in sales.
And not to the point... should be a politician
Here are some budgeting tips:
1. CALCULATE EXPENSES
2. DETERMINE YOUR INCOME (Net & Gross)
3. SET SAVINGS AND DEBT PAYOFF GOALS
4. RECORD SPENDING AND TRACK PROGRESS
5. BE REALISTIC (Most important in our opinion)
Did you listen? He can't just "determine his income." It fluctuates from about 250k to 40k.
We are self employed my husband is a screenwriter. But we are minimalists. So we save all our money.
I am starting to become a minimalist i guess or like my friends would say your just cheap. I think i need new friends, there all broke with huge car payments lol.
Here's what I do as a server, and it works VERY well.
The only trick is, you need to have a bunch of cash available to start.
Basically, I live off of the previous month's income. So if I made $3500 this month, that money all (This is what I meant, you actually need to have that $3500 available at the beginning of the next month) goes in my checking, and everything else gets moved out of checking into savings accounts. If you use credit cards, add the full payment amount to that. Then that's my spending money for March. It's hard to explain in detail, but I think easy enough to understand. No guesswork with this. You're budgeting and using money that you've already made and already have.
I survive on tips! I budget based on the worst possible week.
Yeah I just budget based off of what the lowest I would make. I would aim for way more but doing this keeps my budget safe and consistent. Anything extra is just gravy!
Been waiting on this question. We have irregular income in amount and frequency
Julia Nolin you should’ve phoned in yourself!
Grapeson Dolan I’ve tried! Never got through
Julia Nolin I see!
Next time, just search DR and the topic. This call is actually old.
Caller spoke about investments..
I’m excited about a Market Correction So I can Buy stocks On SALE
3:00 Question starts.
Too late for me but thanks. At least one another soul may avoid wasting 3 MI utes listening to a guy whine and ramble.
Thank you!
Your comment needs to be on top of the comment section.
really helpful
*I actually dont have a budget because I only spend on essentials and anything I do I always make sure I get the best price, if there is an alternative.*
He's ahead of the game not having debt. I would have a yearly budget of my 4-walls since those expenses rarely fluctuate
Very carefully!
While this seems like common sense, I really needed to hear it explained just like this for it to click in my brain!! Can't wait to get this all going :D
Is this really a question? You should be budgeting every time you get paid based only on the money you made. Don’t expect be budgeting each month the same with fluctuations. Do it on an as-needed basis.
This makes sense! I always thought you budget beginning of month...some people don’t get paid at the beginning of the month. Thanks for this! It’s common sense but it’s really not when you’re over your head & already worried
when i had a fluctuating income i did my budget on the minimum they have to pay me, all expenses covered. then any extra income (no matter if its from that job or from something i sold on ebay) i split, X% more investing, X% more into the hobby fund.
His worst case in a month is almost as much as I make for the year before taxes and benefits. Soon I'll be working 7 days a week again to boost income a bit. Even then I wont approach 30k. Almost out of debt though...
You will work 7 days a week and not even make 30k. Do you work at mcdonalds?
@@JK20239 might as well. Work at a wholesale Club and landscape on my days off. So usually spring through fall its 50 to 70 hours a week. But now that ive got my new availability approved I can do 7 days during the winter as well. It will soon be time for a 3rd side gig as soon as im acclimated to the 2 jobs.
amazing content
Good question for self employed people
Force yourself to save. It's called a budget. set percentages. Regardless of income. 15% food, 18% transportation. U budget and cut out the unecessary.. too sum it up. No BMW, instagram vacations, fancy dinners, 500k home, fancy clothes. Live like no one else so u can later, literally live like no one else(I.e not working at walmart at 60 because I didnt save".
I hope you are taking advantage of the matching 6% 401k and the 15% matching stock option. Even if you cash in the stocks once a year it adds a miniscule amount the budget.
@@parkersnowe no employer retirement. Personal traditional IRA. I max it out at 6000 to get the maximum deduction for the IRA contribution. NQDA account as well
@Sir We Are About to Die At wlamart the 6% 401k is not very long I think a year and at 60 it does not take long before you can take it out with no penalty. As for the stock buy in, I think that is a year as well. So for those of us old folks who were too stupid to have good jobs when we were younger, those few $ can make a huge difference.
@Sir We Are About to Die The walmart 401 k and stock buy in is for all employees. They do other little things as well, starting wage is pretty low as are all the big box stores. You are young and can move forward and might change jobs several times so what works for you is very different for what works for me as an old woman. I do work at walmart part time 2 days a week. It is close so not much gas, and they let me have hours that work for me. Had some other box store been closer I might be there instead. I have recently learned long term wal mart employees and long term fed ex employees make about the same. Though the fex ex retirement is way better. I did the starving artist thing when I was young and now I am paying for it.
@Sir We Are About to Die Maybe, but I think those people usually work in LA in high end eating establishments -- I did my 'art' and sold it at the local farmer's market as well as juried art shows and did not have another income most of the time.
Just use percentage:
50% life
30% save
20% invest
skip to 3:00 for the question
Some of these people just want to listen to themselves talk more than getting actual advice!
$400/ month for mortgage!!!! Wow the Midwest and South sooo cheap! You can’t rent a closet in the PNW!
One of my uncles has a home and his mortgage is $328 a month. I was shocked.
He doesn't like flattery it seems
Should I go exempt to get more of my money in my check? Only me.
Good question. I'd like to know the same thing.
Dave and Chris Hogan have both said dont look for a tax refund. Adjust your exemptions so you take home the most money possible. Don't let the government be your savings account.
@@Spaceysgurl I learned that the hard way the government took my refund 😢
I know I claimed myself and three kids to get the most back trying to work on my emergency fund
Fail to plan, plan to fail ~
Nah, hold and buy the dip. The market is going to recover.
Bros a professional Yapper
Hi CSF can be easily treated endoscopicall. You need to meet a good neurosurgeon.
If he made 40k a year he would be doing fine. Come on guy.
$400 mortgage + all other bills $1500 tops.
For wedding determine how much you want to give and by when and make that a monthly cost.
Same with retirement.
Make more money Phil that s how you save retirement. And buy assets .
Did we really need to hear his life story? Why can't callers get to the point?
Why do people call in just to ramble for 3 minutes. Just get to the question!
😴😴😴
This dude deals coke lolol
Make sure you guys sell all your stocks, a big drop could be looming
shaunbir klair never! Buy the dip!
@@ThinkMoneyBenny at least someone here understands the stock market you always buy the dip .. buy LOW, sell HIGH!
@@MrPipe007 In what context, though? Equities valuations are historically overvalued
First
I'm sorry but you're very condescending!
I know this, I buy only what is on sell. And I don't eat out too often and I don't buy clothing that is not needed.