In today's video, we look at the best strategies for budgeting with irregular income. Tons of people think they can't effectively budget just because they don't know how much money they'll get each month. But they can! In fact, it's even more important for people with variable income to budget. Here's my best tips for budgeting irregular income.

1. Start by budgeting your lowest expected income
This may be a challenge for starting out your month but consider this: If you start by budgeting your absolute lowest expected income, most likely you'll receive more income during the month than what you budgeted for. Then you can redistribute the extra funds towards expense categories that you need or want. Look back at your last 4-6 months of income. Whatever is your lowest month, start by budgeting that!

2. When budgeting out your income, start with your absolute necessary expenses
This is a must because if you have limited income, it’s vital that you only budget that income for your necessary expenses. So split your expenses into a wants and needs list, look over it several times to refine it, then put your lowest expected income towards your necessities first.

3. Follow the baby steps!
As you bring in irregular income during the month, use that income to follow the baby steps! That’s saving up a starter $1000 emergency fund, paying off all your debt, saving a full 3-6 month emergency fund, then saving for retirement, kids’ college and paying off the home early. This is the best way to get you in a strong financial situation given your variable income.

Here’s some great bonus tips for how to handle your variable income.

Bonus tip 1: Budget a month ahead.
Any income you received last month is the income you budget for this month. Then you know exactly how much you have to live on this month. Then you can budget this month’s income for next months expenses

Bonus tip 2: Use multiple bank accounts
This can help if you know what your bills are, use a bank account for bills, fund it first, then use the secondary bank account for other expenses and wants.

Bonus tip 3: Make a supplementary fund
Save up all year for the time of the year when you have less work, especially if your work is seasonal! It’ll give your budget the perception of being less irregular because you have savings to pull from when you need it.

Bonus tip 4: Get a side gig
Uber, Lyft, Instacart, or shipt are all some methods for making some quick cash. Big thing is if you can get a side gig to help supplement your income, this’ll make it easier on your budget!

Timestamps:
0:00 - Intro
0:32 - Step 1: Start with Your Lowest Possible Income
1:28 - Step 2: Stick to Your Necessities
3:03 - Step 3: Follow the Baby Steps
4:00 - Bonus Tip 1: Budget a Month Ahead
4:38 - Bonus Tip 2: Use Multiple Bank Accounts
5:10 - Bonus Tip 3: Make a Supplementary Fund
5:38 - Bonus Tip 4: Get a Side Gig

📒 Notes and Resources 📒

⚡️MY FAVORITE DEBIT CARDS⚡️
🎬Discover Cashback Debit Card Review:    • Discover CASHBACK DEBIT Card Review /...  

⚡️BEST FINTECH REVIEWS⚡️
🎬Best Budget Apps!    • BEST Budget Apps of 2022! Everydollar...  
🎬Best Cashback Debit Cards!    • Best CASHBACK Rewards Debit Cards of ...  
🎬Best Bank Accounts to Fight Inflation:    • BEST Banking Interest Rates I'm Using...  

⚡️GET FINANCIAL COACHING⚡️
If you need some help with getting your debt worked out, set up a session with me. I legitimately want to help. www.balefinancialcoaching.com

⚡️FOR INQUIRIES⚡️
For business and coaching inquiries, hit me up:
[email protected]

⚡️CHECK OUT THE BLOG⚡️
http://balefinancialcoaching.com/blog/

⚡️DISCLAIMER⚡️
Do your own research. My content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional financial advisor when considering your retirement options. Though I teach financial principals, I am not an investment advisor and none of my advice constitutes legal, tax, or investment as a professional. Everything I share is based on my own research and is intended for your benefit. Any financial technology reviews are intended for your benefit. Research each product yourself to determine if they are right for you.

⚡️DOWNLOAD MY FREE KINDLE BOOK⚡️
Graduated and Clueless: How to live like an adult when life is confusing
https://www.amazon.com/Graduated-Clue...

⚡️EQUIPMENT I USE⚡️
This is the equipment I use with Amazon affiliate links. If you choose to purchase anything using these links, you will not be charged anything financially, but will be able to support my channel in a small way!

Sony A7S II: https://amzn.to/38PM8Sl
Neewer 660 LED bicolor lights: https://amzn.to/3o4KB1a
Rokinon 12 mm lens: https://amzn.to/38Qpauy
Magnus VT 4000 tripod: https://amzn.to/3aXmNsj
Rode Video Mic: https://amzn.to/3b0nfWI