Dealing With Income Swings
Can You Predict Next Month’s Income?
Some people prosper at stable jobs with paychecks that do not vary much from month to month. Others, like salespeople, business owners, and people without permanant employment, do not have the security of knowing what their income will be from month to month. Nowadays, with today’s rising unemployment, many more people are concerned about their income from week to week or month to month. Take some tips from experts who manage to manage their budgets even when they cannot predict their income!
By the way, I got inspiration here: Cope with Varying Incomes
Save For A Rainy Day
You know that the day you close that big business deal and pocket a nice commission check you need to earmark a portion of it for your rainy day fund! The advice mom and dad gave you is still valid, and you will ride out slower months much better if you have some cash socked away for emergencies. And sometimes your ability to close that next business deal will depend upon your ability to draw upon cash reserves!
Can Your Expenses Also Be Variable?
What are your fixed expenses like a mortgage payment, the light bill, and insurance? Hopefully you can cover those from your income or rainy day fund. But what about fluctuating expenses. You may not need to eat out or buy the name brand of toilet paper when you are cutting back. Can you live without yoga lessons or your gym membership while you are scrimping? Lots of people really wait to cut back until the very last minute, and this is usually a bad idea. If you can eliminate $100/month in bills, that is $1200 (maybe a mortgage payment?) you can save in a year!
Get many more ideas on ways to cut back while still living large at the Frugal Living Website!
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