How to Budget SUCCESSFULLY with Variable Income in 2021 // 4 Steps for Irregular Earners

In this video, I’m going to show you how to budget with irregular or variable income. A lot of people use their irregular income as an excuse for not budgeting because they don’t know how much they’ll make per month. But the truth is, if you have variable income, you need a budget more then the people who get a regular paycheck!

So here’s 4 steps for creating a budget with variable income.

Step 1: Use your lowest monthly expected income to start.

This is important because using your lowest expected income will help you be careful of your expenses until extra cash comes in during the month.

Step 2: Break your expenses down into want’s and needs.

Make a list of needs expenses and a list of wants expenses. Go over this list at least three times asking yourself if certain expenses are ACTUALLY needs or if they are wants. This is vital because you might not have enough income to cover all your wants.

Step 3: Fund your needs list first.

We want your needs to be completely covered. So fund those before putting any money towards any of the expenses on your wants list!

One way you can do this is by opening up extra checking accounts where you can separate the money for needs expenses from your wants. This will help ensure you don’t use that money for anything but your bills.

Step 4: Fund your wants list in descending priority.

Finally you’re to your wants list!

One thing that might help with your variable income is getting some supplemental income through a side hustle or part time second job. It’ll make your budgeting a bit more predictable!

When it comes to budgeting, all you need to do is start. Just start! It’ll take some time to get used to it but it’ll make a huge difference on your future. The apps EveryDollar, YNAB and Intuit Mint are great options for starting a budget.

Timestamps:
0:00 - Intro
0:25 - You Need a Budget with Variable Income
1:05 - Step 1
1:45 - Step 2
2:35 - Step 3
3:21 - Sponsor: Finished Patios
3:53 - Step 4
4:08 - Supplement variable income with a side hustle
4:19 - Budgeting with average monthly income
5:03 - Just START
5:53 - Outtakes

#varableincome #irregularincome #budgetingforbeginners

📒 Notes and Resources 📒

⚡️OTHER VIDEOS THAT YOU MAY LIKE⚡️
🎬7 Reasons You Need a Budget in 2021: https://youtu.be/LZJOxQmnCfs
🎬6 Tips for Keeping a Successful Budget: https://youtu.be/k3OUa0h-eRE
🎬How to Make Your First Budget Ever: https://youtu.be/nGUuGy5WQXE
🎬Dave Ramsey's Baby Steps of Personal Finance: https://youtu.be/obczZb_aaYI

⚡️GET HELP WITH BUDGETING⚡️
If you need some help with getting your budget started, set up a session with me. I legitimately want to help. www.balefinancialcoaching.com

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For business and coaching inquiries, hit me up:
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What's one way to improve your finances today? Get started on a budget! There is so much freedom in a budget which makes me excited to teach about it. Financial education is the beginning of making your financial goals come to life. But action is what will actually make them happen. Congratulations on taking the first step!

If you need some extra help, I'm always available. I'm a financial coach trained by Ramsey Solutions to help people like you with controlling their money. My goal is to give you hope in your own situation. It's okay to need help. Set up a session with me on my website balefinancialcoaching.com.

⚡️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.

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