How Can I Start a Budget When My Income Fluctuates?

It can be hard to develop a budget when your income fluctuates and is irregular. Maybe you can add some fiber to your budgets diet. Just kidding, but your bills like utilities and credit card payments can be irregular too. We had this kind of problem ourselves when developing our budget. So how do you budget an irregular income?

The first thing we did was put our debts on a fixed payment plan so that they were the same every month. Next we made an alternative budget based on our average lowest income. Then we made a list of all the things we were unable to pay based on our lowest income. We then made a list of items that would be priority when we had extra income. Namely, our HOA dues and SIDs. We then put the items in order to be paid and followed it. Your first budget that covers your necessities like your shelter, food, utilities, etc is always top priority. Extra money after those items are paid goes towards things included in the other budget.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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