Budgeting On An Irregular Income

Budgeting is foundational to this frugal lifestyle, and can be a hard enough muscle to build with a predictable income, but how do we approach this task if our income is irregular? While there are a few more barriers to budgeting when we don't know exactly how much we are making, there are still ways to get the bills paid, and save!

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Notable Notes:

What the Internet has to say:

• This article from Every Dollar describes step-by-step how to budget on an irregular income

What Jen + Jill have to say:

• 1 & 2: Start with lowest monthly estimate & create budget based on that number
• 3. Adjust over the course of the month 
• 4. Create a hill & valley fund
• 5. Copy planned amount to next month & give yourself grace

More from the Internet:

• This article from Lauren Greutman talk more about the nitty gritty of how to budget when you simply don't earn enough to pay your bills!

More from Jen + Jill:

• 1. Stay Positive- maybe not, just don’t play the victim
• 2. Remember this is only temporary - “The actionable items below won't stick if you don't keep your head in the game”
• 3. Cut, cut, cut
• 4. Make more money
• 5. Prioritize your bills

BILL OF THE WEEK - Thank you Anamaria from Hungary for sharing your bill about the $50 bill you found in the pocket of a pair of trousers! How exhilarating!

• If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill

Lightning Round

Top tips for living when your income is variable:

• Keep track of your time
• Maintain a monthly budget
• Build a bigger emergency fund (6 months)
• Save for retirement in a Roth IRA (funds invested in a Roth can be withdrawn tax and penalty free, only the dividends are taxed and penalized)

Frugal Friends Book Club:

• We are reading my new book, Pay off Your Debt For Good for book club this month!
• It’s not available in libraries so if you want a free copy leave us a review on iTunes or Stitcher, screenshot the review and send it to frugalfriendspodcast@gmail.com. We will pick one winner for every 5 reviews.