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Those who work commission-based jobs and freelancers can struggle with managing their expenses due to fluctuating cash flow.
That means a large majority of the population would benefit from learning how to budget with an irregular income.
Warshawpublished a TikTok videowhere she gives several tips on how to budget for those with an irregular income.
Heres her advice formanaging a budget with an irregular income.
Notice patterns, like if certain months are more profitable than others.
Then, people should take thelowest income monthand use that as a baseline to begin a budget.
They are food, utilities, shelter, and transportation.
Everyones situation might be different.
For some, childcare expenses might be necessary to go to work.
Choose the highest priority items for you and go from there.
Track Your Spending
A personsinitial budget and expense prioritiesare only the beginning.
For the best results when managing an irregular income, people should track their cash flow throughout the month.
Budgeting tools can be especially helpful with this.
Warshaw recommends the Ramsey-developed app called EveryDollar.
However, there are many different options for watching your spending habits.
Some people track their spending every day, while others track it once a week.
Dont forget that a budget can be flexible.
If you spend more in one category, it’s possible for you to deduct from another.
Themore habits peoplecan develop when it comes to their money, the easier it will be to manage.
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