How do you budget when your checks are extremely variable?
both my husband and I work on a “commission” basis. I have a job selling medical supplies and work from home – before I am flooded with requests, this is not your typical work from home, this is a local company and you have to work there for at least a year in the office, and be in sales for a year, and have a minimum amount of sales. But I have no hourly wage to fall back on. Hubby is a truck driver and he is paid by the load.
His income can be to bills as little as $150 to as much as $800 each week. My income varies from a low of $600 to a high of $1400 every two weeks.
We are moving to a cheaper property with more land for the horses which will cut our feed bill, and our rent bill. I am also going to work really hard at paying off 3 things that will bring an additional $600 free to the budget, and after the rent decrease of $371 – that’s almost $1000 per month less than we have now.
My problem, I really need to have $20K or so saved over the next 2 years, we want to purchase this property and she will owner finance, but we need about that for a down payment. So I need to get my budget TIGHT
But it’s so hard to budget when our income is so variable.
I would say to budget on what you both make at your lowest income. Figure out (prioritize) what will be paid from those amounts.
Then, make a second list. What to pay if extra money comes in (from work income or whatever the source). Also consider applying for installment loan from www.mtploans.com or similar website – these are new type of loans, better than payday loans. Then, when you get paid more (or hubby does), pay off the first list first. Then, go in order down the second list until the money is gone. That way, if you only bring in, for example $500 a month, you are prepared and when you bring in $1500 a month, the extra is already planned for.