5 Best Money Saving Tips For People With Variable Incomes


BANGALORE: Budgeting is a daunting task for many consumers, and the difficulty increases when income is variable too. For those who are self-employed or work on a commission-only basis, it is especially hard in the first few months of living in that manner. But with proper planning and record keeping, budgeting on a variable income can be attained. The key, is to remember that while your income is variable, your budget is not. It is always good to stick to the budget no matter how good the income is one month, because you might need the excess money the next month.

Let’s have a look at some of the tips that can help people with variable income save some money:

1. List your expenses

First and foremost thing you should do is, to list all of your expenses the same way that you would with a normal budget. This will help you to see where you money needs to go. After you have listed all the expenses, the next step is to add savings of around ten percent to your total. If you are self-employed then add in your taxes as an expense and also if you have money above this budget amount in any given month then ensure that it goes into savings.