If you’ve ever felt like you’re on a financial rollercoaster thanks to variable income, tips, or commissions then you’re in the right place! ✅
Today we’re tackling the ups and downs of budgeting with unpredictable paychecks. Whether you’re in the service industry, sales, or the gig economy, we know that managing a fluctuating income can be a real challenge.
We’re here to arm you with proven tips and tricks to help you get your budget on track without sacrificing your daily latte fix.
This post is about how to create a functional budget for unpredictable income streams.
In today’s edition:
- We will be revealing how to manage fluctuating income like a pro, and achieve financial stability.
- We uncovered the 3 things Americans say define wealth, and you won’t believe what we found out! 🤯
—Priceless Peep
🤫 Let’s fill you in on the secret
📩 Weekly serving of insider tips from the wealthy & healthy — take a sip.
When life throws you a curveball with an inconsistent paycheck or wonky schedule, it can feel like trying to balance on a unicycle while juggling flaming money. 😅🔥
#1: Save that cash for a rainy day
Building that emergency fund is key to financial success. But why?
A good rule of thumb is to start working towards saving 6 to 12 months’ worth of income. Building that emergency nest egg may seem like an unsure journey…. but starting small is better than not starting at all!
👉 Get a handle on your essential expenses, so you can start to account for your short and long-term savings goals, such as retirement, or saving up for your a new car or apartment. 🎓👶💰
👉 To determine how much you can realistically save, you’ll need to dive deep into your spending habits to see where your money is really going and flowing.
Make a budget that suits your needs, cut down on those unnecessary expenses (sorry HBO max subscription), and you’ll be on your way to building a rock-solid emergency fund in no time.
Setting up a 6-12-month emergency fund may seem overwhelming… but every little bit helps! Start small and stay consistent peeps!
#2: Track your Spending For a Set Period
💬 “What gets measured gets managed”
If you’re not tracking your money, how can you expect to reach those money goals? 🤔
👉 Take a good look at where your cash is going and figure out how much you really need for those essential expenses. 💸🔍 While you’re at it, see where you could make some cuts if necessary.
Budgeting isn’t just for those with a fluctuating income, it’s for everyone.
Taking a closer look at your spending habits over several months can reveal areas where you can cut back and save more. It doesn’t have to be overly complicated. In fact, simplicity is key.
By identifying those small expenses that add up over time (we all have ’em!), like eating out frequently or impulse shopping, you can start making conscious choices to control your spending.
#3: Unlock Your Creativity & Boost Earnings
Barbara Sloan, personal finance coach and author of the book “Tipped: The Life-Changing Guide to Financial Freedom Service Industry Professionals” knows her stuff when it comes to navigating the service industry.
As Barbara explains, the key to saving money in the service industry is all about growing that gap between what you make and what you spend.
One way to kickstart your savings is by taking a good look at the “big three”: housing, transportation, and food.
These areas tend to gobble up a chunk of our earnings, so finding ways to cut back can make a real difference.
We know that cutting spending has its limits, right? That’s when we need to turn our attention to the other side of the equation and get creative about how we can earn MORE money.💰
Hard work alone won’t make you wealthy (if only, right?). It’s all about understanding those financial systems and managing your money like a boss.
Let’s grow that gap, be smart with our spending, and get creative to boost our income. With a little financial finesse, we’ll all be strutting towards a brighter financial future. 🌈
📰 In the News:
Americans say these 3 things define wealth—none of them require making a ton of money….
Turns out, feeling wealthy isn’t all about the dollar signs. 💵 More money can certainly make some things more attainable, but what really counts is living a life filled with richness, without needing a wealthy person’s net worth (which is a cool $2.2 million, FYI).
A recent survey uncovered three awesome things that truly define wealth for Americans..
🌍 Experiences over Things
Picture this: You have two options. Explore a new city with your friends or drive that super fancy (but ultimately not-so-exciting) car.
According to the study by Schwab, 70% of Americans believe that wealth is all about enjoying experiences, rather than collecting nice things. Give me an adventure over material possessions any day!
💰 Money Peace over Keeping Up with the Joneses
We’ve all fallen into the comparison trap, especially when social media showcases glamorous weddings or luxurious buildings that make us feel envious.
A staggering 70% of Americans say that having enough money to ease their worries and stresses is wayyyy more meaningful than having more money than their friends. Let’s focus on finding our own money Zen! 🧘✨
🏖️ Work-Life Balance over Earnings
In an ideal world, we’d have a job that fills our pockets and still gives us that sweet work-life balance we crave.
But here’s the deal: 69% of Americans say a healthy work-life balance outweighs maximizing their earnings when it comes to defining wealth. It’s all about finding that equilibrium between hustle and self-care.
Let’s redefine what it means to live that wealthy life—it’s not just about the material possessions or outdoing our peers. It’s about embracing the priceless moments!
Taylor’s Toolkit:
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