Optimal Finance Daily - Financial Independence and Money Advice cover image

Optimal Finance Daily - Financial Independence and Money Advice

2616: 7 Tips For Living on an Inconsistent Income by Marc with Mad Money Monster on Budgeting Strategies & Emergency Fund

Feb 9, 2024
Marc, a finance expert, shares tips for managing finances on an inconsistent income including calculating average monthly income, budgeting for below-average months, saving during good times, and embracing the positives of fluctuating income.
10:35

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Calculate average monthly income and base your budget on below-average months.
  • Maintain a consistent standard of living to reduce financial stress and maintain stability.

Deep dives

Calculating your average monthly income

To manage an inconsistent income, start by calculating your average monthly income over the past 12 months, dividing the total by 12. Although your income may not reach this level every month, it serves as a starting point for budgeting and financial planning.

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode