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.
11:05
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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.
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