Any tips on best way to budget ?

sistafromanothermista

Hi all

My wages can fluctuate by £100's each month as as well as my fixed monthly wage i also get commission. My question is how on earth can i budget in advance? are there others in this situation? any tips?

Thanks

joders

I would say budget using only your fixed wage to ensure peace of mind that everything is paid that should be.

Any extra's (commission etc) could go towards clearing any debts you may have, into saving for the future of just as treats for yourself.

Tixy

I agree

Are there some months when you only get your flat rate salary with no commission? If so then I would use that as your starting point and see if you can work a budget that means you could afford to live for a month based on that amount - this budget would ideally need to include allowances for all essential expenses (including those things that don't happen every month) and include your minimum repayments on your debts.

If you always get some commission then use your lowest pay packet as the basic income (maybe check back over the last year).

It may be that you find you cannot afford all priority items on a basic pay packet - in which case you'll then need to consider a way to ensure that on the good months you put enough away to cover the shortfall of the low months.

sistafromanothermista

Tixy wrote: »

I agree

Are there some months when you only get your flat rate salary with no commission? If so then I would use that as your starting point and see if you can work a budget that means you could afford to live for a month based on that amount - this budget would ideally need to include allowances for all essential expenses (including those things that don't happen every month) and include your minimum repayments on your debts.

If you always get some commission then use your lowest pay packet as the basic income (maybe check back over the last year).

It may be that you find you cannot afford all priority items on a basic pay packet - in which case you'll then need to consider a way to ensure that on the good months you put enough away to cover the shortfall of the low months.

Definately not. 1/4 of my wage is commission. Will definately try and start putting some away if i can.