Budgeting without a regular income, tips?

concrete_kid

I'm looking for tips on how to budget when you don't have a regular income. Over the last few years I've finally got a handle on my finances and successfully stuck to a budget that I produced on a spreadsheet. This was when I had a regular monthly income.

Since then I've gone back to university to study nursing. I get 550-650 from a part time job which gets paid at the end of the month. I get my university bursary of 450 on the 3rd Friday of every month.

I'm finding it difficult to manage my finances, not really sure how best to plan. Any advice?

grumbler

concrete_kid wrote: »

I'm looking for tips on how to budget when you don't have a regular income...

I get 550-650 from a part time job which gets paid at the end of the month. I get my university bursary of 450 on the 3rd Friday of every month.

How is this not 'regular'?

concrete_kid

Because the amount changes and the time between receiving it changes

Man_on_fire

As Grumbler said that seems regular to me.

But if the problem is that you can't cope with two different sets of payments on different dates, then have them go into a holding account (TSB 5% interest current account would be a good choice) then 'Pay' yourself at the start of the month by transferring (or setting up a standing order) into your main account.

That way you get back to having all your money in one go, if that allows you to budget easier.

CLAPTON

you need savings buffer to even out the income/spending


so you make sure you save when the money comes in and then use that to pay the bills

getmore4less

If you budget properly then you just have a cash flow issue.


Separate the income cycle from the spend cycle.


A budget is a plan that allocates income to spends/savings etc.
do that for a full year(min) for all categories of spending saving.


Then look at cash flow and adjust when the bigger items/savings go out.


Many people don't budget even though they think they do, they just manage cash flow which is a very different thing.

tiger_eyes

Man_on_fire wrote: »

But if the problem is that you can't cope with two different sets of payments on different dates, then have them go into a holding account (TSB 5% interest current account would be a good choice) then 'Pay' yourself at the start of the month by transferring (or setting up a standing order) into your main account.

Agree. I'm self-employed and I put all payments throughout the month into an income account so that I can pay myself at the end of the month. This approximates a regular salaried job. Nice and simple.