If you’ve ever had a stretch of time where your income drops or becomes unpredictable then you’ll know how difficult it can become to plan the month ahead. And if you’re self employed then most likely you deal with this all the time, there are some great benefits when it comes to working for yourself but having an unsteady income isnt one of them. If you’re not properly organised then it can only take one quieter week or a bit of time off for everything to start feeling tight with your budget. Here’s what you can do to try and stay on top of things with an unsteady income.
Manage your finances
Budgeting is absolutely essential if you’re someone who’s budget is naturally up and down from self employment. When you can see the numbers right there in front of you you can see exactly whats gone rather than guessing. Keeping your bill money separate from your everyday money helps because you’re not mixing everything together, and means you’re not having to constantly check your balance every time you use your card.
Managing your finances well means saving when times are good, when the money is coming in it’s important to remember that this isn’t just cash for the here and now. That the money you’re making is also to cover the quieter periods too, this could be just slower weeks here and there or it could be entire seasons or half the year depending what you do.
Get insured
Getting insured is always going to be a smart move as you wont end up out of pocket if theres some kind of emergency or disaster. It’s the kind of thing that you might resent paying every month but would be incredibly grateful for it if you ever needed it. Things like pet insurance, home insurance etc are all worthwhile. If the only reason you’re not earning is because something happened that wasn’t your fault, it can be worth talking to someone like personal injury lawyer Tad Thomas who understands the process too. You can sometimes claim back lost income or extra costs, but you often only find that out when you actually talk to someone who deals with this stuff.
Stock up
There are certain things that we all need to have access to so when money is tight, the last thing you want is to be worrying that you don’t have what you need. Stocking up and creating a storecupboard is a smart move for this reason. Food is one of those things that always end up costing more than you think, and when you’re not properly keeping track it really can spiral. Having a few things in the cupboard you always use means you’re not running out the door for extra bits that turn into a bigger shop (or running out of food completely). Batch cook and freeze things if you can and stock up on dry staples and tins. Things like cleaning products for the house and for yourself are also worth having at home, as well as things like toilet roll and bin bags. The sorts of things that you’ll always need and would struggle without if your money suddenly got extremely tight.
