Variable income

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  • Updated 1 year ago
My income is somewhat unpredictable and varied over the course of each month, any tips for how to handle this when budgeting with Goodbudget?
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Charles Staley

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Posted 1 year ago

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impaler

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My income is 2x/month, and is rarely the same.  I just manually add it when I'm paid, and it goes into unallocated.  Then I go through and fill my envelopes.  
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Charles Staley

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Thanks!
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Karisa Russell, Official Rep

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Hi Charles, 

Typically, for folks with multiple/variable incomes throughout the month, I recommend budgeting Monthly on the 1st. Then, you can add incomes as you receive them to Unallocated, like impaler suggested, and then fill your Envelopes with that when the 1st comes around. 

You can read more about that here

Thanks!
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Colin Grant

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That is the answer Karisa but does in not assume that one will have to be in a position to live on last months income, at least to an extent? If one gets paid on say the 15th but does not allocate until the following month it seems to me that last months income will be covering the bills post the 15th and for the remainder of that month (or could be).
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Karisa Russell, Official Rep

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Hi Colin, 

Yes and no! What I'm describing above works best with an one month cushion. But, I know that's not the reality for everyone. If folks want to build a cushion, the article I linked above gives some guidance on how to build one. The article also gives some instruction on how to budget Monthly on the 1 even if you don't have a cushion. 

Thanks
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Charles Staley

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Thank you!