What is the best way to create a budget when you're always getting paid different amounts?

Question

What is the best way to create a budget when you're always getting paid different amounts? My husband works different amounts of hours each week, sometimes 40 and some times as much as 75 so obviously the pay is always different. What is the best way to caluclate a monthly buget? I am so bad at this type of stuff so anyone with good advise, leave some!

Answer 1

Average your monthly expenses those should be fairly constant add a categories of disposable income and savings. Average your husbands last years income —add them all together and divide by 12. You can expect this to be your income on average. Begin by putting away anything over the necessities you must pay into the savings account. This will give you a source for unexpected expenses or unexpectedly low income—it acts like a line of credit but you are gaining interest not losing it.

When this makes sense to you and you have the knack of it, begin paying off any credit card bills you may have as much as you can afford not just the minimum. If you pay only the minimum those charges will be around for 20 or 30 years. Use credit cards only for purchases that you can pay off that month. If you don't have the money, you can't buy it.

You are saving big by eliminating interest charges. You already have a savings account now begin adding to it and collecting interest even if it is low yield. You can expand to cd's (not the music) and treasury funds. As you get more savy, you may want a financial adviser—maybe just someone where you bank.

Answer 2

Try to go by the average number. Say, your husband made so much money during the whole year. Take that amount divide it by 12 and you will have an average monthly income. Tie your budget to that. When your husband makes more money than expected during a particular month, save the surplus and don't spend it. When your husband makes less than the average take the money out of the savings account to compensate for the shortage.

Answer 3

My best advice would be to add up all of your bills and see how much it seems that you will spend monthly. From there you can save some money or have a little more to play around with (like going out to eat or buying that new Mp3 player). Then, with the savings, you will can have some to get by on the leaner times or if there's a birthday and you want to get someone a special something.

Answer 4

It feels like you're an truly good dad! you do not ought to provide her a million penny more advantageous than what the court docket has ordered. i recognize that's demanding with the 9 and 5 3 hundred and sixty 5 days previous, yet once you've a strong relationship with them and relaxing visitations with them, and they recognize that you want them, they are going to also start up seeing with the help of her BS, merely as your 14 3 hundred and sixty 5 days previous. The courts received't stress her to keep receipts, surprisingly on the grounds that infant help isn't only for paying for the youngsters "stuff"; it is also to help keep the abode that the youngsters stay in (operating example to help pay for the electrical energy that the youngsters use, the gas for the motor vehicle used to shipping the youngsters, and so on.). If she needs extra money over and above what the courts have ordered, she needs to get a second pastime. at the same time as the youngsters are with you, you should purchase them extra outfits, shoes, and so on. or ask them to %. out outfits, and so on. on-line and also you'll order & have shipped to them. notwithstanding i do not imagine you communicate undesirable about their mom, make sure that you not in any respect do because the courts can see this as an truly adverse component (is going both strategies, by technique of ways) - as your 14 3 hundred and sixty 5 days previous has shown, they are going to see with the help of her BS quickly sufficient. youngsters are quite perceptive and %. up on this stuff. strong success, and thanks for serving our usa!

Answer 5

I advise my clients to budget with the least amount, so in your case 40 hours a week. Which, in actuality, is normal for most people. Overtime is gravy and not always guaranteed. So any amount over the base amount should be allocated to an emergency fund or paying down debt.

Answer 6

To help you with budgeting I'd recommend a personal finance software by a business called Parcus Group.
Easy to use program with features including budgeting, financial planning, real estate analysis, shares valuation, life insurance...
Costs $29 so it's not a huge investment but a good value for money.
You can get it on http://www.parcusgroup.com/index.html
Regards

Answer 7

List all of your expenses and list them putting what they are, and how much you pay in a month, then prioritize them. Usually shelter/food/utitlies come first. When you get paid, you can pay down the list, for the things you need.