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Your income is your most important wealth-building tool - invest in skills that increase your earning potential. Take classes, earn certifications, or learn new technologies that are valuable in your field. The raises and promotions you…Continue Reading
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7 Smart Things You Should Do to Budget on an Unstable Income
Freelancing, contracting, and in some cases, unstable income from a full-time job, are increasingly common. If you fall into one of these categories, you’re likely used to having your income change month-to-month. In other cases, seasonal work leads to this kind of instability.
There are many great jobs that produce irregular incomes. That’s fine, but it causes a unique challenge.
Most budgeting advice is meant for and only applicable to people with regular, predictable incomes. If you get the same paycheck every two weeks, budgeting is quite simple. The biggest challenge comes when you get a salary increase.
With an irregular income, you can still make a robust and fairly reliable budget. Budgeting simply becomes a matter of accounting for your predictably unpredictable income. Let’s go over the simple changes you can make to have a workable budget for your situation.
How do You Budget an Unsteady Income?
Budgeting on an unstable income requires some considerations that account for the instability.
Account for What is Fixed
While your income may shift month by…Read More
An Actually Useful Financial Plan: Build it Step by Step
Financial planning is a common theme you will encounter when tackling any financial topic. For every financial goal, personal financial planning will pop up at some point as part of the solution.
We’ve gone over aspects of financial planning in many of our other articles. However, to fit all these personal financial topics together and center them, we need to delve into financial planning more broadly.
In this broader explanation, we will cover:
What exactly a financial plan is
How beginners can start financial planning with some simple steps
Short- and long-term financial planning
Examples of financial plans
What is a Financial Plan?
A personal financial plan is the documentation of an individual’s financial goals. Crucially, a financial plan outlines the strategy for achieving those goals. Therefore, a financial plan is really a…Read More
Today’s Affirmation
I forgive myself for impulse purchases.
Bad financial advice led to learning, not failure.
I stay positive while rebuilding my credit…Continue Reading