Stay Out of Debt: Budget Remodeling with Irregular Incomes

If your job causes you to have unpredictable money flow, it can be difficult to upgrade or remodel your home. The Equifax Finance Blog has some great tips about how to budget for your income of highs and lows so you can enjoy projects like a new kitchen or substantially upgrading your insulation and still avoid debt. Just check out good hints like these:

·         Set a salary – One of the best ways to set a budget for yourself is to create the illusion of a set monthly income, even if you don’t have one. To do this, experts recommend setting a low monthly salary for yourself. Simply examine your previous year’s income and base your monthly salary on the lowest months you had. By setting your average low, you will help ensure all your expenses will be covered even during your low earning months.

·         Be your own financial planner – This tip allows you to really separate what is essential and what is not. Create a list of what must be paid monthly (bills, car, mortgage, food) and what you want, but don’t necessarily need right away (new cell phone, vacation, new roof). Depending on your income, some of the second list may be feasible, just as long as your first list of essentials is paid off first.

These and more great tips concerning irregular incomes come from the article, “Creating a Budget with an IrregularFamily Income,” recently posted to the Equifax Finance Blog. Check it out often for this and other great information about your finances.