Here are 5 steps to build a budget if you don't have a steady income (via CNBCMakeIt)
For most Americans, their monthly pay isn't consistent or predictable, making it challenging to estimate how much they have to cover things like food, rent, utilities, cell phone bills and even going out with friends. The average American family routinely experienced a 36% change in income month-to-month from 2013 to 2018, according to a recentAnd if your income varies each month, it can make building a budget — already a challenge for many Americans — very difficult.
"That is your noodle budget, and you don't have to live there, but you should know what it is on paper," Aliche says. Once you calculate what that dollar amount looks like, then you know exactly how much you need to make a month to eek by.When you have a regular, steady income, you live and die by the number on your paycheck. If you make $2,000 a month, typically you allocate your budget based on dollars.
Next, set aside a percentage for living. Remember your noodle budget? That's why you calculated it. Look at what you're typically bringing in and then calculate what percentage that is of the entire typical monthly pay. You may want to play around with the math a bit, since the noodle budget is the baseline, and you'll likely want room to eat out and perhaps pay for some extra expenses such as gym memberships.
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