MDUDUZI LUTHULI: Self-employed? Four tips to survive on an irregular income🔒
When you're a self-employed entrepreneur, or someone who depends heavily on commission or seasonal income, you might be tired of hearing everyone telling you that a budget will make managing money easier.
The trick is that while your income fluctuates, with some careful planning, your spending doesn't have to. Practise these four key steps to survive on an irregular income.The key to dealing with irregular income as a business owner is to mimic a regular income schedule as much as possible.
Don’t forget to include savings, investments and debt repayments in your bare-bones budget. These bills may not be essential to your current survival, but they are essential to the survival of your future self.Set aside bonuses and raises Don’t mix it with your regular savings goals or savings accounts, but instead use the extra funds as a cushion to tide you over in the months you have an increase in expenses , or when you have a month with less income. This savings buffer will allow you to still invest in your business and make smart choices for growth, without being too stressed about where you’re going to make up the income from a slow month. Be aware of your risks.
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