Irregular Income

Thursday, March 2nd at 7:00pm Central 

Learn how to identify irregular income and how it affects your spending plan so you can plan for the future. 

Irregular income is income that fluctuates up and down and is not always consistent in timing or amount


Irregular Income

  • Refocus
    • Irregular income comes in many forms.  Identify irregular income and how it affects your cash flow
      • Examples:
        • Is your income based on a seasonal calendar for example landscaping or snow plowing.  This type you know the timing of the cash flow.
        • Is your income based on a commission for example real estate agent or automobile sales?  This type may not have a set pattern.  
        • Bonus and overtime pay
      • How does this variation in cash flow affect your spending plan?  What is your baseline for your monthly expenses?
  • Gain Control: What is your base income and what are the patterns of the irregular income
    • Knowing how your cash flow fluctuates, and what your base income (low point), and when the income is higher.
      • Examples:
        • Sometimes this is called Harvesting.  This is when you save extra in the months with higher income.  You are building up your reserves of savings (harvesting) to support the times when income is less.
        • A person who is paid on commission would set aside a portion of each sale to have cash in the bank for times when there is no commission check.
        • A seasonal worker will save the extra income above the amount needed during the busy season for the time when there may be little to no work.
        • Bonus and overtime pay can be saved and/or allocated to the highest priority.
  • Set a Plan: What ways can you adjust your spending and saving to help you be prepared for the future.
    • Examples:
        • Plan monthly savings to provide for needed cash flow in low/lean months
        • Plan to pay yourself in months of low income to fill the gap
        • Prioritize spending

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