Irregular income budget
A bare-bones month, a priority list for extra money, and an income log.
When income changes from month to month, a normal budget breaks. This sheet works differently. First you plan a bare-bones month: what you must pay even in a slow month.
Then you write a priority list for anything above that: top up the bare-bones buffer, then savings, then debt, then extras. As money comes in, log it and fund the list in order.
How it works
First, add up a bare-bones month: what you must pay even when work is slow. That is the number every month has to cover. Then write a priority list for anything above it, such as taxes, a buffer, savings and debt. As each payment arrives, log it and fund the list from the top.
How to use it
- Add up your bare-bones month: the bills and costs you must pay.
- Write your priority list for money above that number.
- Log each payment as it arrives and fund the list from the top.
Ways to use it
- Commission or tips: log each payday the same way.
- Seasonal work: build a bigger buffer in busy months.
- Two incomes, one irregular: budget on the steady one and use this for the other.
Tips
- Build a buffer of one bare-bones month so a slow month doesn’t become an emergency.
- Set aside tax money from each payment if taxes aren’t withheld.
Questions
How do you budget with an irregular income?
Budget on your lowest typical month (a bare-bones budget) and decide in advance where extra money goes. Log income as it arrives.
How much should freelancers set aside for taxes?
It depends on your income and location. Many freelancers set aside a fixed percentage of each payment; a tax professional can suggest the right amount.
What is a buffer?
Money that covers one bare-bones month, so a slow month does not become an emergency.
Goes well with
- Emergency fund tracker Start with $1,000, then build to three months of expenses.
- Tax refund plan Decide where your refund goes before it lands.
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This printable is a general planning tool, not financial advice. Read the full disclaimer.