From our archive. This article was published on 12 May 2022. Rules and amounts may have changed since.
If you have an irregular income, managing your budget can be a challenge. After all, you do not always know exactly how much you will earn next month.
Still, there are ways to manage your budget, even with an irregular income.
One option is to work with an average monthly income. This means adding up your income from the past few months and dividing it by the number of months. That gives you your average income per month. You can then draw up your budget on the basis of this average income.
Another option is to have a buffer for unexpected expenses or for months when you have less income. Build up that buffer in a savings account. A line of credit is more expensive and only an emergency solution. This way, you have a financial buffer that can help you absorb financial setbacks.
It is important to realise that managing your budget with an irregular income takes a little more planning and flexibility. It can certainly be done, though, with the right tools and mindset. A budget coach can support you with this and help you get your finances sorted.