![]() ![]() You may dip into other budget categories if you’re at capacity in one area and use it as an excuse to spend. The 50/30/20 budget may be a good fit, so you have percentages as a guide regardless of how much you’re making. That can make it tough to budget, but it doesn’t mean it’s impossible. If you’re a freelancer, gig worker, or in a commission-based job your income is variable and changes month-to-month. Forgoing a budget because of a variable income.These can include transition times like after a layoff or divorce as well as if you consistently go over or under budget and need to update the amounts in each category. Your budget should change and be revised on a regular basis. If you set a budget but don’t track your spending, how will you know you’re actually sticking to it? Keep track to see if you’re on target. For example, you may be hopeful you can spend $50 per month on dining out but if you eat out more than once a week, that’s not going to happen. Plus, you may underestimate your discretionary spending. But you may not properly plan for variable expenses that can shift from month to month. The fixed payments that are the same each month may be easy to plan for. ![]()
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