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Whether you are a freelancer, an hourly employee with hours that fluctuate, or work on commission, your income may be different from month to month. However, just because you have an income that fluctuates, doesn’t mean you can’t manage your money. Check out these tips to learn how to effectively manage your money during a fluctuating income.

#1. Track Your Monthly Spending fluctuating income

Knowing approximately how much money you spend each month will help you to get started on creating a budget. Calculate how much you spend on your necessary expenses such as housing, utilities, groceries, etc.  Once you know the minimum of what you need to pay each month, you will be able to create a budget that is manageable with a fluctuating income.

#2. Calculate Your Monthly Income

Take a look at your income from the past few years. You can calculate what the average is to help prevent yourself from overspending or making purchases that you can’t afford. After you have come up with an average monthly income, determine how much you will have left after you pay your necessary expenses.

#3. Make Prepayments On Bills

In month’s that you have received more income or additional income, make prepayments on your bills. Paying ahead will make a difference during slow months when your income isn’t as high.

#4. Create An Income-Fluctuate Fund

An income fluctuate fund fund is a great spot to put any additional income you receive. This fund can be used to cover expenses when your income fluctuates lower than than usual. Keep this account separate from your emergency account.

Planning is very important when it comes to effectively managing a fluctuating income. You must plan for future expenses and predict when your income will be increasing or decreasing. Plan for now, but save for the future.

The Family Credit Union

The Family Credit Union is here to help our customers manage their hard earned money. Contact us today and we will be happy to assist you with all of your money management needs!