How You Can Painlessly Save Money with Irregular Income

How You Can Painlessly Save Money with Irregular Income

Saving money when your paycheck is not consistent is tough. When you do not have a regular flow of money coming in, it can be difficult to save, resulting in irregular savings and regular headaches. This can be even more difficult if you lack self-control when it comes to spending. But it is possible to save painlessly, even if you are self‐employed. Here are a couple of ways you can still reach your financial goals through saving (and you only need about 5 minutes each day to accomplish it)!

  • Open Multiple Savings Accounts If You Are Extra Spendy

    If you struggle with spending too much money, opening multiple savings accounts can help you to keep from spending more than you should. This is a proven way to develop a better savings habit ‐ even if you are not a disciplined saver. Create separate bank accounts and transfer money automatically from your account every time you are paid. Set a percentage to save from each paycheck and distribute it among each account. When your money is spread across multiple accounts, it will take more effort and time for you to draw funds, which will help to prevent you from overspending.

  • Save Small Amounts

    Saving to meet your financial goals may seem impossible if you do not have a regular paycheck. It is possible ‐ simply save very small amounts of money here and there. This is called microsavings. For example, you can open an IRA and contribute only a small amount starting out (even just $25 a month). Make it a goal to put a small amount in the account each month and over time you can increase it. By creating better savings habits, you will eventually be able to add more into savings because you will inevitably become better with your finances!

  • Reward Yourself

    As a person with fluctuating income, you may be at the mercy of your next gig to get your bills paid, which does not leave a lot of room for entertainment or fun money. Creating better spending and saving habits can be frustrating in this way so budget a bonus for yourself every month. It may only be $50 starting out (and maybe can increase) but a little bonus will go a long way in encouraging you to keep up the good effort.

Struggling with debt? Madison Monroe and Associates can help. Visit us online for more info!

Comments, please

Comment Form is loading comments...