The Need for Irregular Income Management
have careers that result in irregular incomes. Irregular income is a term used to
describe income that is not received on a regularly scheduled time such as
weekly or biweekly. Traditional budgeting is based on regular received income
and expenses, typically on a weekly or monthly basis.
If you have an
irregular income due to being self-employed or working on commission, your
income can vary greatly from week-to-week and from month-to-month. This can make it much more difficult for
people with irregular incomes to create a budget that works. Conversely, having
an irregular income makes it increasingly important to create a budget in order
to be properly prepared for lower income periods.
The basis for
effective irregular income management is identifying what expenses you have and
prioritizing these expenses accordingly. Since income can fluctuate greatly
during any given period of time, irregular income management will ensure that
the highest priority expenses are paid first from the available funds with the
remaining expenses being paid in order of priority. Ideally, periods of higher
income will be used to effectively keep money available in order to subsidize
periods in which lower incomes are possible or expected.
Versatile Budgeting Software
the manner in which people gain income and the regularity with which they get
paid, everyone can benefit greatly from utilizing software for better money
following a budget is an effective method of understanding where your money is
going and identifying areas where you can more effectively use your money.
Understanding cash flow and identifying areas where spending can be curbed is
vital to effective money management. This process of structured spending is the
backbone to realizing your financial goals whether they involve eliminating
debt, paying off your mortgage or maximizing your investments.
The best money
management software will provide powerful budgeting and money management tools
to suit both general and specific financial needs. This includes specialized
functionality to effectively budget and manage both regular and irregular
incomes. The versatility of these software packages allows the application to
meet your unique financial needs today and continue to meet these needs as your
financial situation evolves over time.
In addition to
being versatile, the best money management software will also be user-friendly,
packed with functions and available for online use. In some cases, this
incredibly useful budgeting software may even be entirely free to use.
Taking Your Finances to the Next Level
software for managing your finances can be a powerful and eye-opening budgeting
tool, but there may be times when you need to speak to a professional about
your unique financial needs or goals.
The top income
management programs will allow you to take your financial planning to the next
level by providing access to Certified Money Coaches. These financial
professionals specialize in providing personalized financial advice and support
to people who need it. Certified Money Coaches can personalize a cash flow
plan, hold the client accountable by scheduling plan reviews and dynamically
change these plans when life events happen. The advice they provide will be
completely unbiased and they will never try to sell financial products.
Are you looking for a software application
that provides a budgeting solution for irregular income management? Take
advantage of the top personal money management products available today for