Creating a Budget on an Irregular Income

Maybe you are someone that works on commission, or maybe your work is seasonal. Whatever the case may be, you’re income is irregular. When I say irregular, I mean that monthly, the amount varies as opposed to a salaried employee where income is generally divided evenly over the course of a year. Irregular income can make budgeting tricky. Budgeting is still of vital importance, because if you do not have a plan for the money you bring in, it is more likely to be spent in other ways. One of the biggest temptations for people on variable budgets is to overspend in prosperous months. A little bit of planning can help you prepare for the times of plenty and the lean times.

The first step to creating a budget on an irregular income is to list all of the expenses required for you to live each month (i.e. mortgage, food, clothing, utilities, gas, insurance, etc.).

Next, go through each category you listed and rank them in order of importance. Typically, the four most important expenses are food, housing, clothing and transportation. After everything is ranked, you have a working budget.

When you receive a paycheck, simply pay from the top down of your budget. If not everything is covered in one check, just pick up where you left off with the next paycheck. It can be tricky, and take some time to keep track of, but managing your money, no matter how irregular, is a sure way to build financial health.

Here are some other helpful articles for budgeting on an irregular income:


Upcoming Community Events

I wanted to update everyone on some really great things going on in the community in the coming weeks. They all support wonderful causes, so bring the whole family out and enjoy!

  • This Saturday, October 6, from 3-6pm is the Annual Ruritan Fish Fry for Grand Junction. Grand Junction has the largest Ruritan Club in West Tennessee, and all proceeds go to benefit community activities and scholarships for the city of Grand Junction. Tickets are $10 each. The event will be held at Grand Junction City Park. There will also be live entertainment, and a drawing sponsored by The Bank.
  • Also on Saturday, October 6 at 9am will be the Annual St. Jude Trail Ride. All proceeds benefit St. Jude. The ride will start at Hines Farm, just south of Saulsbury, TN. A Billy Cook Roping Saddle will be raffled as well. Raffle tickets are for sale at The Bank for $5 each. The saddle is on display in the Grand Junction branch.
  • On Saturday, October 13 from 8am-5pm the Annual Heritage Festival will be held at Ames Plantation. There will be exhibits, live music, arts and crafts, historical displays, antique tractors and farm equipment, and more! The Bank will have a booth and will be raffling a shot gun and gift basket.

Hope you can make it to some of these great events!