Comments on: 4 budgeting tips for the self-employed (or those with irregular income) http://christianpf.com/budgeting-tips-irregular-income/ Christian Personal Finance - Financial help blog, debt help and other financial resources Tue, 14 Feb 2012 21:22:01 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Julie http://christianpf.com/budgeting-tips-irregular-income/comment-page-1/#comment-121556 Julie Fri, 08 Jul 2011 16:39:07 +0000 http://christianpf.com/?p=4392#comment-121556 In January my husband started his own construction company. We use tips 1,2, and 4 to manage our irregular income. We deposit all of our business income into a business account at our bank. We have a checking account, and two savings accounts. 25% goes into one savings for taxes, our "paycheck" and 5% (company expenses) goes into the checking, any extra income goes into the other savings account for future low income pay periods. I made a excel spreadsheet for our budget with the expenses listed in order of importance. 1-Church (10%) 2-Taxes (25%) 3-Mortgage 4-Insurance 5-Utilities 6-Gasoline 7-Medical 8-Food 9-Company Expenses (5%) 10-Savings (5%) 11-Car/Home Repairs 12-Gifts 13-Clothing/Entertainment/Misc ($50). Sometimes we only fund to the savings, so we don't spend money on repairs, gifts, or misc items unless there was money left from the last payday. Savings isn't first on my list because if I don't have enough to cover the bills I will have to dig into savings, but if I know the bills are covered I won't touch savings and it will grow :) In January my husband started his own construction company. We use tips 1,2, and 4 to manage our irregular income.
We deposit all of our business income into a business account at our bank. We have a checking account, and two savings accounts. 25% goes into one savings for taxes, our “paycheck” and 5% (company expenses) goes into the checking, any extra income goes into the other savings account for future low income pay periods.
I made a excel spreadsheet for our budget with the expenses listed in order of importance. 1-Church (10%) 2-Taxes (25%) 3-Mortgage 4-Insurance 5-Utilities 6-Gasoline 7-Medical 8-Food 9-Company Expenses (5%) 10-Savings (5%) 11-Car/Home Repairs 12-Gifts 13-Clothing/Entertainment/Misc ($50). Sometimes we only fund to the savings, so we don’t spend money on repairs, gifts, or misc items unless there was money left from the last payday.
Savings isn’t first on my list because if I don’t have enough to cover the bills I will have to dig into savings, but if I know the bills are covered I won’t touch savings and it will grow :)

]]> By: Erica, Founder + Editor of YFS http://christianpf.com/budgeting-tips-irregular-income/comment-page-1/#comment-19924 Erica, Founder + Editor of YFS Thu, 14 Jan 2010 18:00:06 +0000 http://christianpf.com/?p=4392#comment-19924 This is a fantastic site and great principles. Budgeting is sometimes difficult for many newbie entrepreneurs; but it's one of the most important aspects in the success or failure of business. You've done a great job summing up the three basic budgets: Cash, Expense, and Operating. Operating budgets are likely the most important component outside of Cash Flow -- it will determine your profitablity and how long you actually stay in business. As a startup it wasn't one of my favorite past-times but a solid blueprint will take you very far. I recommend excel templates and software (depending on your comfortability level). This is a fantastic site and great principles. Budgeting is sometimes difficult for many newbie entrepreneurs; but it’s one of the most important aspects in the success or failure of business. You’ve done a great job summing up the three basic budgets: Cash, Expense, and Operating. Operating budgets are likely the most important component outside of Cash Flow — it will determine your profitablity and how long you actually stay in business. As a startup it wasn’t one of my favorite past-times but a solid blueprint will take you very far. I recommend excel templates and software (depending on your comfortability level).

]]> By: bondChristian http://christianpf.com/budgeting-tips-irregular-income/comment-page-1/#comment-18844 bondChristian Sun, 20 Dec 2009 01:19:53 +0000 http://christianpf.com/?p=4392#comment-18844 I learned #4 from Dave Ramsey. That was a revolutionary (okay, yes, that word's overused) insight for me. Until then, I didn't really know how to go about budgeting for an extremely flexible income. Thanks for bringing it up here. The more know these strategies the better. Thank you for guest posting. Looking forward to reading more from you. -Marshall Jones Jr. I learned #4 from Dave Ramsey. That was a revolutionary (okay, yes, that word’s overused) insight for me. Until then, I didn’t really know how to go about budgeting for an extremely flexible income. Thanks for bringing it up here. The more know these strategies the better.

Thank you for guest posting. Looking forward to reading more from you.

-Marshall Jones Jr.

]]> By: Jonathan http://christianpf.com/budgeting-tips-irregular-income/comment-page-1/#comment-18831 Jonathan Sat, 19 Dec 2009 16:26:58 +0000 http://christianpf.com/?p=4392#comment-18831 @Julie - You are most certainly welcome. I have become very frustrated in the past at times because I could not find good books that addressed finances from a self-employed point of you. Many financial gurus address it as a side note in their best selling books. In my opinion, more and more people are moving into self-employment as we move further into the "Knowledge Workers Age." With the coming of the internet, it has given a voice to people who are experts in particular fields. Gone are the days, where you have to "get better at your weaknesses." People have found that you can work in your strengths and passions and get paid for it. This opens the door for self-employment and keeping more of your own money then handing it off to a boss. That being said, you have to do right by your money and be responsible if you are going to make it. @Julie – You are most certainly welcome. I have become very frustrated in the past at times because I could not find good books that addressed finances from a self-employed point of you. Many financial gurus address it as a side note in their best selling books. In my opinion, more and more people are moving into self-employment as we move further into the “Knowledge Workers Age.” With the coming of the internet, it has given a voice to people who are experts in particular fields. Gone are the days, where you have to “get better at your weaknesses.” People have found that you can work in your strengths and passions and get paid for it. This opens the door for self-employment and keeping more of your own money then handing it off to a boss. That being said, you have to do right by your money and be responsible if you are going to make it.

]]> By: Julie http://christianpf.com/budgeting-tips-irregular-income/comment-page-1/#comment-18829 Julie Sat, 19 Dec 2009 14:22:47 +0000 http://christianpf.com/?p=4392#comment-18829 I appreciate this article. Sometimes I feel "lost" in the business owner world. Some people think business owners are rich, and fully self sufficient. (Not always the case) My income is up and down, and sometimes - NONE! Learning how to budget is a NECESSITY, not a luxury. Your article helps me figure this out. Thanks! I appreciate this article. Sometimes I feel “lost” in the business owner world. Some people think business owners are rich, and fully self sufficient. (Not always the case) My income is up and down, and sometimes – NONE! Learning how to budget is a NECESSITY, not a luxury. Your article helps me figure this out. Thanks!

]]> By: Jerry http://christianpf.com/budgeting-tips-irregular-income/comment-page-1/#comment-18815 Jerry Fri, 18 Dec 2009 22:40:00 +0000 http://christianpf.com/?p=4392#comment-18815 That is so very true. I've owned my own business for a couple of years now and while I love the freedom, if you aren't careful, it can be a serious cash bleed. Being responsible for your own health insurance and other related business expenses adds a level of stress that wasn't there when I worked for a regular 9-5. Jerry That is so very true. I’ve owned my own business for a couple of years now and while I love the freedom, if you aren’t careful, it can be a serious cash bleed. Being responsible for your own health insurance and other related business expenses adds a level of stress that wasn’t there when I worked for a regular 9-5.
Jerry

]]> By: RJ Weiss http://christianpf.com/budgeting-tips-irregular-income/comment-page-1/#comment-18813 RJ Weiss Fri, 18 Dec 2009 20:16:17 +0000 http://christianpf.com/?p=4392#comment-18813 What also works well is setting aside a fixed percentage for certain things. For example, we immediately put 5% towards our Roth IRA's, 3% to travel, 2% to prepay mortgage. It works pretty well for us. What also works well is setting aside a fixed percentage for certain things. For example, we immediately put 5% towards our Roth IRA’s, 3% to travel, 2% to prepay mortgage. It works pretty well for us.

]]> By: Gene Smith http://christianpf.com/budgeting-tips-irregular-income/comment-page-1/#comment-18811 Gene Smith Fri, 18 Dec 2009 19:55:53 +0000 http://christianpf.com/?p=4392#comment-18811 I was in the business of selling products for a long time, and the lessons I learned have helped me to know that hard work, failures , and sucess, are the stepping stones to a good life for ourselves and others. I was in the business of selling products for a long time, and the lessons I learned have helped me to know that hard work, failures , and sucess, are the stepping stones to a good life for ourselves and others.

]]> By: Bob http://christianpf.com/budgeting-tips-irregular-income/comment-page-1/#comment-18804 Bob Fri, 18 Dec 2009 16:57:02 +0000 http://christianpf.com/?p=4392#comment-18804 Oops, not exactly the best introduction ;) It is Jonathan Milligan, he is a new author, who you will start seeing around a little more... Welcome Jonathan!! Oops, not exactly the best introduction ;) It is Jonathan Milligan, he is a new author, who you will start seeing around a little more… Welcome Jonathan!!

]]> By: Paul Williams @ Provident Planning http://christianpf.com/budgeting-tips-irregular-income/comment-page-1/#comment-18803 Paul Williams @ Provident Planning Fri, 18 Dec 2009 16:34:00 +0000 http://christianpf.com/?p=4392#comment-18803 So who's the guest author? :) So who’s the guest author? :)

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