When you come right down to it, budgeting isn’t really complicated. At the beginning of each month, you spend that month's income on paper, and you make sure that your expenditures are less than your income. BUT what if you don't know how much money you'll earn from month to month? On this edition of MoneyWise Live, Rob West discusses these topics on how to budget on a variable income:
- Why is it so important to call it a spending plan?
- Do you need a computer program or website or just a pen and paper, or what tools?
- Do both spouses have to be in on this to make it work?
- What about the irregular or changing monthly income?
- How often should you reassess exactly what your average income is?
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If your husband has a variable salary and believes he can spend whatever he has, what are some steps to break out of this routine?
- Can you combine an Traditional IRA and SEP together into one fund?
- Should you get a 0% credit card and transfer the balance of a few other cards over to get rid of credit card debt? christiancreditcounselors.org
- How do you look for health insurance wherein you'd be accepted based upon your medical condition?
- If you work on your own to set up a 401(k), how do you go about starting a retirement fund?
- If Social Security now thinks you've begun to collect your benefits because of a lump-sum payout you received years ago, what should you do?
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