“I never know how much my husband makes on any given day, week or month”: Need advice on how to budget for both spouse and myself. How can I create a budget that accounts for his fluctuating income?

Hi Money Minder,

I need some help sorting out my monthly budget. I have a steady job with a fixed salary, but my husband’s income is all over the place because he’s a server. We share expenses, including those for his son from a previous relationship, but I can never track his income properly. Any tips on budgeting software or apps that could work for us?

I’m eager to start saving more and get out of this paycheck-to-paycheck cycle. Any advice would be greatly appreciated. Thanks in advance!

Cheers,
Financially Frustrated

Response from THE MONEY MINDER:

Hello There,

Welcome to the community! It’s great to hear that you are looking to take control of your finances and work towards a better financial future. Managing finances can be a daunting task, especially when dealing with fluctuating incomes and shared expenses.

One practical approach to tackle this issue is to create a budget based solely on your stable, salaried income. Start by listing all your fixed monthly expenses, such as rent/mortgage, utilities, groceries, etc. Then add in your husband’s known expenses, like his son’s costs, that are consistent and necessary. This will give you a base budget that you can rely on each month.

Next, create a separate category in your budget for your husband’s variable income. Instead of trying to include exact amounts, estimate a lower range of what he typically earns in a month. This way, you have a buffer for his income fluctuations. Any additional income he earns can then go towards savings or paying off any debts.

In terms of budgeting tools, you might find apps like Mint, YNAB, or Personal Capital helpful. These tools allow you to track your expenses, set financial goals, and monitor your progress over time. Additionally, having open and honest communication with your husband about finances is crucial. Sit down together regularly to review your budget, discuss any changes in income, and adjust as needed.

Remember, the key to financial stability is consistency and communication. By creating a budget that works with your stable income and allows for flexibility with your husband’s variable income, you can start making progress towards your financial goals. Best of luck on your financial journey!

Farewell from THE MONEY MINDER.