Top Tips for Staying Debt-Free on Irregular Incomes



We’d all receive a set sum from our jobs every month in an ideal world. However, in the vast majority of cases, the exact payment we receive will vary from month to month – and this can have complications and consequences for your debt repayments overall. However, if this is a situation you find yourself in, you don’t need to panic. Today, we’ve outlined some tips for budgeting when you aren’t sure how much income you’ll have each month; hopefully, this will help you stay debt-free and financially confident for as long as possible.


Tips to Stay Debt-Free on Irregular Incomes

Before you can begin creating a budget for an irregular income, you need to clearly understand what you’ll need to pay each month. This should include factors such as the cost of living (e.g., food and power), your rent or mortgage repayments, travel expenses, and the like, as well as any loan repayments. 

As explained by the team at Living That Debt Free Life, “Sit down and write out a list of all your expenses. Include everything you pay for on a monthly basis: mortgage/rent, electricity, groceries, gasoline, cell phone, auto insurance, Netflix/Hulu, Spotify, you name it. If you pay for it, add it to the list.

Next, order your list from most to least important. Here’s a tip: food, shelter, transportation, and clothing should all come first. Unnecessary expenses like eating out and entertainment should come last.”

Even if you’re struggling with a wildly fluctuating income, you can still make a reliable and safe budget plan with just a little thought (and by knowing exactly how much you need, as standard).

Furthermore, if you have an irregular income, we highly recommend you stick as close to your minimum budget as possible throughout the year, even for months when you’ve earned more; this will help you gain savings that can tide you over on months where you’re short. Ideally, you should aim to keep around three months’ savings at least, just in case.


Final Thoughts

Staying debt-free when you never quite know how much you’ll earn each month is, in some cases, a challenge. But, if you’re still struggling to keep up with payments, or if you’ve already had trouble and you now need a little help managing your debts, don’t panic; our expert team here at will be on hand to give you the debt management support you need.