How to Create a BULLETPROOF Budget on a Fluid Income! | Storm Pierce | Skillshare

How to Create a BULLETPROOF Budget on a Fluid Income!

Storm Pierce, YouTuber, Freelance Photographer

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4 Lessons (12m)
    • 1. Intoduction - Welcome to the Class!

    • 2. Getting Started - Auditing Our Expenses!

    • 3. A Great App - Using Fudget!

    • 4. Class Wrap Up!


About This Class

Welcome to my class! 

In this one, we'll talk about how to create a budget if your income is fluid. It can be difficult to plan for things when your paycheck amount/time changes all the time, but with some planning and the right tools you can make it work!

We'll outline:

  • Auditing our expenses
  • Using an app to keep track of our spending on the go
  • Money saving tips & tricks to give us a financial buffer for hard times

If you like these types of classes that can help you grow your business, take a look at my other classes for freelancers:


1. Intoduction - Welcome to the Class!: Are you a freelancer or someone who owns your own business? Is it hard to make sure that you pay bills on time every single time? Is your paycheck fluctuating where it's not the same time every week or every couple weeks ? Budgeting for a fluctuating paycheck can be pre stressful sometimes, but it doesn't have to take over your life. If you're organized and planned correctly, you don't have to be stressed out every moment about money in this class. That's what we're gonna talk about. We're going to talk about some easy, actionable tips to make sure you can plan ahead and also stash some money aside for emergencies. Imagine that. Having a little bit of extra money, I promise you, this isn't gonna be very hard. All you're gonna need is a pen, a paper and possibly a smartphone for free app. I'm gonna show you to make sure you're planning ahead and ready to go. If you're ready to take the stress out of fluctuating paychecks and take the mind work out of money, enroll in this class and let's do this 2. Getting Started - Auditing Our Expenses!: our first and most important step to this whole process is auditing our expenses. To stay organized and know where you stand, you have to know what bills or do and when they're due. You'll have to decide if you want to do this part electronically, for example, on an Excel spreadsheet, or if you'd like to use paper and pencil personally, I enjoy using the paper method, since it gets me more in the zone. Once you've decided if you're going the paper or Excel route, it's time to do the real work. We've got to find out when all our bills air do and how much each of them are. If you get paper bills, try and find last month's bills and the due dates for each or if use auto pay or pay directly from your bank account, you can pull up last month's bank statement or visit the Web sites of your accounts and log in to find all this information. After you find all of that, plug it into your sheet with the date of the bill, the bill name and the amount of the bill. There's two reasons keeping track of all this is a good idea. For one, it helps you understand where your money's going. You can see where you can cut corners and distinguish your wants from your needs. And second, it's proven that breaking down big numbers into multiple, smaller ones helps you grasp what you're looking at. A little better. Oh, and here's a pro tip. If you don't know how much one of these expenses will be, estimate on the high end to give yourself some leeway. For example, if last month you spent X amount on groceries, but the month right before that, you spent two times that try shooting somewhere in the middle of the two. Here, you can see an example of all my bills on one paper sheet. You can see all the bills for my month lined up, but below that, I also put my variables that could be gas, groceries and anything else that changes weekly or monthly. Believe it or not, the hardest part is actually over. It could be really time consuming, finding out where all your money goes each week or in a whole month. So, great job. Let's get started with an Elektronik tool, a great app you can use to track your expenses daily. It's actually much easier than you think 3. A Great App - Using Fudget!: for this section of the class, we're gonna download a free app called Fudge It. It's a budgeting app that super flexible and very easy to change at a moments notice. This app is available for android or iPhone. So regardless of what device you're using to download it, you should be covered. There's really a ton of budgeting APS out there, but the reason I prefer fudge it as a freelancer is I can change my budget on a dime if I make an unexpected purchase, or even if I end up spending less on groceries. And then I thought I would. I can change that in the app extremely easily. One more thing to like about fudge it is. You don't have to worry about anyone hacking your financial information, since you don't have to link any of your bank accounts. That was something I found important. Now that you know why I like to use budget. Let's jump in and I'll show you how this app works once you open it up. That's a pretty simple interface. You've got settings at the top, left options at the top, right, an ad budget right there in the middle Of course we want to add a budget. So let's go ahead and do that now. Once we tap add budget, we're gonna be able to type in the name for our budget. What I like to do is name mine for seven days. So let's say March 1st through March 7th. And then we're also going to do the following week, March 8th through March 14th and so on and so forth for the next few weeks. I'm just going to start with these two. So if we go into the first week of March, we can plug in the information we have from our spreadsheet. But first, let's start with add income. Add income is where you're gonna put in how much money you currently have or how much money you're going to have on a certain date. For now, let's just type in checking account, and then let's type in $1600. And then let's plug in with add expense. The different bills we have. So first we've got rent for 1200 then cap on date on the right side, and we can choose March 1st. Next one Spotify. I love Spotify. That guy's 12 bucks, and that one is on the third and so on and so forth. We'll do that with Netflix for 10. Choose the date on that one. They will do car payment and car payment is on the fourth and then finally will do car insurance. That one will be on the second. So now you can see on the right side some green and red numbers, so the green numbers mean you're in the green. But then you can see on the fourth we're gonna need 22 extra bucks to make that amount. Let's assume you have a job coming up in between the third and the fourth. Let's say on the third you get a retainer for a photo job and that retainer is $100. Let's just type that in without income. Change the deep to the third, and they also noticed that I just misspelled that. And then let's just tap on it and drag it up so it's right above our expenses. Now you can see we really need 22 bucks. But additionally, like we said earlier, we also have gas to factor in of 35 bucks and groceries for 50 we're gonna type those in. And since we don't know exactly when we're gonna buy these things were just gonna leave him at the bottom and hope that we have the money for them. Now, I also know that I have another photo job coming up on the sixth. That's gonna give me 400 bucks. So we're just gonna choose that and drag that right here in the middle. There you are. You can see your running balance on the right side and your total balance for the whole week. Your left over after income and expenses at the bottom 2 93 Now, let's do the same thing with March the eighth through the 14. If you go and tap on the top where it says budgets on the left side, we can go into March 8th to 14th. Let's go ahead and type in the bills for the eighth to the 14th. Now let's go back to the first budget. Here we have $293. Let's say we wanted to save some money for the next week. As you recall, if we go back, we need $242. So we go back in here and we add a new expense save for next week. $242. You can see we still have 51 bucks left over. And then if we go back into the second week, we'll just add that has saved 242 during that to the top. And we're hoping next week we'll have enough money saved for all our expensive. But let's say in this week we end up going out to eat and we get some cheesecake. We end up spending $75 on cheesecake for us and our friends. Now we're $25 under. Well, what we can do it slide over where it says save for next week to the left side, a bit usar calculator and remove $75. And now you can see Hey, we have $51 extra. But we said we were going to save that 1 67 for next week. So if we go back in here and change this 1 67 now, we need 75 bucks and you can kind of see how this can just go back and forth. You can plan ahead and also change things on a dime if you end up spending more or less than you need to. Let's say you next week we only ended up spending 10 bucks on groceries. We still need $35 can go back and see well this week we have 51 extra bucks. So if we just save extra 31 back here, say, plus 31 Now we only need four bucks. So this is a really great way to get ahead of the game and see what you're doing when you're doing it. And also plan ahead for payments as well as bills. And keep yourself on track without stressing out too much. As I'm sure you could tell this technique for budgeting consumed tedious. But as someone who gets paid at different times during the month, this app has been a lifesaver, helping me stay organized even when my income is changing all the time. Hopefully, you can find some value in this app to now. Let's move on to some tips and tricks for saving money. When you're on a budget 4. Class Wrap Up!: now that you know how to use the budget app and you probably see how it can help you change your budget on dime, I'd like to run down a couple of money saving ideas to help you stay on track first, creating an emergency fund. Since things can happen at any time that threw off your plans, it's good to have a Plan B or a way to create yourself a buffer for hard times as a good rule of thumb. If you can set aside any extra income you have for the week, create a line for that in your budget. It can be a smallest $5 each week or each time to get paid. But if you really want to create a nice chunk of money to fall back on your, consider factoring a percentage of each time and get paid into your savings. If you know how much you generally get paid, you can plug that in ahead of time as you create this week's or this month's budget. If you don't know the exact amount, try to stick to doing so as soon as you get paid for a second tip, consider shopping around for services and subscriptions. If you could do without a certain streaming service or maybe consolidated with another company, do so to save money. Keep an eye out for deals around Black Friday or other holidays when it comes to insurance . If applicable, don't be afraid to shop around. The same goes for Internet and phone costs many times. The very first option isn't the cheapest. Take a couple of days to shop around for the best rates. It can really add up. For example, we were able to switch to a Spotify plan that also gave us who in the bundle that saved us about $12 a month. I want to thank you so much for signing up and rolling in this class. I hope you were able to find some value in it. If you do choose to trout any of these tips and they help you on your budgeting journey, I love to hear an experienced your class project of how you think you benefited. Additionally, feel free to review the class, so let us know what you thought. Thanks for watching, and I'll see you in the next class