Pay Off Debt or Save for a House? How to Budget Irregular Income w/ Cheryl | 629

Cheryl (0:00)

I have really high months and I have really low months. I need to save about 10 grand more for a down payment.

Vanessa (0:06)

Let's really pretend that your budget, that it's a slow month.

Cheryl (0:11)

The plot thickens here, Cheryl.

Shana (0:13)

That one's done completely, and now I know my entire focus for every extra dollar that I get is going toward this one goal.

Vanessa (0:20)

Do you make good money but have nothing to show for it?

Shana (0:22)

Are you tired of living paycheck to paycheck?

Vanessa (0:25)

Do you have big dreams for your financial future?

Shana (0:27)

Do you want to get debt free, but you don't want to live on beans and rice?

Vanessa (0:30)

Or you don't want to give up those pumpkin spice lattes?

Shana (0:33)

If you don't already know how to budget, or if you're using credit cards to get through the month.

Vanessa (0:37)

If you want to seem like you have your finances all together, or you're not on the same page with your spouse when it comes to finances.

Shana (0:44)

We know what you're doing probably isn't working, but guess what?

Cheryl (0:46)

You're in the right place.

Vanessa (0:48)

We're Shana and Vanessa. We're best friends, business partners, and master financial coaches trained by Dave Ramsey. We've been in business since 2019, helping hundreds of amazing people like you create budgets, get out of debt, stop living paycheck to paycheck, and know exactly what to do with their money.

Shana (1:05)

In this podcast, we'll share with you everything we know, plus everything we're working on with our clients, so that you have the best chance at reaching your financial goals.

Vanessa (1:12)

We want to help you take the guesswork out of your budget, improve your marriages, and even bring your kids in on the conversation.

Shana (1:18)

We can help you no matter where you're at, whether you're the single mom who's never had $500 in her savings account, or the millionaire who's paid off four real estate mortgages.

Vanessa (1:26)

And we're not going to shy away from the tough love. We'll tell you what you need to hear and encourage you at the same time.

Shana (1:32)

This is the Financial Coaching for Women podcast.

Vanessa (1:36)

Cheryl, welcome to the Financial Coaching for Women podcast. We're so excited to have you tell us what you got going on and how can we help today?

Cheryl (1:45)

I am so thrilled to be here because I love seeing you ladies again.

I did buy your Simplified Budget System and I love it. It has actually really helped in one area that I was really struggling with before. That would be the groceries and the dining out, kind of like that food aspect. So thank you, kudos. But now I have another kind of presenting a problem in that my income fluctuates. I have really high months and I have really low months. And I think I can kind of manage that whole budgeting thing across 12 months with that. But I want to buy a house, so I'm wanting to, I need to save about 10 grand more for a down payment. And so I'm kind of really struggling with, okay, with the fluctuation. It's easy when you have a set budget every month, right? You can say, hey, I'm going to put this aside each month towards this, but because it fluctuates so much, I'm wondering what you could advise me to do, or just some suggestions on how can I save that 10 grand with an up and down monthly income?

Vanessa (2:48)

Vanessa is going to put our heads together. Yeah.

Shana (2:50)

And this is going to be a really good answer, and she's super excited. Her will is already turning. I'm going to tell you, tell your clients to stop being inconsistent and go on vacation all the time. Obviously, what is your deal? Don't have any down months.

Cheryl (3:02)

No, I'm just kidding.

Shana (3:02)

I know that's how it works, and it's frustrating, but you're already a step ahead by figuring all of this out. So now the next level.

Cheryl (3:09)

Yes.

Shana (3:10)

Yeah, we got you.

Vanessa (3:11)

Yeah, we're going to get you going on this. All right. So what is your budget look like on the down months? When you make your budget with a low-income month, are you able to cover everything with that, or what does that look like for you?

Cheryl (3:23)

Yes, I am. I'm able to cover. I'm not able to really put a whole lot aside to save, though. Okay.

Vanessa (3:32)

But the basics are covered.