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Whether it’s due to being a full time parent, a medical complication or a soft job market, many of us are only able to find part time work these days. If you’re currently in this position, you may find it hard to budget your money because it seems like no matter what you do, your bank account always bottoms out before the end of the month.
Don’t worry though, it isn’t just you. Many people don’t realize it, but budgeting when working part time is very different from budgeting when working full time. Here’s a simple 3-step strategy to make sure you can budget effectively, even while working a part time job.
The salary of many part time jobs can fluctuate wildly from month to month. The number of hours your employer needs you for could be a trickle some months, and a roaring surge the next. There are several factors outside of your control that may affect your hours: the season, how many other employees there are, and how in demand the service or product you’re providing is.
If you’re a waiter or have another position in the food industry, tips will make up a large part of your income. This makes you especially vulnerable to the whims of customers and seasons. Understanding that your income won’t be steady is key to budgeting for a part time job.
Once you’ve accepted that your income will be uneven, the next step is to identify which bills and items you spend money on each month are absolutely necessary, and which expenditures are luxuries. Add up the necessities, and you’ll have a list of what your paycheck should go to first each month. Prioritizing your spending this way helps make sure that you keep a roof over your head and the lights are on at the end of the month, even during slumps in your income.
Now that you have the ability to budget for the tough times, it’s time to start planning for months when you make more than the minimum you need to survive. The best way to do this is to plan a two-part budget: the first part should cover your basic costs, and the second part cover items that are luxuries more than necessities. Spend your income on the first part of the budget until it’s been covered, and only then expand to the second part of your budget. While it may be tempting to splurge and treat yourself, be sure to sock away enough of your extra income to make it through your next slow month.
Part time jobs are inherently different to budget for than full time positions, but if you follow the steps above, you’re ensuing that no matter how much your earnings fluctuates month to month, you’ll be able to weather the storm. There are situations where no matter how well you have planned and saved, you will simply not have the savings to cover an expense. These are the times where you need to be creative. For some people, the problem is easily solved with a swipe of the old credit card, but for expenses that demand cash or if you lack the credit you deserve, there are other options.
At Texas Car Title and Payday Loan, Inc. are here to help. We offer payday loans to those who need a fast cash option to make ends meet between paychecks. Simply fill out our online request form and answer a few questions to get the process started and get you the extra cash you need today.