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Reply to "How to budget when your income is all bonus?"
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[quote=Anonymous]That's a challenge, but ignore the person who said have him change jobs. You can do this. We need more info to help you. What's the salary and what's the range of bonus? Is there a minimum bonus you can reasonably expect? My initial thoughts are to try and get ahead of your money so that you can use your year-end bonus to smooth out your cashflow in the following year. For example, if you get a $150,000 net bonus in December, I'd say to save $30k of it for your future, and then plan to fund your life the following year with $10k/month. You can do this by setting up a separate account and having $10k/mo transfer automatically to your checking account. I don't think it's just about having a year's worth of living expenses saved, although that's a great idea. But you want to have a level of ease and comfort in knowing you can spend x$/month rather than starving for eleven months on his salary and then getting relief in December.[/quote]
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