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Reply to "How to budget when your income is all bonus?"
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[quote=Anonymous][quote=Anonymous]It depends on how much your overall HHI is and what a reasonable and acceptable household run rate is to you and your DH. But you’ll want to carry a much bigger emergency fund than you would otherwise. Also, base your annual budget off of a conservative estimate of DH’s income (say, 78-80% of previous year), and pretend in your mind that that’s the total from which you need to figure out your savings goals, discretionary spending, etc. [/quote] +1 OP you have the right idea that you need to save enough so the bonus is funding the following year. Most people need a minimum 12 months savings emergency fund in case of job loss. In your case, I'd try to save and get to 24 months emergency fund. Also, live below your means until you have a solid retirement saved. That's good advice for anyone, but essential if most of your HHI is unpredictable. [/quote]
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