How do you even budget on a low and varying income?

Posted by ktitten@reddit | AskUK | View on Reddit | 6 comments

I live with my partner and we are both on part time contracts with over 0.5 FTE but also work varying overtime. Both close to minimum wage. We are on universal credit as my partner only started their job a month ago, so before that we needed UC to top up my wage. But I recently graduated and while studying I had a much larger income due to other jobs and bursaries and loans. I'm finding it so difficult to budget with this in mind. I find it hard enough as it is to coordinate meals due to varying shift patterns. How do people manage?

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6 Comments

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kitknit81@reddit

Try batch cooking and storing in individual containers so you always have a meal ready you can heat up. It saves money and makes meal times less stressful.

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1968Bladerunner@reddit

When I was younger I stupidly relied on a credit card to ride that wave, racking up a sizeable debt in the process. Within months of my ex & I separating & her moving out, I was able to bring household spending & budget under control, & had the card, loan & mortgage balances zeroed within 5 years. After that, as well as saving for the longer term, I ensured there was an emergency fund built up during the good income months to ride out the low income ones. Yes it meant sticking to a budget, cutting out unnecessary expenses, & choosing more cheap or free days out with the kids, but the upshot was we were in a much better place after a few years, & could then afford to splurge a bit more... it does take time & dedication though.

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ktitten@reddit (OP)

Thank you! Luckily I'm in a decent 'spot' already considering debt even though it doesn't seem like it. No debt apart from my student debt. This is helpful and hopeful though. I've had so much change this year it's been overwhelming but I think now is the time to sit down and take stock.

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1968Bladerunner@reddit

I can but wish you good luck. Being ruthless with your expenses to save the pennies regularly can feel shit when over an extended period - bulk cooking, consolidating subscriptions, cutting out most luxuries, etc., but knowing it wouldn't be forever helps. However the buzz once you're beyond it is wonderful.

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annedroiid@reddit

I’d suggest posting over in r/UKFinancialAdvice

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