Hi there everyone!
What a wonderful Wednesday today is, isn't it?
I am finally starting to feel better, thankfully. This flu is hitting hard this year I am not sure if its all the weather that is going up and down or what but I couldn't seem to get rid of this nasty cold. Now I can get back to my regularly scheduled posts. I have a ton planned for the rest of the month and going to into the holiday season!
I am in deep prep mode for the holiday season to make sure the holidays are good and I have a less stressful holiday season. Plus this year since I have this new position I am really trying to prep and get everything settled so we could have a wonderful holiday season.
For those who do not know, I work full time Monday through Friday and then blog as a side job. I love to write and put a lot of effort into all of my posts and making sure that each post has a great message and I put my heart and soul into my posts.
With that being said, my day job is actually something that I love to do and I have worked really hard to getting to the position I am in to make sure I live a comfortable life. I actually work in a position that is fully commission, and the type of work I am in is very seasonal. During the Summer I have tons of work and have the option to make a ton of money, but during the winter since it is the slow season I definitely don't make as much money. So I have to plan and budget to make sure every one of our bills and expenses are paid for.
So how do I do it?
Check out my tips on planning a budget on a commission income.
When it comes to budgeting I have always been more of a spender. I'm not going to lie, money burns a hole in my pocket. I love to spoil my daughter and spend money of her and just making sure she has everything and anything she could possibly want.
This is probably one of the biggest things that I have to work on. I mean you have seen my little one, I love to spoil her and seeing her smile makes me so happy.
Cut back on unnecessary spending.
The way I was able to cut back on spending was to give myself a limit. Even though I wanted to load my cart up with clothes and Barbies every week for Ariana I give myself a budget of 50$ a week to buy her anything she wants.
This isn't just clothes or toys, I use this budget for the days Aria wants McDonald's after school or us to go to the Ice Cream Parlor and fill up. Then whatever we didn't use for the week I would put in her piggy bank so it was a mini savings account for her. Most weeks we don't spend all 50$ but it is a good way to also teach Aria to save her 'extra' money and one day when she wants to buy something extra nice she will have the money for it.
I also cut back on spending when it came to myself, so instead of listening to Pandora Plus or buying myself a new pair of shoes I limit myself to only getting one item a month for myself. This helps me to really put into reality what I want and what is needed.
Create a budget
When I created my budget with my new pay schedule it was hard at first to really not know what you would be getting paid and having to plan for bills. Luckily my corporate office enrolled all of the Warranty Writes into a new program where we would be able to see our checks for the week.
So let me explain my pay process.
For my company, as the warranty writer I get a certain percentage of the labor I claim for each work order. Then once the manufacturer sends the check I get paid that percentage of the labor on the check. There is different little reasons and but if's, so this is the basic process of my pay structure. Then each week I can go into my Warranty Paid sheet and see how many checks are deposited into the system, meaning that is how much I will be paid for the week before taxes. After that it's simple math to get my take home pay, I personally check this once a week since I get paid every two weeks. That way I can look at my budget and plan for the week.
The way that I create my budget is actually through Google Sheets.
I love to use Google for my personal budget because I am able to log on through any computer, or mobile device. Like if I have to make a change on my budget last minute I am able to just log on and change things around and it shows up on all my devices.
What I do first is along the top column I add the dates I need. Since I get paid every Friday I just put every Friday of each month across the top of the Page. I will start the dates on column B so I am able to add descriptions along the side of the page.
Then on the side I put the description of all of my bills and where my income goes:
What I do for the bills is actually find the closest Friday to when they are do, so if my ComED bill is due the 30th of every month, I will pay my ComED bill the Friday before it is due. Same with all of my bills that way I know when they are all due and I never fall behind.
I am going to use some mock amounts for legal reasons but I will keep the dates the same.
Then once all the amounts are in, I group for each month. So I merge the row about Rent for each month to be what month the bills are due for. That way I am never behind on a month and it allows me to even pay things ahead of time.
If you notice I haven't added my income in yet, as I said before since I am a commission income my pay fluctuates from week to week. For the week I get paid I am able to look at our system and see the amount I'll be getting paid for the week, as for the rest of the weeks I take the lowest amount I have gotten paid in my position so far.
these amounts are just to provide an example not an actual representation of my income.
In the savings column, this is not what I have in my savings account even though it kind of seems like it is supposed to be, I just deposit money into my savings and I don't think about it unless it is an emergency.
So the savings on my budget is for my checking account, this is pretty much just how much I have left over from my other bills and carries over to the next week.
To get this amount, I go into my first column and where total is I use this formula:
The formula is the equal sign, then your income +savings+ all of your bills
When you hit enter it will automatically calculate the total amount left over, I then go into the next column and where the savings cell is for that column I put the equal sign then whatever cell that is.
Once you have this in the budget and everything looks good you have to carry the formula over to the rest of the budget.
In Google Sheets you are able to drag the formula over by hitting the little blue box then dragging across like so:
You then do this with the savings column and for the most part this is your completed budget.
I personally love to use Google Sheets for my budget because its all digital and I am able to take it with me everywhere and make changes.
So lets say I am at the grocery store and I go over budget on groceries, I am able to log onto my budget straight from my phone and change the amount. That way I get live and updated amounts for how much I will have left over for the week.
This also helps if I get an unexpected bill or if my car breaks down or if Aria's school is having a fundraiser and I have to give them a donation.
If anyone has any questions feel free to send me a message and I can help you set up your budget.
Please like, comment and share this with anyone you may know that could use help with a budget.