From the course: Budgeting in Real Life
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Make progress on goals by percentage
From the course: Budgeting in Real Life
Make progress on goals by percentage
- I love working in percentages instead of dollar amounts for clients with inconsistent income, why? Well, when your income fluctuates, it's really difficult to commit to putting a specific dollar amount towards a goal every month. Rather, I recommend that any income left over after you cover personal and business expenses be allocated by percentage to your goals. And beyond your goals, using percentages can be a great way for business owners to set aside money for taxes from their business income, and for anyone with bonuses, commissions, or other business income, I recommend setting aside a percentage of fluctuating income to fun, too. Literally to an account, a fun savings account, because when you get a bonus or make a commission, you should get to enjoy it. Embrace the power of percentage. Here's what it can do for you. First, by setting up contributions by percentage, you'll automatically contribute more in months…
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