How I budget myself with an INCONSISTENT INCOME #storyofablogger

I have been blogging for the past two years now and I’ve never had salary certainty. That is, I’ve never had a definite (or even approximate) sense of how much money I’m going to make in a given year. Whether you’re in sales, a freelance writer, an interior designer, or any other self-employed worker, you know the challenge of budgeting for an unpredictable income. Sometimes it can feel like you’re aiming at a moving target. To manage the demands of cash flow management with irregular income, I’ve mastered a variety of techniques to stay solvent in the short-term while also staying accountable to my big picture goals. Bloggers talk all day about their list building strategies, their product launch schedules, and their content plans.
But if you’re not planning ahead for your finances and tracking your expenses, you’re building everything on a dangerously unstable foundation. Today, I’m going to walk you through a few ways to budget with inconsistent income and survive in the competitive society as an INDEPENDENT and how to BE MONEY CONFIDENT by taking in consideration the very important aspect of INVESTING IN MUTUAL FUNDS .  The following video will give you a brief about my point of discussion today .

     1)   Budgeting is Imperative:

         Whether you have a steady paycheck or are freelancing, the key to financial freedom is to budget and control your cash flow. When you make your budget, base your income on your lowest-paid month from the previous year.

2) Save for the Future

       At the same time, you want to put money away for emergencies and towards your financial goals. The only way to do this is to become disciplined about saving, regardless of the month’s income



3) Invest Wisely

  Women entrepreneurs like us are not only strong and smart but financially independent too, who can cater to their needs all by themselves. However, they also need to plan for their future financial goals.
One of the best ways to achieve one’s financial goals is to invest in mutual funds wisely over a longer period of time. This will not only help you develop a habit of dedicated savings, but it will also help in generating higher returns on the amount thus saved.

Why mutual funds ?

Despite their simplicity and suitability for small investors, mutual fund is not a preferred investment vehicle for the vast majority of Indian investors either due to lack of knowledge or they find this asset class too complex to understand. Investing in  mutual funds is undoubtedly a well-diversified, low-cost and tax-efficient way of making your savings grow. It is an ideal investment vehicle for those who do not have the expertise to invest directly in stocks. You simply invest in a fund, and the fund manager will do the job of picking the stocks that he thinks will yield good returns. Here’s why I made a smart choice to invest my INCONSISTENT INCOME and chose to #BEMONEYCONFIDENT.

  *Higher returns  Isn’t this what all of us seek from our investments? Mutual funds provide the right avenue for investing in a variety of market-linked instruments, which have time and again delivered superior returns compared to other traditional investment options.

* Generation of ideas: Analysts and fund managers actively identify new ideas: For equity investing, the search spectrum includes investment team meetings, meetings with a company’s management, competitors, suppliers, industry experts, regulators, external research and reports.  

* Evaluation of companies: Filters such as liquidity, market capitalisation ownership and other parameters help identify opportunities.  

*Manufacturing or Monitoring of portfolios: Among all the ideas that are generated and evaluated, the fund manager picks those that have the most potential. Portfolios are monitored continuously to ensure that they are positioned to meet their investment objectives and are within the set risk framework.


And finally, investing in mutual funds is now a piece of cake. The whole process is offered online and is super convenient. Starting a SIP or making an investment can be done in a matter of few clicks. Even tracking the performance of your investments can be done easily online.


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