ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -If you have an irregular income, budgeting won’t work for you. Your monthly rent payment is an example of a variable expense. false, it would be like an electricity bill that you have every month but the amount changes.

Detailed explanation-2: -So, maybe you’ve got an irregular income-meaning you don’t make the same amount of money every paycheck. If that’s you, you aren’t alone. Plenty of people work hourly or commission-based jobs or have side gigs that change up their income every month. But you can-and should-budget every month, irregular income or not.

Detailed explanation-3: -Irregular Income This is the income that we may receive from time to time and can include things such as Bonuses and commission, dividend payments, lottery wins and interest on savings. Benefits-in-kind This is non-monetary income. These are the things that enrich us but not in terms of actual money payments.

Detailed explanation-4: -When someone has a predictable income it means that they know what they will receive, so they can make a budget for the next week, or month. Someone who has an irregular income would have to create a budget for a shorter time span, and would have to modify it more.

Detailed explanation-5: -Establish a baseline monthly income. This is your “I can count on earning this much no matter what” income. Make a list of required monthly expenses. Pinpoint other monthly expenses. Use your baseline income. Include additional earnings. Create a buffer account for low months. 12-Oct-2022