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Budgeting on commission/draw pay
Posted on 8/25/23 at 9:32 am
Posted on 8/25/23 at 9:32 am
I work on full commission and it’s tough figuring out how to plan/budget for the month.
I get 2 draw checks every 2 weeks with a commission check added with the 2nd draw.
It’s hard to budget for a month when you’re not being paid the same amount each month and when the commission comes on a random day (not the first).
Anyone have any tips?
I get 2 draw checks every 2 weeks with a commission check added with the 2nd draw.
It’s hard to budget for a month when you’re not being paid the same amount each month and when the commission comes on a random day (not the first).
Anyone have any tips?
7
Posted on 8/25/23 at 10:02 am to King of New Orleans
It would be easier to answer if you had 2-3 years under your belt because you would be able to average out and also determine fluctions based on seasonal or once in a lifetime windfall type of increase / decrease. Always have at least 6 months of expenses in savings. Just live a cheap as possible and save money until you figure it out.
Posted on 8/25/23 at 10:17 am to King of New Orleans
Start your budget with the items you have to pay for like food, power bill, and mortgage. Then put things like saving for vacation at the bottom.
Budget everything else in order of declining importance. That way if income comes in under expectation, you are cutting things like saving for the vacation, and not scrambling to cover your mortgage.
Budget everything else in order of declining importance. That way if income comes in under expectation, you are cutting things like saving for the vacation, and not scrambling to cover your mortgage.
Posted on 8/25/23 at 10:21 am to King of New Orleans
Tell your creditors you'll cut them a check once cash hits your checking.
Posted on 8/25/23 at 10:51 am to King of New Orleans
I’m all commission on the 15th and I struggle budgeting
Posted on 8/25/23 at 12:50 pm to King of New Orleans
quote:
Anyone have any tips?
My first job out of college was 100% commission.
Not even a draw.
When I started, my budget for next month was what I made this month. Plain and simple. Anything extra that I could save (i.e. a good month), I would try to save.
I was blessed with a quick paycycle, though. Check on demand, basically.
My current job commissions me anywhere from 30-60 days after closing. In that situation, next months budget would be last month's commission check (up to 60 days prior).
As I saved up money, I would essentially get to where I was paying ahead (pay the mortgage a month early, pay the car note a month early. I know now that the funds would have been better suited drawing interest. But priority 1 and 2 were to not be homeless or carless).
Once you get some stability (consistent pay), you can do a better job writing down a budget (food, gas, entertainment, setting aside for 6 months bills). The envelope method works.
Posted on 8/25/23 at 6:00 pm to King of New Orleans
Out of college I was paid a 3k per month salary with large quarterly bonuses. Some quarters were 10 while some were 50+. Did it for 3 years and learned to live off the salary and it set me so far ahead being able to just invest the bonuses. It was the best thing for me ever financially. I’d recommend finding the realistic minimum you’re going to take out and budget off that number. The rest goes to investment.
Posted on 8/25/23 at 7:52 pm to nugget
Thanks everyone. All good tips.
My challenge is knowing when I should actually do the budget. I’ve been doing it the day my commission check clears but most times, that’s late in the month so it makes it weird. I’ll then adjust when I get draw checks. Lots of in unnecessary moving parts I think.
Would y’all recommend doing the budget on the 1st of the month and do it based on what my salary was then adjust when you know what the commission will be (it’ll always be higher than salary so I’ll either add to categories or save)?
Really appreciate y’all’s help.
Also, using the EveryDollar app has been a big help but my pay schedule makes it tough which is why I’m thinking of doing it on the 1st as opposed to when the commission clears.
My challenge is knowing when I should actually do the budget. I’ve been doing it the day my commission check clears but most times, that’s late in the month so it makes it weird. I’ll then adjust when I get draw checks. Lots of in unnecessary moving parts I think.
Would y’all recommend doing the budget on the 1st of the month and do it based on what my salary was then adjust when you know what the commission will be (it’ll always be higher than salary so I’ll either add to categories or save)?
Really appreciate y’all’s help.
Also, using the EveryDollar app has been a big help but my pay schedule makes it tough which is why I’m thinking of doing it on the 1st as opposed to when the commission clears.
Posted on 8/25/23 at 8:31 pm to King of New Orleans
I thought that was the point of draw?
At my work you just get draw and can clear draw bank if it grows
At my work you just get draw and can clear draw bank if it grows
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