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Surviving on a Variable Income

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When I first got a job with a commission-based salary, I quickly learnt how about managing cashflow.
Here are the lessons I learnt to cope with a variable income.

Read the full article: https://www.linkedin.com/pulse/managing-finances-commission-based-income-kenneth-chan/

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Surviving on a Variable Income

  1. 1. SURVIVING ON A VARIABLE INCOME HOW I MANAGED AS A NEW SALESPERSON
  2. 2. LIST DOWN EXPENSES Identify what you spend on and prioritize! Once I identified the essentials, I added in luxuries like entertainment and fun money for stuff like drinks at pubs. In doing so, I clearly demarcated the "needs" from the "wants". This makes it easy to make cuts when I was only drawing my basic salary.
  3. 3. NEEDS WANTS Phone bill Transport Meals Insurance Rent $30 $100 $250 $300 $500 Netflix Clubbing Avocados Starbucks $16 $200 $50 $150 *Cut when necessary!
  4. 4. INCREASE YOUR YIELD I moved my money into a high interest bank account like CIMB's Fastsaver with 1% p.a. Compare this with the 0.05% p.a interest rate I was getting on my regular savings account. That's 20 months of interest in just one month! Take a look at the terms and conditions though. Some bank accounts have minimum requirements for expenditure or salary to qualify.
  5. 5. REGULAR INTEREST Savings: Interest Rate: Monthly Interest: $5000 0.05% $0.21 $5000 1.00% $4.16 HIGH INTEREST
  6. 6. PAY YOURSELF FIRST I devised a system where all my money would go into my high interest (savings) account and I would transfer my budgeted expenses to a regular interest (expenses) account. This ensured that the bulk of my money was generating a higher interest, while at the same time, keeping me to a budget as I only had access to ready cash via the expenses account.
  7. 7. SALARY EXPENSE ACCOUNT SAVINGS ACCOUNT BILLS / EXPENSES
  8. 8. WERE YOU ON A VARIABLE INCOME? HOW DID YOU MANAGE YOUR FINANCES?

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