Important things to know about Managing Volatile Income
For many, job security has historically meant working for one employer for many years until retirement, earning a steady paycheck, health benefits, and often a pension. Today’s job landscape often looks very different. Not only are employees switching employers at a more rapid rate, but many are also starting their own businesses or working as consultants on a varied basis, for specific projects or tasks that can range in length. These workers are often not receiving a consistent paycheck.
Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to overall financial competency, whether this is understanding checking accounts or creating a budget, our curated playlists will provide you with important information.
Managing Volatile Income:
Regardless of the circumstance that has led to income volatility, it is important to manage the ups-and downs of your income. Unpredictability can be a burden but can often be managed by planning ahead.
Reading through this article, located in the Investing in Your Future playlist, you will learn some important strategies to keep in mind if you are someone who does not have a consistent paycheck, or has volatility in your income. Many of these strategies are useful for any person’s financial situation, like creating/managing a budget and building emergency savings.
Having a volatile income may create some challenges, but it doesn’t need to be a constant source of stress. A solid budget, savings plan, and other strategic tools along the way can help you work towards or maintain financial security.
The NAFSA Financial Literacy Program provides a variety of modules and tools with easy-to-understand information to help people better comprehend their finances and make more informed decisions.
Explore the program today: https://nafsa.everfi-next.net/welcome/nafsa-achieve
*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.