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Balancing multiple jobs and incomes on a budget

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It is time to approach the modern dilemma of balancing multiple jobs and consequently multiple and varied sources of income. In our modern world of work, many people balance multiple part-time jobs, freelance work, gig-economy jobs, casual hours and side hustles. 

This balance makes it difficult to apply the traditional budgeting advice for the 9-5 worker on a stable fortnightly/monthly salary.

So what’s the best way to approach your finances when they don’t fall into the traditional model?

I’ve broken down some key ways to keep track of multiple incomes below.

Calculate your average monthly income and spending

If you have a similar yearly income, work out your average monthly income and spending over twelve months.

This method might help you to work out what you can safely spend and save each month and smooth out your budget expectations each month. 

Use solid budgeting tools to stay on track

One way to keep track of everything is to fully commit to a budgeting and wealth tracking app like Frollo, Pocketbook or Pocketsmith.

This will help you better understand your financial position at any time and glean useful insights from the data.

% based split rather than $ split

It is difficult to set specific dollar-based goals when you’re not 100% sure of your monthly income. Standard targets like transferring $500 into your savings account each month just might not be realistic. Instead, consider making your goals percentage-based by planning to save 20% of your income each month.

It may also be helpful to set up payment notifications for incoming and outgoing payments on your main banking app to help keep on top of this.

Track your tax obligations and put money aside

This is such an important step if you’re a sole trader, side hustler or gig-economy worker. If your employer isn’t paying tax on your behalf, it is expected that you will be responsible for paying your tax to the ATO. To avoid a bill shock at tax time, set aside your money for your tax each month and don’t include this figure in your spending account. 

Figure out a method that actually works for you and your lifestyle

It will take time to get into a groove and feel comfortable with your financial position. Using a calendar or management system like Notion to keep track of your goals and jobs may also be a helpful step.

Keen to kickstart your budget? Take our free money & budgeting course on Rask Education!

Kate Campbell

Kate Campbell

Kate Campbell is the founder of How To Money (HTM), a personal finance platform for young Australians. Kate created HTM from a passion to help young Australians start talking about money, and share the resources she finds along her financial education journey. This led Kate to start her own journey to financial independence a few years back and she now works in the Australian financial services industry.

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