How do I budget my other income streams?
Most people’s primary income comes from their employment—think regular paychecks at a set rate. But life isn’t always that simple! Many of us juggle additional income streams, from side hustles to generous gifts, and that’s where Build My Wealth comes in.
We make it easy for you to manage all your income types, ensuring every dollar has a purpose. Here’s a breakdown of the other income types you can track with us:
1. Commission
Earned by sales professionals or anyone who gets paid based on the deals they close. This is often a percentage of the total sale amount.
Example: A real estate agent earning 3% commission on a $300,000 property sale pockets $9,000.
2. Freelance
Income earned by providing skills and services to one or more clients on a project or contract basis.
Example: A graphic designer earning $1,000 for creating a logo for a startup or a writer getting paid per article.
3. Allowance
A regular amount of money received to cover daily expenses. This could come from family members, employers, or even organizations.
Example: A student receiving a $200 monthly allowance from their parents to cover transportation and meals.
4. Gifts
Money or presents received out of generosity, often during special occasions or just as a thoughtful gesture.
Example: Receiving $500 from a relative as a wedding gift or a holiday cash envelope from a friend.
Let’s say you earned some money from your freelance work. Here’s how to budget this windfall in Build My Wealth to ensure every dollar is working toward your financial goals:
Go to Budget.
Click Add Funds.
Click Add Income.
Select Freelance.
Click Next in the upper right corner of the screen.
Enter details.
Click Save.
Click Budget my $XX.00.
Plan where your money will go.
Click Pay Myself if you want to:
Add money to your savings
Add money to a savings goal
Click Pay Expenses if you want to:
Pay off debt
Pay bills
Spend on personal things (e.g. gifts, self-care, self-development, clothing, vacation, etc.)
Take Control of Your Financial Journey
No matter where your income comes from, Build My Wealth ensures that every dollar has a purpose. Whether you're saving, investing, or spending thoughtfully, you’re one step closer to financial freedom.
Remember, the key to success is giving every dollar a job—and watching how those small decisions add up to big results!