How do you deal with ups and downs in income?

It’s in the news all the time: a record number of Americans have incomes that go up and down throughout the year. Some of these people work in the “gig economy,” driving for rideshare services like Lyft and Uber; some work seasonal construction jobs; and some perform childcare or freelance work when they can get it.

EARN’s research shows that SaverLife members have fluctuating incomes as well: 70% of Savers experience income volatility.

When you don’t know what your income is going to be every month, that can make it hard to plan and hard to save. We asked some of you: how do you deal with ups and downs in your income?

How Savers manage in times of lower income

Gabriella, a Saver from California, told us, “In a low period of income, we count on my girls or borrow from my parents. In a high period, we set aside money as savings, but something always comes up and we have to use it.”


Recommended Articles

Kirsten’s Story: Adjusting to Life in Lockdown

Meet Kirsten, who lives with her sons and fiancé in Myrtle Beach, SC. Who’s in your family? I have two boys and a fiancé who’s basically a husband at this point. My youngest, Grayson, is five years old, and my oldest, Peyton, is seven years old. It’s hard managing two boys, but it’s manageable. What’s… Read more

How do you get out of an upside down car loan?

How do you get out of an upside down car loan when you have bad credit and no one is willing to refinance? Submitted by Nichole B. You have touched on a hot button for me! In the early 90s, I had a car that was so upside down my grandchildren would be paying the… Read more

Do ups and downs in income make it hard for you to save?

Last month, our research showed that 70% of SaverLife Savers experience ups and downs in income. These fluctuations can make it harder to budget and save. After all, how can you plan for your financial goals when you don’t know how your income will change every month? We were shocked to learn how frequent and… Read more