Microsoft Money

[Savinup06]

Hello all! I am new to the forum but would like to think I am not relatively new to the personal finance world. I have one question that hopefully someone can shed some light on for me. I am a college student with quite a bit of debt and trying to save as much as I can while snoballing at the same time. I work as a server so the majority of my money is not gaurenteed so it is very dificult for me to forecast my income. For microsoft money I made a debt plan, and detailed budget but my cash flow forecast is a bit skewed due to the inconsistency of my income. I just started the Money file so perhaps it will improve with time if it takes into account my transactions? Any help about this question or advice for a debted college student is very appreciated! Thank you in advance.

[Broken Arrow]

Welcome Savinup!

This isn't exactly what you're asking, but when the paycheck is inconsistent, I am a huge believer in rainy day funds. In short, please be sure to have a generous savings to help weather the times when inflow is a bit dry.

If you have enough savings, it should able to help maintain your bills on a regular basis.

[project15]

I would only budget for the money you know is coming in for each paycheck. Not the average, the minimum. This way, you know your budget is accurate for even the lowest paying months. When you get checks that are above that amount, save all that money immediately rather than spend it. Make sure you budget for some spending money so that you aren't as tempted to spend the extra money.

[Knows Money]

I use Microsoft Money, and though you think the cash flow seems a bit skewed, Money accounts for those expenses that are frequent and then those that are infrequent or sporadic. It will even take things that you only pay for every 3 months or some other odd time period and spread it evenly over the 12 months. So, with your inconsistent income and the other factors I outlined, Money is probably more accurate than you think about your cashflow. It sees all your money and all your expenses at the same time when we compartmentalize expenses and incomes at different times. Its a great tool!