Guides / Using and refilling
Emergency funds for irregular income
A bigger buffer and a monthly "paycheck" to yourself.
Freelancers, gig workers, commission earners and seasonal workers need an emergency fund that also smooths out uneven months.
Two pots
- An income buffer: a few months of essential expenses that you draw on in slow months
- An emergency fund for true surprises
How
- Work out your essential monthly costs
- Pay yourself a steady amount from a holding account each month
- In good months, top up the buffer first
- If no one withholds tax from your income, set aside money for taxes separately so it isn't mixed with emergency money
General information, not tax advice. Penny Vaults isn't paid by any bank or lender.