When you are working as a waitress, you could never be sure how much money you would earn. Although you might be capable of making estimation according yo your past performance, you could be scheduled fewer shifts one week or get quite little on a particularly slow night. So you should learn something to create a budget to cover all your expenses in order to meet some big challenges. It is vital to save during the good times to help you get through any difficult days.
1. Add up your common monthly expenses. You should include almost everything such as groceries, entertainment expenditure, mortgage, transportation costs, utilities. That would be the total amount of money you have to make for the month.
2. Average your monthly paycheck earnings.Working as waitress, you would get both a paycheck and tips. Although tips might be various, your paycheck would be somehow constant, even if it might be lower than minimum wage. Have a look at your pay stubs for the last six months and average them, so you have an estimation about how much you could reasonably earn on a regular basis.
3. Put all of your tips in one place to keep track of earnings. If you are back home having a pocketful of cash, it is quite easy to lose track of your spending. Though it might be impractical to stop at the bank each day, you could put all of your tips into an envelope when you get home. At the end of the week, you should count the money and make a deposit.
4. Compare your paycheck earnings with your monthly expenses. If you spend less or you could work many hours, your paycheck might cover your daily expenditures. However, in many cases you will have to use your earnings from tips to fill a gap.
5. Develop a method for paying your bills. For instance, you would possibly pay your rent and utility costs by check, so it is necessary to keep money in your checking account for such expenses. But you could use the cash from your tips to pay for your groceries if you think it is much convenient to keep record of costs like this.
6. Set aside extra money to cover lean months. When you are lucky to have a good tip night, you should learn to resist the urge to use such money on something unnecessary. Instead, you should open up an emergency savings account so as to cover the bigger expenses when you’re not earning enough.