Hi everyone, I just found out that I'm gonna be a dad. If is something I always wanted but my income is unpredictable. Sometimes I make 50k sometimes nothing. It never bothered me untill now. So I'm freaking out. What do you guys did when you have to have consistent I'm income.
Ask HN: Just found out that I’m gonna be a dad
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Re: Ask HN: Just found out that I’m gonna be a dad
#2If you have inconsistent income you have to have a healthy buffer of cash that you can draw from in times where you aren't making a lot of money. Congratulations on becoming a dad!
Re: Ask HN: Just found out that I’m gonna be a dad
#3Congrats!
Diversify the income stream. If you make most of your money freelancing, consider doing some pluralsight courses or writing a book. I highly recommend reading this article [1] from Troy Hunt (creator of HaveIBeenPwned) on some of the finance lessons he's learned.
You might also look at working part time with a regular client at a cheaper rate, or modifying your contract to ensure more regularity, especially if you can manage to get benefits.
[1] - https://www.troyhunt.com/10-personal-finance-lessons-for-tec...
Re: Ask HN: Just found out that I’m gonna be a dad
#4[dead]
Re: Ask HN: Just found out that I’m gonna be a dad
#5You always have the option to switch careers.
Re: Ask HN: Just found out that I’m gonna be a dad
#6Congrats! As someone else said, make sure you have a healthy buffer of cash. Unexpected doctor visits come up, you'll want to take the kid somewhere and they go through diapers really fast in the beginning. Also make sure you and your partner can communicate and have plans for sleeping and babycare. My son is just two months and we've finally figured out a sleep routine since we had both been getting up when we started to fuss or cry at night to eat. If you need any advice, have questions, or just want to talk I can send you my email.
Re: Ask HN: Just found out that I’m gonna be a dad
#7Congratulations!
1. Get a health insurance for you and your wife if you don’t already have one. That takes care of large unexpected costs.
2. Make a budget for next 2 years. This will show how much money you might actually need.
3. Build savings from today. You should be able to make good savings by the time your baby is born.
4. Not sure what you do. If possible find a way to build long term relationships with your clients.
5. Doing 2 projects, about half time for each is also a good idea. Gives you a safety net.
6. Choose clients that have good cash flow. Funding or profitability.
It’s important not to freak out now. Your wife needs a lot of support and you should be there. Also, first time dads under estimate the support they will get from friends, family and the system in general. It should be manageable!
Re: Ask HN: Just found out that I’m gonna be a dad
#8[deleted]
Re: Ask HN: Just found out that I’m gonna be a dad
#9Budget. Make your inconsistent income look like a steady one and plan how you're going to spend the money.
I use YNAB, and they have a bunch of articles / videos / podcasts about variable income, such as https://www.google.com/search?hl=en&q=ynab%20variable%20inco...
Re: Ask HN: Just found out that I’m gonna be a dad
#10Why can't you just buffer money on your business bank account, and thus give yourself a steady salary on a private account?