How to budget for irregular income: Big lump sum income, followed by zero income, is familiar to contractors, freelancers and commissioned salespeople. But even those willing to adhere to a budget struggle with managing their irregular income.
Some people use overdraft services in lieu of payday loans. The superiority of one product over another boils down to how much you borrow or overdraft. While payday loans often charge an effective APY of 400%, overdraft fees can reach $35 per charge, sometimes making the effective APY as high as 17,000% on smaller transactions.