Zero Hour Contract Fluctuating Income.

[ZeroHours]

I'm hoping to talk to people about the hardest part of planning finances when on a zero hour contract.

Assuming the hours you work fluctuate, not knowing how much you will be earning from week to week must be an issue.

Would love to find out more about how big a problem it is for you, and how you deal with it.

Any replies here would be great.

Are you writing an article?

Nothing as grand.
Just curious how big a problem it is.

this type of contract suits people who just want pin money
There is a tendency for more of these contracts nowadays
as employers sometimes do not know when they need staff
so zero covers their peak periods. Cheaper for them as well.
Casualisation of labour has been a feature of the jobs market
for quite some time now.

Not on one, but DH was in a previous employment. It's shit. Can't plan ahead very much as you don't know whether you can afford it, never know hours one week to the next etc. If you need a regular, predictable income (like most people who are raising a family, or who have bills to pay each month) then zero hours contracts are terrible. If you don't rely on the money, then they are probably ok.

One of the tips in YNAB is to aim to live off last month's income. That way you have a bit of flexibility and time to plan when you know things are going to be a bit tight. This could be taken further by building up a a buffer to smooth out fluctuations. Obviously easier said than done at the start, but I think it is a good idea for everyone.

I was on a zero hours contract in a hotel last year. It's shit. I never knew how many hours each week I'd have. I had 10 hours one week and 35 the next. I couldn't plan or save and it messed up my money, my tax credits suffered and I got into debt with my rent. With 4 dependent dc it was a disaster

I imagine it would be a total pain if you also received housing benefit.

OP what exactly are you up to that you require a subject specific NN, request experiences of other people and contribute nothing yourself?