Market Performance: February 08, 2024.

The S&P 500 finished little changed on Thursday after briefly topping the 5,000 milestone for the first time on record.

The broad-based index edged up 0.06% to finish at 4,997.91 after reaching a high of 5,000.40 heading into the close. The Dow Jones Industrial Average rose 48.97 points, or 0.13%, to end at 38,726.33, while the Nasdaq Composite gained 0.24% to close at 15,793.71.

It’s a “good headline, but in perspective, it’s another stop on this ridiculous rally that we’ve seen,” said Jay Woods, chief global strategist at Freedom Capital Markets. “I think the market is tiring, this rally is tiring.”

Strong earnings, and a continued chug higher in megacap technology stocks, have boosted the market in recent sessions, but concentrated leadership in 2023′s darlings has been a matter of concern for some investors fearing it could hamper a sustainable rally.

How to budget with a fluctuating income

If you’ve ever lived off of tips or commissions, you may be familiar with the up-and-down paychecks common in certain industries. Service jobs, sales jobs, creative careers and project-based work can all have fluctuating income, where seasonality, events or the general economy might affect your earnings.

When you can’t depend on a regular paycheck amount or paycheck timing, it can be hard to know how you’ll make ends meet when money isn’t as abundant. With some planning, budgeting and creativity, however, it can become easier to weather a varying income.

Lawrence Sprung, a certified financial planner and author of the book “Financial Planning Made Personal,” works with several financial clients who are romance novelists. These authors live off of book deals and royalties and often have to budget differently depending on their publication cycle. Sprung and his firm help these clients determine their expenses so they can figure out how much they need to save, he says. Even without the help of a CFP, there are steps you can take on your own to get your budget on the right track.

“One of the key components of an unpredictable income stream is having an emergency fund set up,” Sprung says. “We usually recommend six to 12 months’ worth of income so that when work lightens up they have income to live on.”

A six-to-12-month emergency fund can seem like a daunting goal, but you can start small, and something is better than nothing. When you’ve figured out your essential expenses, you’ll want to start setting aside separate accounts for retirement and other long-term savings goals, such as saving for your child’s college education.

Joint bank accounts contribute to better relationships

The major concerns that create conflict for couples tend to center around some common areas. Among the most frequently cited touchy topics include money and sex and childrearing for couples that are also parents.

The arguments about money and sex can be similar—who makes decisions about how much and how often. Conflicts about money often pop up as the most frequent reason for divorce or breakups.

Financial Infidelity

When people hear the word “infidelity,” most people immediately think of romantic or sexual infidelity in a relationship. However, financial infidelity is a very real issue, and it is often at the root of the arguments that couples have about money.

Garbinsky et al. (2023) described this form of betrayal as engaging in money dealings that are kept secret from a partner, wife, or husband due to the expectation that they would disapprove of the activity.

Financial infidelity, which one study found happens in around 27 percent of couples (Jeanfreau et al., 2018), can run the spectrum from spending money without telling your partner to saving money without telling your partner. Opening up an individual savings account, a new credit card, or earning extra income without telling your partner because you believe they would disapprove all constitute financial infidelity. It’s not just buying something you long for but know your partner just wouldn’t go for—although that qualifies, too.

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