Thursday, July 25, 2013

Thrifty Thursday: Figure Out Your Income

Are you ready for Step 2?  If you missed last weeks Step 1, check it out and determine your expenses (here)

Step 2 might be the easiest step.  Pull out your pay stub and figure out what you get paid.  If you get paid monthly, it is easy to put one item into the spreadsheet.  If you get paid every two weeks, add those two items together to put into the spreadsheet.  If you get paid irregularly, make sure you put the money you are paid in on the month that you get the money.

If you have any other sources of income, make sure you pull those amounts.  I do list the amounts in interest payments on checking, savings and Certificates of Deposits. 
I also leave another line on the spreadsheet for cash.  On this line, I include cash gifts, rebates, and garage sale profits.  My husband also fixes computer sometimes and gets a little money from those people.  I add any other cash or income that we get and I try to leave a note so that I know what the money was for if I look back later in the month because I have a hard time making heads or tails of it even a week later.

If you aren't ready for for the spreadsheet, then jot it on a piece of paper but if you are ready, here is the list:

Husband’s Pay Check
Cash from others
Rebates and Stock Checks
FSA Medical Checks
FSA Nursery School Checks
Interest Payments for Checking
Interest Payments for Savings
Interest Payments for CD

I put them at the bottom under the expenses on the spreadsheet.  It allows you to subtract the expenses from the income to see if you can stay positive!!!  But don't worry because we will do that in Step 3!!

Don't list the items for retirement accounts (401K, 453B, or IRA) because those are accounts that are not to be accessed until we are retired.  We aren't there yet so it doesn't count in this equation.

See that should be easy right??

If you are interested in this post, here is the link to all of the posts in the series:

Figured out expenses
Figured out our income
Made a Spreadsheet
Making a Budget
Setting Your Budget and Spreadsheet
Budget Busters
Take the Emotion out of Budgets

No comments:

Post a Comment

Thank you for visiting my blog today! I really appreciate any input or ideas so add your comment below.