Listing Your IncomeWhat income are you receiving? Let's list them. Yes another list... We need to make sure we know what money we are receiving. We will only need one sheet of paper for this, the following is a list of examples:
For some this may just be one item your payroll, for others it may include child support and or alimony. Write them down. Next write down how often you receive each; examples would be: weekly - every Friday, bi-weekly - every other Friday, or monthly - on the 1st or 15th. Now write down how much you receive each check. If you don't receive the same amount each paycheck, use what what your typical or average paycheck would be. Let's don't use additional income that is iffy. In other words if you receive money from someone on a whenever they have it basis don't include that. If it's not guaranteed money we can't count on it to pay the bills. But, we can use the iffy money to put in the various savings whenever it comes in. Click here to read more about various savings accounts. Back to our budget... This list was fairly quick & easy... now lets put those lists together...... One more quick note: Regarding payroll taxes; Make sure you are having enough state and federal taxes taken out of your paycheck each payday. If you don't have enough deductions taken out, come tax time, April 15th, this bill can be a burden. Also remember to take into account any changes during the year. For example your child no longer being a dependent. This can change/raise your tax liability very quickly. You don't want to have to try and come up with that money each year at tax time. And unless you are well schooled in saving and will start a savings account just for this to put the money in each paycheck to cover it, make sure your withholding enough. Another quick note: don't assume because you got money/refund back the previous year the same will happen the next. Return from Listing Your Income to Budgeting
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