Make sure to use any relevant bank statements, printed receipts or e-receipts, or credit card statements to get the most accurate amount possible. Aside from the fixed expenses you collected in step 2, this list should also include variable expenses like:īecause many of your variable expenses can fluctuate month-to-month, it’s important to calculate the average of all your expenses over the last 3 months. Establish a List of Your Monthly ExpensesĪfter you have calculated your monthly income, it’s time to create a list of all your monthly expenses. If you’re a freelancer or a seasonal worker, you should base your total monthly income on your lowest-earning month over the past year. Happen to have a side hustle or alternative sources of income? Don’t forget to add these to your total monthly income, as well. If you’re a full-time employee and collect regular paychecks, you can use your net monthly income (the amount of money you take home after taxes) for this. Now it’s time to calculate your monthly income. The more thorough your budget is, the more accurate it will be as you sit down to plan each month.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |