top of page

How do I determine my income and expenses for budgeting purposes?

Curious about budgeting process

How do I determine my income and expenses for budgeting purposes?

To determine your income and expenses for budgeting purposes, you should start by gathering all of your financial information, including pay stubs, bank statements, credit card statements, bills, receipts, and any other relevant documents.

Next, calculate your total monthly income by adding up all of your sources of income, including your salary, tips, commissions, and any other sources of regular income.

Then, list out all of your monthly expenses, including fixed expenses such as rent or mortgage payments, car payments, insurance premiums, and minimum debt payments, as well as variable expenses such as groceries, entertainment, and clothing.

It's important to be as detailed and accurate as possible when listing out your expenses, so you can get a clear picture of where your money is going each month.

Once you have a complete list of your income and expenses, you can use this information to create a budget and make informed financial decisions.

bottom of page