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Step 4 – Income-ing
The first step in completing your personal budget is to calculate what income you have coming in to your household on a regular basis. You will need this information for two main reasons:
1. So you know exactly how much money you have to spend and where it comes from, and;
2. So you can see if there is anyway of increasing the amount of money you have coming in (we will deal with this a little later).
When calculating your income, it is important that you record all of your figures as accurately as possible. In order to do this, you should use whatever documentation you have to copy your figures from. This could include:
- Your last 4 to 5 payslips
- Benefit or Pension books (and any letters you have relating to them)
- Details of any other income
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When you are completing your personal budget, try to enter your figures as either a weekly or monthly amount, whichever suits you best. However, try not to mix the two up or your budget will not work out.
Generally speaking, if you get paid on a weekly basis – enter all of your figures using weekly amounts. If you get paid on a monthly basis – enter all of your figures using monthly amounts. There are tips on how to convert weekly figures to monthly figures (and vice versa) in the notes on the budget sheet.
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