By this time, you should have
accumulated all your financial forensic evidence and are ready to start putting
together a budget. If you have not yet
done so, now is the time to get out the checkbook registry, get together all
bank and credit card statements, and get ready to assess your income and outgo.
accumulated all your financial forensic evidence and are ready to start putting
together a budget. If you have not yet
done so, now is the time to get out the checkbook registry, get together all
bank and credit card statements, and get ready to assess your income and outgo.
Be sure you have all your credit card
statements, loan statements, and any other financial statements or documents
together.
statements, loan statements, and any other financial statements or documents
together.
It is best to use some type of
financial software or even a basic spreadsheet program for this. If you do not have any of this, Google has
Google Sheets, which is a free basic spreadsheet program. Open Office also provides a free spreadsheet
program. Start by listing all your income and/or
anticipated income.
financial software or even a basic spreadsheet program for this. If you do not have any of this, Google has
Google Sheets, which is a free basic spreadsheet program. Open Office also provides a free spreadsheet
program. Start by listing all your income and/or
anticipated income.
Gross
Gross income is the total income you
produce. It is everything before any
type of deductions are taken out of your check.
You will use this to calculate your tithe and savings plan.
produce. It is everything before any
type of deductions are taken out of your check.
You will use this to calculate your tithe and savings plan.
Net
Your net income is what you actually
receive. This is what is left over after
all your deductions such as federal taxes and Medicare. Net income is the amount you will actually be
able to spend in your budget.
receive. This is what is left over after
all your deductions such as federal taxes and Medicare. Net income is the amount you will actually be
able to spend in your budget.
When David was working as a loan
officer at a supervised lender, he was taking a loan application when someone
told him, regarding their income, “De duck gets more than I do”. This is a cute statement to state what many
of us think about the many deductions from our paychecks we have to endure.
officer at a supervised lender, he was taking a loan application when someone
told him, regarding their income, “De duck gets more than I do”. This is a cute statement to state what many
of us think about the many deductions from our paychecks we have to endure.
Your income will consist of any salary,
hourly wages, or tips you receive. Also,
include wages you earn from anything.
hourly wages, or tips you receive. Also,
include wages you earn from anything.
Get this all together and write it down. Remember to include all income received by
both spouses in this calculation.
both spouses in this calculation.
Gross Income from
Salary/Wages------------------------- _______
Salary/Wages------------------------- _______
Tips, etc.----------------------------------------------------- _______
Rents received----------------------------------------------- _______
Royalties received------------------------------------------- _______
Income from second job------------------------------------ _______
Total Gross income----------------------------------------- _______
Less deductions--------------------------------------------- _______
Net Income--------------------------------------------------- _______
Look
over all the information you have gathered together. Do you get interest on any checking or
savings accounts? Do you have any money
market accounts, CDs, or other interest-bearing accounts? If so, list the interest received from these
as your income.
over all the information you have gathered together. Do you get interest on any checking or
savings accounts? Do you have any money
market accounts, CDs, or other interest-bearing accounts? If so, list the interest received from these
as your income.
Do
you have a side job like babysitting, preparing taxes for others, mystery
shopping, direct sales (like Avon or Tupperware)?
you have a side job like babysitting, preparing taxes for others, mystery
shopping, direct sales (like Avon or Tupperware)?
Do
you have what some people call side hustles like Uber or AirBnB?
you have what some people call side hustles like Uber or AirBnB?
that you receive regularly, even if it is only once or twice per year?
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Disclaimer
The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.
Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions.
There is no one right answer to any business question that will cover all circumstances.
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