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Publication #FCS7169

 

Building a Spending Plan: Step 3 - How Much Is Your Total Income?1

Nayda I. Torres, Josephine Turner, and Brenda C. Williams2

In this step you will determine your total monthly income. It is important to know your gross income (before any deductions are taken from your pay or wages) for income tax purposes. But for this step you should determine your net income, or what is left after deductions have been made from your wages or paycheck. Your net income is the amount of money you control to purchase your needs and wants as well as money to save.

Income is available from different sources. By filling in this chart, you can total your sources of monthly income. If you are paid weekly, then add in the four or five paychecks you receive for the month you have selected. If you are paid every two weeks, then add in two or three paydays for the month. (Some months will have three paydays. You can treat that as extra money for savings or other goals.)

Figure 1. 
[Click thumbnail to enlarge.]

Table 1. 

Monthly Net Income From All Sources

Source:

Amount: $

Source:

Amount: $

Source:

Amount: $

Source:

Amount: $

Source:

Amount: $

Part-time income:

Amount: $

Part-time income:

Amount: $

Child support/Alimony:

Amount: $

Public assistance/Foods stamps/WIC:

Amount: $

Unemployment/Disability:

Amount: $

Social Security:

Amount: $

Retirement/Pension:

Amount: $

Money from relatives:

Amount: $

Other:

Amount: $

Other:

Amount: $

Total of all above amounts

$

For the rest of the steps in the Building a Spending Plan series, visit http://edis.ifas.ufl.edu/topic_series_building_a_spending_plan.

Footnotes

1.

This document is FCS7169, one of a series of the Department of Family, Youth and Community Sciences, Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida. First published: February 1997. Revised: July 2012. Please visit the EDIS website at http://edis.ifas.ufl.edu.

2.

Nayda I. Torres, Professor Emeritus, Department of Family, Youth and Community Sciences; Josephine Turner, Professor Emeritus, Department of Family, Youth and Community Sciences; and Brenda C. Williams, Extension Agent IV, Alachua County Extension Office; Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida, Gainesville FL 32611.

The Institute of Food and Agricultural Sciences (IFAS) is an Equal Opportunity Institution authorized to provide research, educational information and other services only to individuals and institutions that function with non-discrimination with respect to race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions or affiliations. For more information on obtaining other extension publications, contact your county Cooperative Extension service.

U.S. Department of Agriculture, Cooperative Extension Service, University of Florida, IFAS, Florida A. & M. University Cooperative Extension Program, and Boards of County Commissioners Cooperating. Nick T. Place, Dean.