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

Nayda I. Torres, Josephine Turner, and Brenda C. Williams 2

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. 
Figure 1. 
Credit: iStockphoto

For the rest of the steps in the Building a Spending Plan series, visit


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1. This document is FCS7169, one of a series of the Department of Family, Youth and Community Sciences, UF/IFAS Extension. Original publication date February 1997. Revised July 2012. Reviewed December 2018. Visit the EDIS website at for the currently supported version of this publication.
2. Nayda I. Torres, professor emerita; Josephine Turner, professor emerita, Department of Family, Youth and Community Sciences; and Brenda C. Williams, Extension agent IV, UF/IFAS Extension Alachua County; UF/IFAS Extension, Gainesville, FL 32611.

Publication #FCS7169

Date: 1/17/2019

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Williams, Brenda

University of Florida

Turner, Josephine

University of Florida

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