Determine Your Monthly Net Income
This is easy!
Using our example, if you work 20 hours a
month at $6 an hour, your monthly income is $120 per month. Or is it? Remember,
other people are getting some of YOUR MONEY before it ever gets to you, like
the government, and perhaps your employers if you receive benefits. So, determine
what you can count on actually coming in, your net income.
count overtime or other potential income of which you are not certain. If
these things come in, you can make adjustments. However, for the sake of realistic
planning, only count income you know you will receive.
Keep this calculation
of your monthly net income up to date and file it away with your lists of
values and goals.
At this point, it's a good idea to get all of these
pieces of paper organized. Find a folder or a drawer and begin keeping your
Money Management file. You will always have what you need to work with if
you begin this simple process today.