The expense section is divided into four categories. Be sure to enter your net income (income after all deductions have been made). The income section includes spaces to enter all the types of income you may get. How to create a budget summary that outlines your income and expensesĭownload the Budget Summary Worksheet and enter your income and expenses. Understanding needs and wants will help you to manage within your monthly budget. things for work, such as travel or clothing.If you think you need to change your spending habits, it is important to think about what you "need" and what you "want." If your income is more than your expenses, you should try to save some money for unexpected bills or emergencies. find areas to cut back or reduce spending or.If expenses are greater than your income, you may need to: Subtract these expenses from your income. This includes rent, utilities, groceries and other regular payments you need to make. Second, keep track of monthly expenses and list them. Employment Insurance, Canada Child Benefit, Goods and Services Tax Rebate Program, etc.). This includes all money from a job and federal and provincial benefit programs (e.g. The first step of making a budget is to keep track of the money received and where that money comes from.
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