Step One: What Comes In - Income
If you have moved sequentially through the Building Your Financial House framework, the good news is that you've already identified income in the Maximize Earnings section. All you need to do for step on is transfer the information from the “What Comes In: Add It Up” worksheet onto your money map.
If not, enter your monthly household income by the sources, both cash and non-cash, on page one of My Money Map and add them up to find your gross monthly income. Then look at your pay statement to identify your 'off the top' deductions. Subtract your off the top deductions from your gross monthly income to find your net monthly take home pay.
Add cash and non-cash resources to find Gross Monthly Income
Wages/Salary from each job
Commission/Tips/Overtime from each job
Child Support/Alimony Received
Unemployment Compensation
Social Security Benefits
Pension/Retirement
Veteran's Benefits
Worker's Disability Compensation
Temporary Assistance for Needy Families (TANF)
Supplemental Nutrition (SNAP)
Women, Infant, & Children (WIC)
Child Care Assistance
Housing/Energy Assistance
School Meals
Add off the top deductions to find Total Deductions
Federal Taxes
State/Local Taxes
FICA Taxes
Unemployment Insurance
Retirement Savings
Health/Dental Insurance
Life/Disability Insurance
Child Support/Alimony Paid
Other Deductions
Calculate Net Monthly Take-Home Pay
$____________ - $___________ = $_________
Total Gross Total Deductions Net Monthly
Monthly Income Take-Home Pay
Next Up: Step Two - Where Does It Go?
