Sources of Income
When someone asks you, “What is your income?” the first thing that comes to mind for most people is their salary or wages. What if you are retired or unemployed? There are many other sources from which a household may receive cash, and it’s important to know your current and potential sources. We’re going to look at categories right now. To record your specific numbers, click on What Comes In - Add It Up to download the monthly income worksheet.
Job Specific Wages/Salary Overtime Tips Commissions Bonuses | Employment Related Retirement (IRA/401k/Pension) Short/Long-Term Disability VA Disability Benefits Workers Compensation Unemployment | Social Security Benefits Retirement Survivor Disability (SSD) Supplemental (SSI)
|
Savings/Investment Interest Dividends Capital Gains Annuities | Family Child Support Alimony Life Insurance Proceeds Gifts | Other Cash Assistance (TANF) Student Loans Hobbies |
Now let’s look at non-cash resources. Why? It’s important to remember that many non-cash benefits are temporary and were designed to help families through financial challenges. As a family works towards increasing income and self-sufficiency, these benefits will go away; however, the expenses they are covering will not. It’s important to look at the assistance in terms of real numbers so that a family can plan for the time without it.
Food Assistance Supplemental Nutrition Assistance(SNAP) Women, Infants, and Children (WIC) School Meals Food Bank
| Children Child Care Assistance (including family
provided care) Healthcare (CHIP) Holiday Gift Programs Summer Camp, etc. |
Housing Assistance Section 8, etc. Utility Assistance (LIHEAP, CAP, etc.) | Other Grants/Scholarships Health club |
As a side note, working hard, increasing income, and then losing benefits doesn’t feel good. It can be frustrating for families that want to be independent and self-sufficient. The important thing to remember during a transition away from benefits is what is gained in their place…control. When rent subsidies are no longer needed, a family can choose and control where they live. When SNAP is no longer needed, a family can choose and control what to buy at the grocery store. When child care assistance is no longer needed, a family can choose whomever they want to care for their children. For anyone, not just a family, control gained is priceless compare to benefits lost.
To see if you qualify for short-term benefits, the PA Department of Human Services has a dedicated website, COMPASS, at which you can learn more and apply for benefits online.
Next up: Understanding Your Pay Statement
