Organise your money: Day 3 - track your income
Welcome to day three of this Organise Your Money series. On day one we recorded the details of the bills you pay regularly. On day two we created a register to record these payments. Today we’ll be tracking your income.
Tracking your income is particularly important for those of you who have irregular income but even if your income is fairly regular, tracking it is still a very important part of your budget process. It determines how much you can spend and when.
So, print out the next free printable, Our Income Tracker – note that there are two versions: one begins in January and one begins in July.
You may want to record your income from the last 12 months in order to forecast your income for the next 12 months. In this case you’ll want to print the form that begins in July.
Alternatively, you may want to begin by recording your income from the first of January this year to use the first six months of this year to forecast so you’ll print the form that begins in January.
Complete this form as follows:
DATE: at the top right of the page, write the calendar or financial year this form relates to
INCOME: what the income is for (eg: your full-time job, any second jobs you may have, side businesses, tax returns, investment earnings, family assistance etc)
Then write the after-tax amount you earned in the column of the month you received it and calculate the totals at the bottom. Make sure you include every single bit of income you receive. Scanning through your bank statements is a good way to make sure you pick up on all income you've received.
Now you have an income amount to work with when creating your monthly budget which we’ll do tomorrow.
Happy money planning!