What is an Income?


Income

Income

There are many definitions concerning the word income.  The most common dictionary definition that is understood by all is simply: the financial gain, earned or unearned, accruing over any given period of time. With the given definition, you can easily understand how this would need to be added into your budget.  Without an income, you will have no monies to pay your bills.


But, what would you consider an income for budgeting purposes?  Simply put, your income is any type of monetary payment that you receive on a regular basis.  An example of these types of payments would be a paycheck from your work; a regular payment on an investment or a regular payment from a government entity such as a Social Security payment.  There are many other forms of income that you might receive.  These are only a few examples.

When you place your income into your budgeting program such as Easy Budgeter, do not figure in your gross income.  Just figure in your net income which is income earned after taxes and any other deductions, such as insurance and 401k contributions, are taken out.  Your gross income will be much higher than your net income.

If you have multiple streams of income, be sure to add all of them into your budget.  By doing this, you will have a more accurate view of your household finances and make paying your bills simpler.  The higher your income, the less stress and worry you will have.

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