Page 20 - Book2E

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If your paycheck varies each time, calculate your Monthly Net Pay as follows.
1. Gather as many of your past pay stubs as you can find (3 months minimum up to 6 months).
2. Add the amount of Net Income on each pay stub.
3. Divide the total by the number of pay stubs. This is your average Net Income per paycheck.
Use this number to determine your Monthly Net Income based on the number of times you are paid each month using one of the previous formulas. In addition to or instead of a paycheck, you may have other sources of income you receive each month. These may include:
• Child Support • Disability Pay
• Pension • Investment Income
• Social Security • Public Assistance
• Unemployment • Bonuses
• Rental Income
These all contribute to your Household Monthly Net Income. If you share income with someone such as a spouse, partner, parent, child, etc., this should be included in your Household Monthly Net Income also. Add these together.
Write your Household Monthly Net Income here
Understanding Your Monthly Expenses
To really understand what your total monthly expenses are, you must include four types of expenses: Fixed, Variable, Discretionary, and Periodic.
Establishing a Budget