Between Expectation And Reality (UPDATE)

Hershey's PayDay

Pay day must be the most exciting and depressing day because it's the day I realize that how much I make and how much I take are two totally different things. The king size pay check becomes a mini bite size. Like it or not, finding out our net income is a necessity.

The first thing we need to do in step 7 is determine gross income. It's simply the sum of your monthly take-home pay before deductions. Real simple right? Financial Literacy Month makes things simpler by providing a great online spreadsheet to calculate net monthly income.

Net monthly income is important when we start the process of budgeting or creating a spending plan. It is the exact amount that we have available to budget but that won't come until step 21.

Watch this space again next week for an update, and also Al-Amwali for step 8.

UPDATE: You can download an Excel file or a Libre ods of the income worksheet.