Worksheet _ Income Tracking Worksheet _ It is important to know where you are financially. So, filling out a income tracking worksheet will do just that. This is a worksheet where you place all of your income. If you are married or have a partner that contributes to your monthly finances be sure to include their income as well. Only put regularly occurring income on this worksheet such as regular paychecks, child support and alimony. Do not include bonuses or other irregular income.
You should be able to document your income, expenses, and (hopefully) savings every month. If your income minus expenses is a positive number, you can relax a little. You still may want to work on your budget so you can save more for an emergency or retirement. If that number comes out negative, you could be in big trouble. Spending more money than you make means you must rely on credit. In turn, this means you are setting yourself up for more trouble because those credit card payments will get higher every month.