Monthly Income

Determine monthly income.
Finally, multiply the net amount by the number of pay periods to determine the monthly amount. For example, if you are paid twice a month, multiply the net amount by two. If you are paid every other week, multiply the amount by 26 (for the annual amount) and divide by 12.

When you are done, total up all the amounts. This is your total average monthly income.

After you keep track of your expenses and income for a few months, you're ready to create a budget. Your goals in making a budget are to:

* control your impulses to overspend, and
* start saving money.

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