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Budgeting: The What, The Why
Figure Your Income
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Track Your Spending
Making a Budget Work
Figure Your Income

Figure Your Income 
Spending Plan 

Income is essential because it provides the money you spend. There are many ways to get income. Where does yours come from?

  • salary and wages
  • tips
  • allowance
  • spending money from parents or guardians
  • gifts

Which of your income sources could you increase? Could you find an after-school or a summer job? Could you do odd jobs for neighbors or friends? If you’re asked what you’d like for a birthday or holiday, could you request cash instead of presents?

To figure the income side of your budget, you simply list an amount for each source of income. When you add these amounts, you’ll have your total income. You can do that now if you want.


 

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 Hint

Some income, like salary and wages, is paid regularly. But some income, like a bonus or odd jobs, can be hard to anticipate. So you might think of this occasional income as a bonus, rather than as part of your budget.

 Try It!

Here’s a great challenge that can pay off big time. Save the next bonus or gift you receive to help you meet future goals rather than spending it right away.