140 | Budget School Series: The Ultimate Income Breakdown (Part 1)

Get Your Discounted Budget Power Hour Workbook & Workshop Here! Welcome to our five-day budget school series! 🎉 Get ready to revolutionize your budgeting mindset. These next five days will break down the essentials of budgeting, from the basics to the advanced. We're here to guide you through it all. 💼 Income 101: It's not just about your regular paycheck. Your income includes everything from your job earnings to tips, bonuses, refunds, and even Grandma's birthday money. Every dollar needs a purpose in your budget, whether it's for essentials, savings, or a little treat for yourself. 🍕 Gross vs. Net Income:*Think of gross income as the whole pizza and net income as the slice you get to enjoy. We focus on net income for budgeting. Deductions like taxes matter, but we don't count them as income. And if you're dealing with debt or a tight budget, consider pausing investments to prioritize financial stability. 📆 Irregular Income vs. Regular Paychecks: Create a holding account for irregular income sources to maintain consistency in your budget. Pay yourself a consistent amount regularly. And remember, even with extra income, give it a purpose in your budget; don't let it vanish. 🗂️ Structuring Your Budget: Not everyone gets paid on the same day every month. If your payday falls at the end of the month, consider it part of the next month's budget. Your budget should always have a plan for every dollar. 💰 No Such Thing as an "Extra" Paycheck: Every dollar needs a job, even those from "extra" paychecks. Allocate them to essentials or your financial goals. Your homework: Organize your income in your budget, align it with your paycheck dates, and evaluate if it meets your financial goals. And don't forget to grab our Budget Power Hour workbook and workshop for just $97 for the first 100 sales! 📘 Get it here with code "100." 4 Ways To Connect With Us: 1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall  2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook  3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget  4️⃣ COACHING: Ready to dive deep into your finances? Sign up for 1-on-1 or Group Financial Coaching. It’s the accountability and guidance you need to make real progress ➡︎ https://budgetbesties.com/coaching  "I love Shana & Vanessa and this podcast is amazing!" < If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don’t forget to follow the show so you don’t miss any episodes! And, if you’re feeling really generous, we’d be SO honored if you would share this podcast with someone.  Click here to view our privacy policy. This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!