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

Snag Our Simplified Budget System! 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.Connect With Us: 1️⃣ Facebook Group – Join the community. Our free group is where the real talk happens. Connect with other women who are learning how to budget, save, and finally feel in control, together. ➡︎ budgetbesties.com/facebook 2️⃣ Automate Your Budget Masterclass – Watch it now, no waiting. This FREE on-demand training shows you how to set up a budget that matches your lifestyle, without tracking every dollar or feeling restricted. ➡︎ budgetbesties.com/automate 3️⃣ Budget – Grab our Simplified Budget System! You don’t need another budget, you need a system that does the math, makes the plan, and gives you permission to spend. ➡︎ budgetbesties.com/budget 4️⃣ Private 1-on-1 Coaching – Get a plan and a coach. We’ll build your full budget system together, so you always know what to do and feel confident doing it. ➡︎ budgetbesties.com/coaching 5️⃣ Be on the Podcast – Free coaching, real convo. Come chat with us on the show! Get real-time financial coaching and help other women by sharing your story. ➡︎ budgetbesties.com/livecall "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!