Congrats on taking an important step toward financial wellness by signing up for this email series. Our goal is to help you become more confident managing your money, starting with understanding where it’s coming from and where it’s going. Let’s do this!
Calculate your total income
If you get a regular paycheck, start with your take-home pay, which is the money you earn minus taxes and other deductions. If your income varies over time, consider using an average.
Make sure you include any income from side jobs or freelance work. You can learn more about sources of income in this helpful article.
Track your expenses
Understanding your expenses can help you take control of your financial health. You’ll know if you’re spending money in a way that matches your financial needs and goals.
Savings can usually be found by sorting through discretionary expenses, like entertainment and clothes. To help make tracking your spending easier, try online tools, such as My Spending Report.
Unplanned spending can send your budget off track. It’s important to keep track of your transactions — even the ones that haven’t shown up in your online account information — to help avoid overdraft or other fees. This way you’ll support the progress you’re making toward reaching your financial goals.
Learn more about the importance of tracking your transactions.