It is more often than not that people fall prey to financial problems because they lack financial planning. Despite the trends of making budget plans and money trackers, some individuals do not bother learning the benefits of having them, which could at least alleviate their financial worries. But if you want to control and manage your finances, especially when it comes to your income, it is recommended that you keep an income tracker to keep an eye on your cash flow. Read this article further to learn more about income tracking and how to make one that you can use every time.
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What Is an Income Tracker?
An income tracker is a systematic approach to organizing and managing your income as well as helping you control your expenses. An income tracker is also an excellent tool that can be used together with a budget plan to create an effective expense tracker. The tracker is very essential to employees who have to divide their income to pay bill expenses as well as housewives who want to make sure that the husband’s income should suffice for the remaining days before the next payday.
How to Create an Income Tracker?
If you want to oversee the flow of your employment or business income, it would be best to look for the appropriate tracker format. In addition, you may also need the suggestions below so you can make an income tracker that would work well for you.
1. Provide a List of Your Income Sources
The first thing you need to do when making your income tracker is to write down the sources of your income. I.e., if you are a freelancer, your source of income may include special projects and marketing your own products or professional services. In this section, you can also provide information on whether the income source comes on a regular, irregular, or seasonal basis. Knowing where you get your income will help you to budget your money more efficiently.
2. Enter the Exact Income Amount
After writing your income source, the next step is to list the exact amount of income you get from your jobs, nonprofit organizations, projects, or government programs. If you are a beneficiary of a government benefit program, you need to write down what you actually received every month. For company employees, write down the amount that you get every second week of the month and not the whole month’s salary (applicable if you are paid every 5th, 15th, 20th, or 30th of the month).
3. Calculate The Total Income
After listing your income worth for the week or month, it is time to tally them to get the total amount of your weekly or monthly income. To do this, add up all of your income including the money which you get from part-time or irregular jobs (if any). If you want to do a monthly calculation, especially if your bills or expenses are paid every month, then add up all the tallied amounts from your weekly income to get the whole amount for the month.
4. Get a Template
To make it easier for you to compute your weekly or monthly income without hassle, it is suggested that you get a template. A template is already designed and formatted, so all you have to do is enter the information which you need in the form. Furthermore, you won’t have to go through the difficulties of making an income tracker every week from scratch. In addition, you can save them on your digital device or print it immediately in case you need them.
Should I write my net income in the income tracker?
Writing your net income (gross income) in the income tracker is perfectly alright and totally acceptable. This is even helpful if you are working in a company with many deductions from tax, healthcare, and other government benefits since you can actually foresee how much you can bring home.
What is better, doing weekly or monthly tracking?
Either way is good since the purpose of the income tracker is to help you manage and control your finances. Some individuals even commit themselves to do the tracking daily so they can be more mindful of their expenses.
Why is the income tracker important?
With an income tracker, you get to assess how much you really earned in a week or month and see whether it is enough to cover your bills and other expenses. This method will also help you recognize where you need to improve in terms of increasing your income. Furthermore, an income tracker will help you monitor whether you are paid exactly according to what’s stipulated on your income statement.
Earning money is hard, but if you know how to spend it wisely, then you are guaranteed to live a life that’s comfortable in the near future. Get to assess your income flow and learn how to manage it by using our wide selection of editable and professional templates that you can download at any time.
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