Welcome to Redeem the Commute. I’m Ryan, your host for the Money Course.

Step 1: Work out your income

First things first – we need to think about where we get our income from.

  • Job / salary
  • Side businesses
  • Pension
  • Work related benefits
  • Disability benefits
  • Housing benefits
  • Child related benefits
  • Child support
  • Help from family or friends
  • Renting a room

We want to work with monthly budgets, so we need to convert any bi-weekly income to monthly.

  • To convert weekly income, multiply it by 52 (number of weeks per year) then divide by 12 (months)
  • To convert bi-weekly income, multiply by 26 (number of fortnights in a year) then divide by 12 (months)

We want to get one number as our monthly income.  Try not to include surprises – don’t count on a gift or a lottery win to make your budget work.

Question: Next week we’ll look at expenses.  But for today just work out your monthly income.