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
- 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.