Exercise 6: your monthly income
What you need:
- Last year’s tax return
- Last 2 months of pay stubs
- Last 12 months of bank statements
Look at every deposit on your bank statements. What was it for? If it was income, add it up below. If you ever get paid in cash, think very hard about exactly how much cash you might get in a year.
If you are in a living arrangement where you share income with someone else, you should include their income, too.
|Monthly income||— Person 1 —||— Person 2 —|
|Child support received||.||.|
|Social security benefits||.||.|
|Total monthly income||.||.|
Now, another moment of truth…
|Total monthly income||.||$ .00|
|Total monthly expenses||(minus)||– $ .00|
|Amount available for transition||(equals)||= $ .00|
Again, do not worry about this number, even if it is a negative. This just shows where you stand. Soon, we’ll discuss how to make as much available for transition as possible.