Monthly Income and outgoing review #budget #income #personalfinance #babystep2 #budgeting #goals

Monthly Income and Outgoing Review #budget #income #personalfinance #babystep2 #budgeting #goals

Hello everyone, I wanted to do a monthly income review for July. Let's dive right into the details:

As you can see from my records:

• First source of income: $ 2024
• Second source of income: $ 2204.18
• Total monthly income: $ 4204.42

From this total income, I subtracted my outgoing expenses. Unfortunately, I had significant outgoing expenses amounting to $ 2842.37, which left me with a final amount of $ 1,362.05 to work with for the month.

Expense Analysis

I am not pleased with my outgoing expenses at all. Therefore, I have outlined some corrective actions to address these high expenses:

1. Reduce Outgoing Expenses: It's crucial to bring our outgoing expenses down.
2. Consistent Spending: We need to remain consistent in our spending habits.

Even though I am not satisfied with the outgoing expenses, there is a positive aspect:

Positive Note

• Expected monthly income: $ 2500
• Actual income: $ 4204.42
• Increase in income: $ 1704.42

This illustrates that it's essential to conduct monthly reviews to understand whether you're on a positive track or not. Despite the high expenses, the increased income is certainly a silver lining.

Keywords

• Monthly income
• Outgoing expenses
• Personal finance
• Budgeting
• Corrective actions
• Spending consistency
• Increased income
• Monthly review

FAQ

Q1: How much was the total monthly income for July? A1: The total monthly income for July was $ 4204.42.

Q2: What were the main sources of income? A2: The main sources of income were $ 2024 from the first source and $ 2204.18 from the second source.

Q3: What were the total outgoing expenses for July? A3: The total outgoing expenses for July were $ 2842.37.

Q4: What was the remaining amount after subtracting the expenses? A4: The remaining amount was $ 1,362.05.

Q5: What corrective actions were planned to address high outgoing expenses? A5: The corrective actions planned include reducing outgoing expenses and maintaining consistent spending habits.

Q6: How did the actual income compare to the expected income? A6: The expected monthly income was $ 2500, but the actual income was $ 4204.42, showing an increase of $ 1704.42.

Q7: Why is it important to do a monthly review? A7: It's vital to conduct monthly reviews to monitor your financial health and understand if you are on the right path financially.