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195. John's Budgeting 101 Series #3: Income (Historical)

Let us start by gathering in an excel worksheet all your sources of income (gross and net). Based on the info you have gathered, fill up for Dec2021. If you can go back a few more months or max up to a year, even better. Then you can capture those incomes that you don't receive monthly. Generally you want to have one column for each month of the year, and the following lines:

1. Base pay

2. Allowances

3. Gross Income

4. Deductions (EPF)

5. Deductions (Tax)

6. Deductions (SOCSO)

7. Net income (employed)

8. EPF (Employer portion)

9. (4+8) Total EPF

10. Other Income - Rental

11. Other Income - Dividends

12. Other Income - Commissions

13. Other Income - Interest received, others

14. (7+ 10 to 14) - Total Income by month

Take a quick look, get used to this... you will be analysing backwards and also capturing this forwards....


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