Monthly Income Report

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A monthly income report is important for everyone that receives some type of monthly income. They offer many benefits and can be created with only 3 simple steps.

Benefits

By preparing a monthly income report you will be able to become knowledgeable about how much revenue or income you receive each month. This information is vital and can help you to effectively create a budget regarding your finances. A monthly income report will help you to understand what is affordable to you. Don’t find yourself struggling financially because you fail to realize the amount of income you receive each month. Make better financial choices by equipping yourself with a monthly income report.

A monthly income report can also assist you in getting approved for a loan. In the event that you fill out a loan application, you will be asked what forms of income you have. Instead of answering this question from the top of your head and possibly forgetting an income revenue stream, keep a record of this information by preparing a monthly income report. The more income that you remember to put on your application can disclose to your potential lender that you earn enough money each month to payback your loan on time, possibly resulting in an approved application.

Creating a monthly income report

Calculating your monthly income report does not require an account any one can complete this task with the help of the following steps.

1. Make a list of all of your income streams.
Some people have multiple jobs or ways that they receive or earn money. For example, a person could gain revenue as a teacher, part-time tutor, and also receive retirement benefits. In order to correctly create a monthly income report all of these income streams should be listed.

2. Write down the income received
Next to each of your income streams include the amount of money received from them.

Example
Teacher: $1,097
Part-Time tutor: $350
Retirement Benefits $657

3. Tally your revenue
Once you have written down the amount of revenue received through each of your income streams it is now time to add them all together. The sum of all of your income streams added together will give you your monthly income report.

Example

Teacher $1,097
Part-Time tutor $350
Retirement Benefits $657
$2104

With these three simple steps, you can start to take control of your finances. Don’t allow yourself to overspend each month, create your monthly income report today.

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