Parent Monthly Income And Expense Statement: Fill & Download for Free

Personal finance is just that, personal. Personal finance is not about what your friends are doing with their money, what your parents are doing their money, or what some celebrity is doing with their money.Personal finance is the science and application of how you earn, spend, save, track, invest, and build your wealth over time. It’s personal – taking control of your finances is on you.Personal Finance is PersonalWhen thinking about personal finance, thousands of questions come up:How much should I save, how much should I invest, what should I be investing in, what companies or assets could give me the best return on my investments, what banks or credit cards should I be using, who can I turn to for advice with my finances?Before asking any of these questions, we should first turn inwards and realize it’s crucial to realize that personal finance is personal. We must first ask ourselves the right questions and figure out what our goals are. Some questions to get started are below:What kind of lifestyle do you want to live? What do you love to do? Do you want to travel around the world? What about spending more time with your family? Do you want to spend Minnesota winters in Florida? Do you want to go to the Super Bowl? Would you want to eat out every week? Do you want to start your own business? What about retiring at 45, 55, or 65? Do you want to pay for your children’s college? What is you relationship to money?Once you’ve figured out where you want to go in life, and what lifestyle you want to live, then you can start crafting a plan and starting on your journey to living the life you dream to live.Crafting a Personal Finance PlanIt’s so simple, and yet so many people don’t actually put in the time to first ask themselves the necessary questions and then put their plan into action through tracking your financial progress each month – be that through budgeting, saving X% a month, or paying down debts for the future. Again, it’s all up to you on how to put your plan into action.Writing out your goal as a SMART goal can help in this situation:SMART = Specific, Measurable, Attainable, Realistic, and Time Frame.Be specific: what $ amount is attracted to your goal? Can you measure your goal? Is it realistic (for example, I’m not going to make 1 billion dollars next year, or even close to that…) and can you accomplish it in the next X months, years, etc.?Write your goal down, work backwards from your goals and create a plan. Make a list: what is the smallest actionable item you can do today to get you going towards your financial goal?By doing these 3 things, asking yourself the right questions, figuring out your wants and needs, and making a plan to reach your goal, you will be better off financially than before. You will understand what your personal needs are financially, and can make adjustments over time to better align your actions with your goals.Next, you will want to track your income and expenses.What gets measured gets managed – this quote exemplifies exactly what this step is all about.Knowing where you are financially is so important to financial success.Consider the following example: person A tracks their income and expenses every month, and person B doesn’t track their income and expenses. Person A wants to retire in 15 years, and has identified that by saving $500 a month, they will reach their goal with average market gains.Person B also wants to retire in 15 years, but doesn’t know they need to save $500 a month, and as a result, are only putting $250 into their retirement account each month.Person A saves $400 a month right now, but has identified that they can cut $100 out of their food spending each month and put that towards retirement. Person B spends $300 a month on random shopping expenses (which they don’t know the dollar amount), and doesn’t realize that they don’t need these random shopping expenses.Who do you think will be successful? Person A, who track their financial situation, or Person B, who doesn’t track their financial situation? I’m going to guess Person B will be disappointed at the end of the 15 year period.How to Track Your Income and Expense Each MonthEach month, I pull all of my transactions from my Mint account into my Income Statement Spreadsheet. I categorize my transactions and see exactly where my spending and saving rate landed during the month, and look to see if there are any trends forming.You could download these transactions from your bank directly, you could use similar tools to Mint, or you can analyze your income and expense through your online banking application – all are acceptable.For me, I see the importance of tracking my income and expenses by looking at my spending in various categories. I typically spend $300-400 on food and drink a month. I know this as I’ve spent $300-400 a month for the past 18 months consistently. Some months are worse than others, and in those months, I may spend closer to $500 on food and drink.If I didn’t know how much I was spending on food in a given month, maybe I’d continue to spend that amount month over month. Now, all of a sudden I could spending $700 a month on food, or an additional $300*12 = $3600 a year on food and drink than before! If I wasn’t tracking my expenses, I wouldn’t have this mental trigger to keep my spending down on food and drink.Doing these 2 things will immensely improve your financial situation. After implementing these 2 habits in your financial life, then it’s on to more learning. Looking forward to hearing about your success!

My Dad advised me when I got my first job- Beta, paise ke liye kisi ka muh mat taakna (Son, do not be dependent on anyone for money). This has been my mantra to save since I started earning. Now, how much salary you need to save, so that you do not have to be dependent on anyone else for financial matters.The current crisis of corona virus has lead people to think at least one thing. You cannot invite your friends to your house. You cannot go out in your car. You cannot show your lifestyle to anyone – the lifestyle which took you around 10-15 years of hard work with lot of loans.Almost 50% of your expenses are life style expenses, your normal living expenses are just 50%.You can always save more than your ever thought. So, what can you do to be financially independent that too within your means.Let us divide your salary and checkEmergency Fund - You should have atleast 6–12 months of your household expenses to sustain. So, even if you loose your job, you can sustain for 6–12 months. If you have any monthly EMI for any loan. add that amount in the emergency fund. Calculate your monthly expenses and start saving for the emergency fund. Create the emergency fund within a year. How much you need to save from your salary, you will have to calculate by yourself.Term Insurance -This is very blunt statement but If you die today, would your family have to be financially dependent on anyone else? If your answer is yes, go and purchase a term insurance. It would not cost you 10,000 per annum for a term insurance cover of 1 Crore, if you are young. How much you need to save from your salary -800–1000 per month and your family will be not be dependent on anyone.Health Insurance- Do you have the sufficient money if anyone of your family member gets hospitalized and the hospital bill is around 10 Lakhs? If the answer is No, go and purchase a health insurance cover of 30 Lakhs with a mix of base health insurance policy and super top up policy. Cost- 15,000 per annum, around 1,200 per month.Do not know about super top up policy- go and search google.So, term insurance+health insurance = 2,000 per month and you are tension free. Now you can go and invest the remaining amount as per your goals.(Though you can add personal accidental policy too which will cost you around 1,000 per month for a cover of 1 Crore. The policy helps if you met with an accident and are not able to work in future, due to serious injuries)Everyone can save this 3,000 per month but people do not do. Everyone wants returns of 10%-15% returns on this 3,000 instead of making their financial life secure.Lets go to the investment part:InvestmentsFinancial world is filled with lot of Gyan. Invest first and spend after investing instead of spending first and investing thereafter. Trust me these things do not work unless you have clear cut goals in mind.Let me give you an example- You started earning and within a span of 6–12 months, your parents started pressurizing you to purchase a home, assuring you that they will make the downpayment for the house. Thinking it as an investment, you purchased the home. Now 50% of your salary is going towards paying loan.Would you be able to save? I doubt.You are stuck with the home, you do not think about shifting your career to some other city because you have purchased home. You can not leave your job to start something of your own because you have loan installments to pay.So, Define Your Goals First.Stare saving, start investing as per your goals. Once you define your goals, you will know exactly how much to save from your salary?You will know, if you have sufficient amount to save for your goals? If you do not have sufficient amount, reduce you goal amount.You can not purchase a BMW in 2 years, if your monthly salary is 50,000. It is better to purchase a Santro after 2 years.Personal finance is very personal, no one can tell you how much to save from your salary other than yourself.30%/40%/50% is all gyan. Define your goals and start saving. A well beginning is half done.Stay Safe and keep investing!

In my state, the support officer is responsible for setting the child support amount. The notice for a support conference states that both parties need to bring with them their most recently filed federal income tax return, six months of pay stubs, and an income and expense statement. I am paid on a W2 and file my taxes on time every year. I bring my documents.My ex works under the table or more recently for an LLC that he owns. He brought a very bad copy of one 1099 - that’s it. No tax return, no income and expense statement, no documentation of other income. It was accepted as complete and used to determine the child support payment.If you are willing to risk being non-compliant you might be able to minimize the income used in the calculation. I was not willing to do that. Children need and deserve financial, emotional, and physical support from both parents. Some children do not get it.