Looking at Your Spending and Debt

Income and Expenses

To be successful in managing your cash flow and debts, you need to have an accurate picture of both your income and your expenses.


Income is any money you receive. Taxable income includes wages, alimony, certain interest dividends, rental income, commission and tips, unemployment compensation, capital gains, pension, annuities, Social Security and royalties. Non-taxable income includes child support, gifts, and inheritances.


Expenses are more varied, ranging from obvious items such as mortgage (or rent) and food, to items that you might not normally keep track of, such as home repair, grooming and entertainment. The Cash Flow worksheet is a tool you can use to start keeping track of your monthly expenses.

To get the necessary clear picture, you will need to figure out your paycheck and track your expenses line by line.
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