This section captures all the premiums and investment-related fees we must pay for our investment needs. Any miscellaneous amount spent against property is also captured in this section. The repairs spent on the home or maintenance amount spent over the property and the property tax paid are also shown here. This section also captures the internet, an essential requirement for every home now. Also, expenses like electricity, gas, water, telephone, and cable are captured here. It takes care of the home loan, and the EMI paid to the bank. Here in this part, all the expenses related to the home/house get captured. read more from investment and additional recurring/non-recurring income flow. The other section can interest deposits or dividends earned Dividends Earned Dividends refer to the portion of business earnings paid to the shareholders as gratitude for investing in the company’s equity. We capture all the possible sources of income and add them up as the total income.
A person can have multiple sources of income. Here, we take into account all the income-related numbers. Finally, the net arrives, which is either positive or negative. Here, we calculate the difference between projected and actual income and expense. A positive net means income is more than expenses, and a negative net means expenses are more than income earned. Finally, the net gives us the difference between expenses and income. The total expenses take the addition of all the possible expenses in one’s lifestyle. The total income is the addition of income from various sources. Here, we need to enter the set budget/projected balance we plan to allocate from our regular source of income. It sets up an initial budget balance and also gives a projection of the end balance, which expects to be there after deductions of all the expenses from the income. The household budget template captures all the sources of income one has and also the spending.
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