Income and Expenses


Do you know how much money you earn?

Make a list of your monthly sources of income: your salary and your spouse's salary, commissions, tips, allowances, pensions, and others.

Do you know where your money goes?

At one time or another, all of us have asked ourselves: Where does all my money goes? We are quite certain about our big expenses --car and mortgage payments, private school fees-- but it is quite difficult to determine where the rest of the money goes. 

To help you answer this question, we suggest the following:

  • Keep track of your daily expenses. Save your purchase receipts; write down how much and for what you spent your money. You may also connect to Internet Banking to keep track of your daily transactions. Remember to include your payments with cash, debit cards and credit cards. 
  • Make a list of all your monthly expenditures. Remember to include a summary of your daily expenses.
  • Fill the personal budget worksheet , to compare your monthly expenditures against your income.

Tips for spending less and saving more:

  • Be realistic when looking at which expenses you can reduce or eliminate, such as entertainment, eating out, your water bill, your electric bill.
  • Pay your loans and credit cards on time to avoid late charges an penalties
  • Once you pay off a loan, continue making the payments to your savings account
  • Control your use of credit cards
  • Think about carrying less money with you- to avoid the temptation to spend
  • Cancel services you no longer use such as, memberships, premium cable and others
  • Do not let the water run while you wash the dishes or while you soap up in the shower
  • Defrost frozen food in the refrigerator and not with running water
  • Do not use your hose as a broom and be sure to install a nozzle on the end of your garden hose
  • Use energy efficient lighting
  • Turn of the television when you are not watching it
  • Take your lunch to work
  • Purchase only what you need- when grocery shopping take a list and only buy what is on it