Income Worksheets

Get an accurate picture of your total monthly income.

Income is the foundation of your budget. It allows you to pay bills and cover your monthly expenses. So, it’s important to know how much money you really earn each month, in order to build a balanced budget. Income is more than just the paycheque you receive from your primary job. You may receive income from a side business or freelance work that you do. Depending on your age, you may receive a pension. So, your income may be more than just a paycheque each month.

To help you construct an accurate budget, we’ve created this income worksheet. You can simply refer to the table below or you can download or print a copy of the worksheet to fill out.

NOTE: Budgeting is often most easily done month-to-month. So, all of the totals listed below should be listed as the monthly total that you receive. If you receive quarterly or annual income, you should divide that amount by 4 or 12 respectively.

Download and print our income worksheet »

Income SourcesWeekly / Bi-WeeklyMonthly
Your Wages (take home)$$
Spouses Wages (take home)$$
Part-time Job$$
Rental Income$$
Child Support$$
Alimony$$
Pension$$
Veteran’s Benefits$$
Investments$$
Other$$
Other$$
Total$$

Increasing your income to balance your budget

If you find that you cannot balance your budget because you spend more than you earn, you essentially have two options:

  1. Reduce your expenses
  2. Find ways to increase your income

If you’ve cut everything you can from your budget that’s not necessary and you’re still in the red, it may be time to explore options for increasing income. These tips may help:

Ask for a raise

Studies show that most workers fail to ask for wage increases often enough. As a result, they are often underpaid. Many times, it’s just about asking. Make a list of the professional contributions that you make to your company and ask for a raise. If your company isn’t willing to pay you what you are worth, it may be time to look for a new position.

Assess your skills for a side business

If you work as a creative professional or in a capacity that is suited to consulting, then you can freelance on the side or start a consulting business. You can also turn hobbies, such as sewing, typing or handiwork in a side job.

Don’t have enough income to cover your bills? Time to talk to trained Credit Counsellor today.

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Our experts are here to help you understand your options and reach your goals. After you complete the easy-to-use online budget, one of our trained counsellors will reach out to you and provide recommendations.

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I understand and agree that by choosing “Start My Own Budget”, I am voluntarily providing certain personal financial information in order to educate myself as to my current financial position. I understand that this budget tool is educational in nature, and that none of the information received in the form of a budget constitutes financial advice, nor does it constitute a counselling session. I understand and agree that the budget depends on the information I input into the fields, and that Company does not represent or guarantee the accuracy of the budget. I understand that this tool may collect information and should I choose not to provide such information, I am not to proceed further. If I choose to abandon the tool midway through the process, I understand that the information will not be maintained and I would be required to start providing the information from the beginning. Company disclaims all warranties associated with the budget tool herein. I understand and agree that Company may use the contact information provided herein to contact me through various means of communications, including automated messages, and that I expressly consent to receive these messages.

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