HUMS 202 Lecture Notes - Lecture 4: Credit Counseling, Gross Income, Temporary Assistance For Needy Families
1 Nov 2016
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4 steps to prepare a spending plan: keep track of your daily spending, list your mnthly income and expenses, find ways to decrease spending, find ways to increase income. Following a spending plan helps you: meet expenses in a given period of time, control financial situation, build assets. Income is money that comes to you from: wages, self-employment income, public assistance, which might include temporary assistance for needy families. Tanf) or food stamps: child support or alimony, interest, dividends, or investment income, social security or other federal benefits, other sources, like tips. Gross income is your total income without deductions. Net income is gross income minus deductions, such as social security and other taxes. Fixed: do not change from month to month, typically do not have any control over how much you pay. Flexible: foten change from month to month, have some degree of control over how much you pay. Lower thermostat to save on heating costs.
