Determine Your Net Income

National Guard Family Program
Soldier with child riding piggyback Introduction to Personal Finance

An Overview for State Family Program Directors, Wing Family Program Coordinators, and Families.

 

Introduction

Evaluating Your Situation

Budgeting & Debt Management

Goals & Plans

Insurance & Disability Planning

Investment Planning

Education Planning

Retirement Planning

Estate Planning

 

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EVALUATING YOUR CURRENT SITUATION

 

1.

Getting Started

 

1.1

Determine Your Net Worth

1.2

Determine Your Net Income

1.3

Military Pay and Your Leave and Earnings Statement (LES)

1.4

Veterans Eligibility and Benefits

1.5

Basic Allowance for Housing (BAH)

1.6

Clothing Allowance

1.7

Learning Check

 

1.2 Determine Your Net Income

The other number to look at in evaluating your current situation is

your net income.

Net income is your gross income minus your expenses.

Try using the Worksheet 2: “Monthly Budget Worksheet” to

track your expenses for a few months. It will tell you where your current

income comes from and where it goes. This information can help you better

budget your spending and determine how much money you can set aside

to meet future needs and goals.

Download Document Right-click on the hyperlink and choose “save target as…” to download the worksheets used in this course, including Worksheet 2: “Monthly Budget Worksheet”.

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