Teacher
(New York City)
|
Web Designer
(Los Angeles)
|
Kindergarten
Teacher (Paris)
|
|
Salary
|
$45,530
|
$67,000
|
$23,000
|
Gross
Monthly
|
$3,794
|
$5,583
|
$1,916
|
Net
Salary
|
$682.92
|
$1,005
|
$345
|
Gross salary is an aggregate amount of wages received on a regular basis, usually weekly, biweekly, or monthly prior to any deductions such a federal and state taxes. An individual's gross salary is one factor that is used by creditors to determine if credit will be extended to the individual and his/her ability to repay the funds. On the chart above, you can see the three gross salary in different city's. The total cost of my living expenses is $723.92. Net salary is the salary which is left deducting tax and National Insurance contributions. One of the good things about calculating your expenses is you know how much you will have after all your spending or to see if you will have enough to pay your expenses. The net salaries I calculated: of a teacher in New York City ($682.92), web designer in Los Angeles ($1,005), and Kindergarten teacher in Paris ($345).

How to Budget :
1. Forecast your monthly income
1. Forecast your monthly income
2.Forecast your monthly expenses
3.Balance your worksheets
4. Spend according to your plan
5. Compare your actual earning and spending with your targets
6. Repeat the process