How to Total Up Your Income for the Month

Calculate your income for the month to determine how much you can spend.

Your income for the month determines how much you can spend on things like rent, groceries, bills and entertainment. Though your paycheck may seem like your total income, that isn't true if you have any other money coming in from different sources. A complete understanding of your monthly income allows you to have better control over your finances.

Things You'll Need

• Paycheck stubs

Instructions

1. Get the totals of any assets that are regularly paid to you. This includes medical benefits, paychecks, child support, money you make from hobbies and bonuses.

2. Add together your total monthly assets. The total is your regular monthly income.

3. Look for any sources of income that are one-time only for the month in which you're calculating your income. Get totals of each of these types of income. Consider things like bonuses.

4. Add your one-time income totals together. This is your total one-time income for the month.

5. Add your regular monthly income and your one-time income together. This is your total income for the month.

References

• IRS: What is Taxable and Notable Income?