Compile your income and fixed expenses

Did you start tracking your daily expenses which were our day 1 task?

Let’s get on to Day 2.

This is quite simple as well, it’s kind of a continuation to day 1.

Here you will have to compile your income from all sources. Consider all your fixed income in the calculation of this.

Your salary + fixed interest + income from rental property + other fixed income from investments made in GOI bonds, etc.

Also, compile a list of your fixed monthly expenses.

Monthly maintenance + Monthly EMI +Any other fixed expenses.

Why this?

• This will help you plan your tax accordingly.
• This will help you plan your budget accordingly.
• This will help you in your goal setting.
• This will also give you a clear idea of what your current financial standing is.

We would further discuss this in the coming days.

This is all for day 2.

Don’t forget to track your daily expenses. Download the expense tracker apps or note it down on a diary. ( As per day 1)

The task for today – compile your income from all fixed sources and compile a list of your fixed expenses. This can be either handwritten or in excel. Preferably excel.

Share your thoughts in the comments section below.