Budgeting Step 1: Setting up your income

Last Updated: Jan 13, 2015 01:50PM EST
The first step in establishing your budget is setting up your income.

To do this:

1. Start by going to the "Inbox" tab of your Money Center. On the left hand side, you'll see all your budget folders. Click on the "Paychecks" folder.

2. In the top right field, enter your monthly take home pay (i.e., the dollar amount that hits your bank account each month). This is the dollar amount you'll use for your budget each month.

3. If you have other sources of monthly income (e.g., from commissions, bonuses, rental property, etc.), enter it in the "Other Income" folder.

4. If you don't have a consistent monthly income, we recommend creating a "paycheck" for yourself. You would do this by depositing your income into a savings account, and then setting up a conservative amount of money as your "paycheck" to transfer into your checking account each month.

Now that you've set up your income, the next step is determining your fixed costs

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