The Story of Your Money: Income and Expenses

Updated 12 months ago

Income and expenses, inflows and outflows, it’s the basics of money talk. If you were a business figuring out on paper your income and expenses has an official name. it’s an Income Statement. Sometimes this may be also be called a profit and loss statement.Profit and Loss Statement- In its simplest form you total all revenues, or money you’ve earned and subtract expenses from the earnings. Money really boils down to this very simple income minus expense equation. If want to change the bottom line, or what remains by increasing it, you have two options:Increase earnings – besides working more hours, or getting a job that may pay better, your could sell things you no longer need. Do you have a hobby that you love like carpentry, baking, decorating? One or two jobs every few weeks could add to your household bottom line.Cut expenses -First figure out what you spend your money on and think of better options. Though rent and utilities are typical cost drivers, consider even perceived smaller costs such as snacks, coffee and those pesky other habits like drinks with pals or smoking. If you can socialize less expensively you could cut a few dollars that could add up on your bottom line.Citations:http://www.wikihow.com/Reduce-ExpensesMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Vote Norumbega Financial for Bangor’s Best Financial Planning Firm at Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated.


MENU