Personal Life Income Statement
A personal life income statement, also known as a personal income and expense statement, summarizes an individual's financial performance over a specific period (usually monthly or annually). It includes revenues (income) and costs (expenses).
Revenues (Income)
1. Salary and Wages
- Gross salary from employment
- Bonuses
- Overtime pay
- Commissions
2. Investment Income
- Interest income (savings accounts, CDs)
- Dividend income (stocks, mutual funds)
- Capital gains (profits from the sale of investments)
3. Rental Income
- Rent received from properties owned
4. Business Income
- Earnings from self-employment
- Profits from a side business or freelance work
5. Other Income
- Alimony or child support received
- Social Security benefits
- Pension or retirement income
- Government benefits (unemployment, disability)
- Gifts or inheritances
- Miscellaneous income (lottery winnings, royalties)
Costs (Expenses)
1. Housing Expenses
- Rent or mortgage payments
- Property taxes
- Home insurance
- Maintenance and repairs
- Utilities (electricity, water, gas, oil)
- Homeowners association fees
2. Living Expenses
- Groceries and household supplies
- Dining out
- Clothing and personal care
3. Transportation Expenses
- Car payments
- Auto insurance
- Fuel
- Maintenance and repairs
- Public transportation costs
4. Debt Payments
- Credit card payments
- Personal loan repayments
- Student loan payments
5. Insurance Premiums
- Health insurance
- Life insurance
- Disability insurance
- Property & Household insurance
- Car insurance
6. Savings and Investments
- Contributions to savings accounts
- Retirement account contributions
- Investment account contributions
7. Healthcare Expenses
- Medical bills
- Prescription medications
- Health-related expenses (dental, vision)
8. Education and Childcare
- Tuition fees
- School supplies
- Childcare costs
- Extracurricular activities
9. Entertainment and Recreation
- Hobbies
- Vacations
- Subscriptions (streaming services, magazines)
10. Miscellaneous Expenses
- Gifts and donations
- Pet care
- Legal fees
This personal income statement helps to track where money is coming from and how it is being spent, providing a clear picture of an individual's financial performance over a specific period.