Personal Life Income Statement

Personal Life Income Statement
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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.