Financial help for all!

We have discussed how to create budget for expenses and income you would receive. Now I will go through the term “Net Profit/Loss” and Income:Expense ratio.

Net Profit/Loss is equal to total income minus total expenditure.

Income: Expense ratio: Total Income/Total expense. (Ideally it should be over 1)

Now after going through this exercise you find out that your total expense is more than the total income you bring home then you have to do the following:

1. Reduce spending in categories which are not a priority. eg. take brown bag for lunch instead of eating outside etc.

2. Increase your income.

You would love to increase your income if you can so I will discuss that part in this article. There are several ways you could increase the total income you get. I have summarized them below:

1. Working on computer filling out surveys, reading emails, telephone operator etc. I will give details along with companies that actually pay for each program in coming days. I do understand there are lots of scams going around but I would only provide you with names of the site that have actually paid me.

2. If you are getting a big federal tax refund, may be it is time to change the number of exemptions you claim in your W-9 form. Most of the time you forget to change the W-9 form after years of service. This could increase your take home pay by about $3500 approximately.

Both of this ways can be used together to increase your take home pay. Although I would encourage you to try to reduce the expense a little bit to help yourself. Remember filling out surveys and doing any of the other work I pointed out in point 1 requires some time from you everyday or every week.

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