Monthly After-Tax Income
After-tax income, also called “net income,” refers to the amount of money received after taxes and deductions. It represents the actual earnings individuals receive in their paycheques, as opposed to gross income.
$
$0
Necessities
50%
$0
Wants
30%
$0
Savings & Debt Repayment
20%
- Food
- Shelter (housing)
- Clothing
- Transportation (e.g., commuting expenses)
- Utilities (electricity, water, etc.)
- Personal hygiene products
- Basic household supplies (cleaning products, toiletries, etc.)
- Insurance (health, auto, etc.)
- Shopping
- Entertainment (movies, concerts, theme parks, etc.)
- Eating out
- Hobbies and recreational activities
- Home decor and furnishings
- Beauty and grooming products
- Non-essential subscription services (streaming platforms, gaming subscriptions, etc.)
- Gifts and splurge purchases
- Emergency Fund
- Sinking Fund
- Retirement Savings
- Down Payment
- Credit Card Debt
- Student Loans
- Personal Loans
- Car Loan
