On your pay stub you will see “Gross Pay” and “Net Pay.” Gross pay is before taxes and deductions, and net pay is what hits your account each month. KEY POINT: we are looking for what we call “Take home” or “Net Pay.” This is the amount that actually hits your checking account each month. You are compensated based on production, then your income will be different each moth, and a bit harder to predict, however, you should be able to take a few paystubs and come up with an average monthly income. If you are straight salary, then you will have the same number on your paystub each month, so it will be easy to determine what is coming in each month. Now veterinarians can be paid several different ways: straight salary, hourly, salary+ production, all production ext. You will be able to get your information from a paystub that you receive every month or two weeks! You should be able to download this via your employee portal (if you are not sure how to do this, ask your supervisor, employer, or HR department). (If you are an independent contractor, see my other article: budgeting for independent contractors, if you own your own business see my other article: budgeting for Business owners). Start with your income, if you are a W-2 employee (meaning you receive a W-2 every year when you file your taxes), this is the article for you. ![]() Once you have your savings number, you are one step closer to getting your finances in order. Have you ever wondered where to start when it comes to getting your finances in order? Look no further, having a budget is essential to any financial household, regardless of income!įinancial planning in its most basic form, is essentially looking at what is coming in (income) minus what is going out (expenses) thus determining what is left over (savings), and then deciding what to do with it!
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