The third topic in our InsomniaCure Financial Education Rx Series is Budgeting. The first step in budgeting is knowing your income. Yet, it could be misleading to build your budget with “gross” pay, thanks to the various deductions from your paycheck before you receive it. What are these deductions? Some are mandatory while others are voluntary.
Take a look at our carefully crafted infograph below. Knowing the reasons that turn your gross pay into net pay will give you a big head start in creating an useful budget.
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