Step 1: List Your Income_dsc0157

Using your organized documents and the “Income” form (see links below), enter the amounts of your current monthly income in the first column. Also list all the income or funding you can reasonably expect to receive related to your child’s disability, such as government health care assistance and gifts of money from community, civic, or religious organizations.

How to Handle Reimbursements

You may receive reimbursements for some medical costs from your health care provider. Reimbursements are not a source of income, but a type of payment for medical care. Reimbursements offset actual expenses. This is why any medical reimbursement amounts and the actual expense amounts must both appear in your spending plan. Even though the reimbursements cancel out the actual expenses, including them in your spending plan will help you keep track of how you spend your money

 

Take note! If you include a medical reimbursement in the “Income” form and not the actual expense in the “Expense” form, you will overstate your income. Likewise, if you include a medical expense but not its reimbursement, you will overstate your expenses.

How to Handle Periodic or Temporary Income

Some investment income, such as dividends, is paid monthly. Workers compensation is temporary income. Financial assistance from friends or family may be periodic. The purpose of the spending plan is to get a picture of what is happening right now in your financial life. If you do include periodic or temporary income, take into account that your actual monthly income amount may be overstated for some months.

 

 

List_Your_Income_pdf List_Your_Income_Excel File

 

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