Income Statement

An income statement tracks the money that comes in and goes out in a given time frame.
Income is all money that is added to your budget.
Expenses include all money that is leaving your budget.
Do not include contributions to assets such as savings accounts or investing accounts.
Your total income should be more than your total expenses.
If not then you are running a deficit and eventually you will have no money.
It is good to check on money that is leaving your accounts since little purchases can add up in a month and even within a year.