What’s your income?

To plan your budget, one of the first things you’ll need to do is work out your take-home income. Most people know how much they earn, but it’s your take-home pay you need to think about; that’s the money you receive after tax and other deductions. You can find this on your payslip or through your employer.
If you’ve got any other consistent income streams, such as rental income or another job, include those, too, as it’ll make your budget more accurate.

Gross pay is your earnings before any deductions or taxes are subtracted. Your annual gross pay is commonly referred to as your annual salary.

Net pay is what you have left after they take out things like Income tax and National Insurance. It’s the money you actually get to take home.