Example of a Personal Income Statement

by Marquis Codjia ; Updated July 27, 2017
A personal income statement can be an important budgeting tool if used properly.

A personal income statement helps you analyze expenses and revenues over a period of time or at a given point in time. It can be an effective budgeting tool if used properly.


An income statement is also known a statement of profit and loss or statement of earnings. It indicates revenues earned and expenses incurred over a period of time.


A statement of earnings is important because it helps you gauge the amount of disposable income, or net income, available to invest in retirement accounts, plan a vacation or save for college education.


On a personal income statement, income represents salaries and bonuses you receive from a labor contract. If you own a small business, income reflects sales revenue.


A gain is income you earn from secondary activities. Examples include gains in financial market activities or on a sale of property. This also needs to be included.


An expense is a cost of living, such as a bill, or a charge you incur from borrowing activities. Examples include rent, utilities and mortgage interest.


Losses are expenses you incur from secondary activities. Examples include losses in financial market activities or on a sale of property.

About the Author

Marquis Codjia is a New York-based freelance writer, investor and banker. He has authored articles since 2000, covering topics such as politics, technology and business. A certified public accountant and certified financial manager, Codjia received a Master of Business Administration from Rutgers University, majoring in investment analysis and financial management.

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