Make sense of your money.

Your first paycheck, a paid project, or an idea taking shape. Start with three small lessons you can put to use.

Small lessons. Useful habits.

These examples explain everyday money concepts. They are illustrations, not calculations of your taxes or personal advice.

Your first income

On a pay stub, gross pay is your earnings before deductions. Net pay is what remains after those deductions. The two amounts tell different parts of the story.

Illustrative paycheck

$120 earned − $15 deductions = $105 net pay.

The amounts are made up to show the math; they are not a tax estimate.

Try this with a pay stub

Find the pay period, gross pay, each deduction, and net pay. Check the hours and rate if they are listed. Ask the employer about anything you do not recognize.

For a freelance project, keep the agreed price, invoice, payment date, and any platform fee together so you can follow the payment.

Explore the CFPB paycheck lesson

One small move: Read the breakdown behind your next payment.

Revenue isn’t profit

Revenue is what your work or sales bring in before expenses. Profit accounts for the costs of earning that revenue. A busy month can look different once you add up those costs.

Illustrative project

$300 sales − $90 materials − $30 fees = $180.

That is what remains before taxes and any other costs in this simplified example.

Try a project check-in

Write down the price you charged. List the materials used, platform fees, and other costs of the project. Subtract the costs, then consider how much time you spent doing the work.

Check when customers actually paid, too. A sale and the money arriving can happen on different days. This example does not determine your taxable profit.

See how bookkeeping helps

One small move: Write down both the income and costs of your next project.

Records worth keeping

A useful record explains what happened: the date, amount, person or business involved, and purpose. Keep the original invoice, receipt, pay stub, or payment record with it.

An example note

September 8 · $24 · materials for a client project.

Attach the receipt so the note and the supporting detail stay together.

Build a simple record habit

Choose one secure place for records. Use clear filenames with a date and description. Set a regular time to add new records and follow up on missing ones.

Keep business activity identifiable separately from personal spending. The records you need and how long to retain them depend on your situation.

Read the IRS recordkeeping guide

One small move: Give your next receipt a clear home.

For parents and caregivers.

Use an everyday example, like a first paycheck or the cost of making something, to explore a money question together.

Keep the example relevant to the young person’s experience. They can use made-up numbers while learning.

Explore CFPB’s Money as You Grow

Start with something familiar

Ask where the money came from, what costs were involved, and what information would help explain the result.

Let them work through it

Try the project example above together. Change one number and talk about what happens to the amount left over.

Bring a real question when you have one

Parents and caregivers can contact Fintaxe about family tax questions or a young person’s income. We’ll explain whether our services fit the situation.

Start a family conversation

Bring your next question.

For help with your own tax return, books, or a business decision, tell us a little about what you’re working on.

Let’s talk Explore services