- Income tax
- National insurance
- Pension payments
- Payroll giving (monthly charity donation commitments)
- Take-home pay (net salary after the above have been deducted)
However, if I do this, I have no record of where the rest of my salary is going. I am not too bothered about recording income tax and national insurance, as I have no control over these amounts and they are not really expenses; but I would like to record how much I am committing myself to in charitable donations by payroll giving, and what is going out in pension payments.
Should I have a separate (term?) account for my salary, and record a deposit of my gross salary, a transfer of my take-home pay to my bank account, and withdrawals of the remainder in the other 4 categories listed above? The reason I'm hesitant to do this is because it will inflate both my income and my expenses, giving a false impression of what I am earning and what I'm spending.
I would be very interested to hear what others do. Thanks!