"Spendable Income"

I have my paycheck direct deposit split between a checking and savings account. For convenience and in order not to be making too many transfers, I may pay a large bill out of the savings account.

In the Spending Plan, it is only counting the recurring paycheck deposit to the checking account as "Spendable Income." It doesn't count the deposit to the savings account, nor does it count any accrued interest.

Is this by design?

Thank you,
- Steve

Comments

  • Coach Nicole
    Coach Nicole Administrator, Moderator admin

    Hi Steve -- The Spendable Income section of the Spending Plan should include any transaction categorized as income. What is the category showing for your paycheck deposit into your savings account?

  • RSKadish
    RSKadish Member ✭✭✭
    Hi Nicole,

    It shows as Type "Income" and Category "Paycheck." This is the same as the deposit into the checking account.

    Thank you,
    - Steve
  • Coach Nicole
    Coach Nicole Administrator, Moderator admin

    Thank you for that info, Steve! After discussing and testing with my team, we've determined that the Spending Plan does not include income deposited into a savings account as Spendable Income. Since a savings account is not meant to be used as a payment account, it makes sense it wouldn't see the income as spendable. However, I believe that there should be an option that allows you to include those transactions in the Spending Plan, so I'll get this over to our product team. Thank you so much for this great feedback.

  • RSKadish
    RSKadish Member ✭✭✭
    Hi Nicole,

    Thank you for the clarification. The approach your team is taking is the right one, of course. If I weren't so lazy, I'd figure out how much I need to pay bills after each paycheck, and then transfer the remainder to Savings and wouldn't touch it. Or, I'd keep all the money in Savings and transfer it into Checking before I pay bills. But, here we are!
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