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Setting up Income for Budget

Jun 27, 2016 01:28PM EDT

How do you set up Income when your employer pays you Biweekly? It looks like you only support Annual or Bimonthly pay modes, which makes using the budget feature a little confusing.

For example, lets say my Annual Salary is $13,000.00 per year. HelloWallet assumes this is divided into 24 pay periods per year, which would be approximately $541.67 per pay period, or $1083.33 per month. But if I receive my paycheck every two weeks, in reality there are 26 pay periods per year of $500.00 each. That means in most months, I really only receive $1000.00 worth of income to work with.

Admittedly, there will be 2 months when I receive $1500.00 in monthly income, but that doesn't really help when I'm looking at the monthly view of my budget....

Best Answer

HelloWallet Support Answer

Jun 28, 2016 01:47PM EDT
HelloWallet Support

For this, you can override the Monthly Take Home field. While it will be incorrect for 2 months, yes, it will be accurate for the rest of the year. In the example you provided, you’d put $1083.33 (minus taxes, withholdings, etc) in your Monthly Take Home field, and this will be the basis of your budget.

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