COOP - Millard County

Question

Q

How do I use ReliaBalance with varying pay schedules?

Answer(s)

A

ReliaBalance is based upon a monthly schedule because most billing cycles are one month.  If we are not on a monthly pay schedule, we have to correlate our spending plan with our pay schedule.  This is done by identifying which bills come due in each pay period.  We total the bills due in each pay period.  We then transfer the amount of money needed to pay these bills into the holding account when each paycheck is deposited.  Large payments like house payments may need to be spread out over several pay periods to ensure the money needed to pay them is available when the bill is due.

Posted on 10 Mar 2011

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