Getting Comfy with Your Money

Chapter 4:
How Income Companion Works
Savings Page

The Savings page is where you manage all of your short-term saving plans.

There is no limit to the number of savings plans that you can create in the open budget space.

You add savings plans to set aside current income for future use. The set-asides can be a fixed amount, a percent of an income, or unscheduled.

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When you add a fixed amount saving plan, a set-aside schedule for the fixed amount is listed on the Savings page and in your Incredibly Cool Budget on the Look Ahead page.

When a percent of income saving is added, each set-aside amount is calculated as the set percent of the expected income receipts. When each income receipt is deposited, the set percent of the deposit is added to the saving ledger.

No set-aside schedule is created for an unscheduled saving plan. You add to the saving balance by moving money to the savings ledger on the Cash Reservoir page.

You can put a set-aside limit on both fixed amount and percent of income savings plans. When the balance in a limited saving ledger reaches the set-aside limit, the program stops scheduling more set-asides. When the balance in the ledger drops below the limit, Income Companion automatically schedules more set-asides to restore the ledger balance to the limit.

The money that has been set aside in a savings plan can be left in your checking account indefinitely. When you are ready to use part or all of a saving balance, you can use these options on the Cash Reservoir page:

  • move the money from the saving plan ledger, or
  • write a check.

If the savings plan is linked to a bill or credit card, the money in the savings plan will automatically be used for scheduled payments.

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