Help / The set-aside method

The set-aside method

EachPayday is built around one simple habit: every payday, move the money for your upcoming bills out of your everyday account and into a separate account, so it is there when each bill lands.

The accounts behind the method

The method mirrors a small set of your own bank accounts, so what you see on the dashboard matches what is actually in your bank:

• An everyday account, where your pay arrives and your day-to-day spending happens.
• A separate bills account (many banks let you open extra accounts for free), used only for direct debits and bills. This is the account the checklist and the Bills account card track.
• A Surplus savings account, holding what is left after your bills are covered, matching your Surplus pot in the app.
• A Piggy bank savings account, for money you are deliberately saving, matching your Piggy bank and goals in the app.

Only the everyday and bills accounts are essential to the set-aside habit. Adding the Surplus and Piggy bank accounts is what lines your real balances up with the dashboard, so the app becomes a mirror of where your money actually sits rather than just a plan on a screen.

EachPayday does not connect to any of these accounts. It tells you how much to move and helps you keep track. You make the transfers in your banking app.

The checklist

Each pay cycle, the fortnight checklist (or week/month, depending on your pay) lists what to set aside. As you make each transfer in your bank, you tick it off. The card shows your progress as you go. When you are done for the cycle you can mark it complete. If you deliberately skip an item, you can still mark the cycle complete: EachPayday will confirm and list what was left unticked, so a skipped item never leaves you stuck.

Your bills account at a glance

The Bills account card shows three things: Set aside (what to move this cycle), Balance now (what should be sitting in the account), and Still to come this fortnight (bills yet to be paid). It also projects the lowest the balance will dip to before your next pay, so you can see in advance if a big bill will cut things close.

The bills buffer

The Bills buffer is an optional amount you choose to keep in the bills account as a cushion. If a debit comes out a day early or an amount is slightly higher than expected, the buffer absorbs it instead of the account going negative. You can change the buffer any time in Settings.