💰 Chapter 5

Tracking Your Income

Monitor and manage expected income

📋 On This Page

Understanding Income in BudgetPro

Expected Income represents money you anticipate receiving during your pay period. This is a key part of BudgetPro's calculations because it helps project your future balance.

Common types of income to track:

  • Paychecks: Regular employment income
  • Side gig earnings: Freelance work, ride-share, delivery
  • Government benefits: Social Security, disability, unemployment
  • Investment income: Dividends, interest payments
  • Rental income: If you're a landlord
  • Child support/alimony: Regular support payments received
  • Reimbursements: Expected expense reimbursements
  • One-time payments: Tax refunds, bonuses, gifts
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Why Track Expected Income?

Tracking expected income helps BudgetPro:

  • Calculate accurate "Safe to Spend" amounts
  • Project your balance at the end of the pay period
  • Show daily balance projections on the calendar
  • Help you plan for tight periods between paychecks

Adding Expected Income

  1. Click "Add Income"
    Find the "Add Income" button at the bottom of the Expected Income panel.
  2. Enter the Source Name
    Type a descriptive name like "Paycheck - ABC Corp" or "Freelance - Logo Design". Be specific so you can track multiple income sources.
  3. Enter the Amount
    Enter your expected take-home pay (after taxes and deductions) or the gross amount for non-employment income.
  4. Set the Expected Date
    Choose the date you expect to receive this money. For direct deposit, this is usually your payday.
  5. Choose the Schedule Type
    Select how often you receive this income: One-time, Recurring (weekly, bi-weekly, monthly, etc.), or Varied.
  6. Save the Income Entry
    Click "Save Changes" to add the income. It will appear in your Expected Income list and on the calendar.
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Example: Adding Your Paycheck
Bi-weekly employment income

Marcus gets paid every other Friday from his job at TechCorp. He adds:

  • Source: Paycheck - TechCorp
  • Amount: $2,450.00 (his take-home pay)
  • Expected Date: November 22, 2025
  • Schedule: Recurring - Bi-weekly

Now BudgetPro knows to expect this money and includes it in the Safe to Spend calculation. When he marks it received, the next expected date automatically moves to December 6.

Income Schedule Types

Just like bills, income can be scheduled in three ways:

One-Time Income

Use this for income that only happens once:

  • Tax refunds
  • One-time bonuses
  • Selling items
  • Gifts received
  • Insurance claim payments
  • Rebates and refunds

Recurring Income

Use this for income that arrives on a predictable schedule:

Weekly
Paid every week. Common for hourly workers, some contractors.
Bi-Weekly
Paid every 2 weeks. The most common pay schedule for salaried employees.
Semi-Monthly
Paid twice per month (e.g., 1st and 15th). Common in some industries.
Monthly
Paid once per month. Common for Social Security, some salaries.
Quarterly
Every 3 months. Common for dividend payments.
Yearly
Once per year. Example: Annual bonuses, yearly dividends.

Varied Income

Use this when income timing is unpredictable:

  • Freelance payments (when client pays)
  • Commission checks
  • Tips (if deposited separately)
  • Gig economy earnings

When you mark varied income as received, you'll set the next expected date manually.

Marking Income as Received

When money hits your account, mark it as received in BudgetPro:

  1. Find the Income Entry
    Locate it in your Expected Income list. It shows âŗ Pending.
  2. Toggle the Status
    Click on the status to change from Pending to Received.
  3. Confirm the Action
    The confirmation dialog shows what will happen. Click "Confirm" to proceed.

What Happens When You Mark Income Received

Income Status Pending → Received ✓
↓
Expected Income Total Decreases by amount
↓
Current Balance Should reflect deposit
↓
Next Expected Date Auto-advances (if recurring)
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Remember to Update Your Balance

When you receive income, your actual bank balance increases. Don't forget to update your Current Balance in Settings to reflect the new amount. BudgetPro tracks expected income separately from actual balance to give you accurate projections.

Managing Multiple Income Sources

If you have income from multiple sources, add each as a separate entry:

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Example: Multiple Income Streams
Full-time job plus side gig

Lisa has a full-time job and does freelance design on the side. She tracks:

  • Paycheck - Main Job: $3,200 bi-weekly (recurring)
  • Freelance - Logo Project: $800 one-time
  • Freelance - Website Retainer: $500 monthly (recurring)

BudgetPro adds all pending income together when calculating her Safe to Spend, giving her a complete picture.

Household with Two Incomes

If you're budgeting for a household with two earners:

  • Add each person's income as a separate entry
  • Use names like "Paycheck - John" and "Paycheck - Sarah"
  • Both incomes factor into your household Safe to Spend

Handling Variable Income

If your income varies (freelancers, gig workers, commission-based), here are strategies to stay on track:

Strategy 1: Conservative Estimates

Enter the minimum you expect to receive. If you typically earn $2,000-$3,500 per pay period, enter $2,000. This builds in a cushion.

Strategy 2: Rolling Average

Calculate your average income over the past 3-6 months and use that as your expected amount. Update it periodically as your average changes.

Strategy 3: Update as Confirmed

For freelance work, add income when a project is confirmed but not yet paid:

  1. Add income as "Varied" with estimated payment date
  2. Update the amount when you invoice
  3. Mark received when payment arrives
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Don't Count Income Before It's Confirmed

Only add income you're reasonably confident you'll receive. Counting unconfirmed income can lead to overspending. When in doubt, leave it out and add it when it becomes more certain.

Strategy 4: Higher Minimum Balance

If your income is variable, consider setting a higher Minimum Balance Reserve in Settings. This gives you a bigger buffer for lean periods.

Income vs. Current Balance

It's important to understand the difference between these two concepts:

Current Balance
The actual money in your account right now. This is a fact you update in Settings.
Expected Income
Money you anticipate receiving in the future. This is a projection.

How They Work Together

Current Balance $3,000
−
Pending Bills $1,200
+
Expected Income $2,100
=
Projected Balance $3,900

The Workflow

  1. You have $3,000 in the bank (Current Balance)
  2. You're expecting a $2,100 paycheck on Friday (Expected Income)
  3. BudgetPro shows this in projections but doesn't add it to Current Balance
  4. Friday arrives, you get paid, your bank now shows $5,100
  5. You mark the income as "Received" in BudgetPro
  6. You update Current Balance to $5,100 in Settings
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