LifeCycle®
LifeCycle
®
User Manual
5. Income Creation
Let's make a bill. Get information about one bill. Is it recurring? Who pays it (which account)? Does it automatically draw money from an account (autoPay)? And so on. You'll fill in the information for a bill as detailed below.
- Open LifeCycle.
- Tap Manage.
- Tap Income.
- Tap the '+' in the upper right. A "New Income will appear in the Income list.
Be aware that it will not necessarily be on top of the list if an income exists for today or prior dates.
- Tap on the "New Income".
- Fill in the form about your income. You will need to:
- enter the Name
of the income.
- enter the Amount
of the income that will be received.
- Pay Date is the date that you expect to pay the bill. It is used in this app to remind you that the bill is ready to be paid.
- Set End Date: This allows you to set an ending date for an income. If you have an income that will have 6 payments, and then it is complete, this allows you to set that end date.
** incomes with no End Date
will compute every cycle for all future calculations; incomes with an End Date will stop computing after the End Date.
When you tap Set End Date a confirmation will appear to confirm you want to set an End Date. If you do, another date picker will appear and allow you to set the End Date.
If an End Date is set on an income, then a
Clear End Date
link will appear to clear the End Date.
- Recurring: Set this to 'Yes' if the income recurs -- such as a paycheck that will be the same each cycle. Set this to 'No' if the Amount will change due for any reason.
- Cycle is how often this income will be paid. You can set it to anything from Weekly, to Monthly, to Annually, etc.
- Every is a cycle count time. If you set this to 2 and your Cycle is set to Weekly, then this means the income will be paid once every 2 weeks.
** Note that Monthly and Weekly x4 are NOT the same thing. There are 12 months in a year; 52 weeks in a year. If Weekly x4 is substituted for Monthly you will only get 48 weeks.
- Source is the source of the income. Generally, this will be "External Source." Social Security is another external source, but has special application if you are receiving social security income.
- Deposit To is the account that this payment will be deposited into, i.e: your checking account.
- Exclude from Summary: in the bottom left of the main screen there is a summary of the bills you owe in a month; this will exclude this bill from that
- Exempt from IG: (Income Growth) In future calculation, say over the next 25 years, if this income will increase on a determined, fixed percentage then turn this off. Your paycheck likely is not tied to steady, fixed growth so for that you would leave this off. If you do have an income that grows steadily, then the percentage is set in the Settings pages.
- Alternate IG - IG is set in the Settings and is applicable to all income that have IG not exempted. If a given income should have a different inflationary value, set it here.
- Save in the upper right will save the bill.
Don’t worry if you forget an income at first. You can always add more later, or delete those that don’t apply. The granularity that you want to track is up to you.
Please understand that the information is under your control, and is not linked to any bank or card institution. So you will need to enter and edit the values in the app by hand at certain points in time if you are not using item by item granularity.