WSU employees who work only during the academic year can spread their paychecks over all 12 months with the help of WSU Payroll Services.
First, determine the amount you want to save from each paycheck. This will create a nest egg from which to draw money when you’re not receiving a regular paycheck.
Next, set up a savings account with Washington State Employees Credit Union or the Washington School Employees Credit Union. They provide this program in cooperation with payroll services.
Then, sign a payroll deduction form authorizing payroll services to withhold and remit funds from each paycheck into the credit union account. Your regular deducted amount will be listed on your paystub, and the credit union will provide you with a statement of your account.
Your account will grow until the period when you don’t receive a paycheck. Then you can pay yourself regularly from that account.
You also could set up this kind of account with an automatic transfer at a bank, working with your banker rather than payroll services.
You’ll want to consider:
• how many paychecks you will not have during your nonwork period.
• how often you’ll want to withdraw a regular amount.
• other expenses you’ll need to cover during your nonwork period.
• how much you’ll need to deduct from your paychecks in order to make it all possible.