If your job appointment is less than 12 months a year, budgeting can be a challenge, particularly in the summer months and during the tax season.
If you would like to have your paychecks spread out so they cover the summer months, or if you’d like to set money aside for taxes, vacations or other purposes, Payroll Services offers an alternative program to help you make that happen.
Here’s how it works. First, simply open an account with Washington State Employees Credit Union or the School Employees Credit Union of Washington. Next, determine the amount you wish to save from each paycheck. Third, sign a payroll deduction form to authorize Payroll Services to withhold and remit funds from each paycheck on your behalf directly into that account.
Once activated, that deducted amount will be listed on your paystub and the respective credit union will provide you with a statement of your account.
You will be able to watch your account grow and earn interest each pay cycle. Before you know it, you’ll have a nest egg ready to meet your financial challenges. Then, in the summer months, you can simply pay yourself on a regular basis by withdrawing from your account the amount you budgeted.
To set up a custom program to meet your needs, you’ll want to consider:
- how many paychecks you will not have during your non-work period
- whether you want to withdraw a regular amount on a weekly, biweekly or monthly basis
- other expenses you need to cover during your non-work period
- how much you need to withdraw from your regular paycheck and put into savings in order to make it all possible
If you need help making those calculations, your credit union will assist you.
To contact the Washington State Employees Credit Union:
Visit Compton Union Building Ground Floor full service branch or
Call Center: 800-562-0999 or website:
To contact the School Employees Credit Union of Washington:
(206) 628-4010 or 1-888-628-4010 or website
Payroll Deduction Form for School Employees Credit Union only (PDF format)