diff --git a/src/engine/gnc-budget.c b/src/engine/gnc-budget.c
index c61dc2e2b7..c16f9707cc 100644
--- a/src/engine/gnc-budget.c
+++ b/src/engine/gnc-budget.c
@@ -100,7 +100,12 @@ gnc_budget_new(QofBook *book)
     budget = g_new0(GncBudget, 1);
     qof_instance_init (&budget->inst, GNC_ID_BUDGET, book);
 
+#ifdef HAVE_GLIB29
+    g_date_set_time_t(&date, time(NULL));
+#else
+    /* Deprecated since glib-2.10; use g_date_set_time_t instead. */
     g_date_set_time(&date, time(NULL));
+#endif
     g_date_subtract_days(&date, g_date_get_day(&date)-1);
     recurrenceSet(&budget->recurrence, 1, PERIOD_MONTH, &date);