I get paid monthly he gets paid weekly

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scrimpingannie
scrimpingannie Posts: 16 Forumite
in Budgeting & bank accounts
Hi all

As in the title my pay is monthly OH pay is weekly.
Despite having a very basic spreadsheet set up with incoming / outgoing etc we are constantly overspending. I dont think I have calculated my figures correctly.

Any tips from anyone in a similar situation with weekly & monthly incomes?

Thank you
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  • Oakdene
    Oakdene Posts: 2,560 Forumite
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    Well if you multiply your OHs take home pay by 52 & divide by 12 that will give you your OHs pay in monthly terms.
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • scrimpingannie
    scrimpingannie Posts: 16 Forumite
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    Yes I'm well aware of this!

    Was just thinking someone could advise of a spreadsheet they use when receiving weekly pay, monthly pay and then outgoings going out on a monthly basis.
  • Oakdene
    Oakdene Posts: 2,560 Forumite
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    scrimpingannie wrote: »
    Yes I'm well aware of this!

    Was just thinking someone could advise of a spreadsheet they use when receiving weekly pay, monthly pay and then outgoings going out on a monthly basis.

    I start on the first day of the month with my balance & add in my income & expenditure by day so I can see what I should have at the end of the month. I then add an extra column for extra spends (say an unscheduled cinema date or something).
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • Carrot007
    Carrot007 Posts: 4,534 Forumite
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    I have a similar to monthly accouting issue! Though my OH is paid 4 weeekly.

    For that I just allocate 12 of the wages to each month (I account from my pay day , so 22nd-21st), then treat the extra wage as a bonus!

    You could do similar and account 4 weeks to each month and treat the occasional 5th as a bonus.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    scrimpingannie wrote: »
    Despite having a very basic spreadsheet set up with incoming / outgoing etc we are constantly overspending. I dont think I have calculated my figures correctly.

    To be honest, and this is meant in a nice way, having a more complicated spreadsheet is not going to help you solve the problem. A spreadsheet of expenditure will show you where you are spending money, but you can only stop overspending by reducing your expenditure... doing a bit more of what your username suggests :)

    I would set your monthly budget by adding your monthly pay to 4 weeks of his weekly pay. That will give you the figure for the minimum income you can expect per month - and as Carrot007 suggests, the additional money your OH earns in some months will be a buffer.

    If you are in the situation where the number of pay packets your OH gets in a month is critical (say they only actually get 3 payments in February because of the way the dates fall) then you need to take a more serious look at reducing your expenditure so you aren't in a postion where a missed week's pay will cause you problems.
    "In the future, everyone will be rich for 15 minutes"
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    If you are running out of money you are spending too much.

    Do a proper plan(budget) on an annual basis for total income for the year and work out where you want it to go.

    if you are documenting(spending diary) the outgoings it should be clear where the overspends are.

    do a SOA
    http://www.stoozing.com/calculator/soa.php

    That may help work out how much you have to spend on the things you are overspending on.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    Oakdene wrote: »
    Well if you multiply your OHs take home pay by 52 & divide by 12 that will give you your OHs pay in monthly terms.

    The problem is that only works if you have a cashflow buffer.

    Sounds like the OP does not have one yet

    To build one a good approach is to only use 4 weekly pays in the monthly budget

    That leaves 4 left in savings at the end of a year.
  • datlex
    datlex Posts: 2,239 Forumite
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    I use my own spreadsheet. I think it is best to develop your own. However we can help you make a start:

    My spreadsheet has several sheets.

    The front sheet has income, expected bills, amount to bills account, bills balance, savings, available funds (expected bills is over a few columns due to being paid from different accounts however it does work with just one column)

    For you I would list 52 pay weeks With his pay day as the date listed. I would have 2 income columns with a total income for the week.

    My second (and third and fourth) sheets are expected bills by DD/ Standing Order - this is things like rent, electricity, water with the date they are due and the expected amount. The expected bills column on the front sheet looks back to this column and adds up all the bills that are due that week. (This is repeated for each account I have bills coming out of to take advantage of rewards).

    Going back to my front sheet I have a bills account which funds the accounts from which the DDs and SOs are paid. I transfer into this a fixed amount each week. To calculate this is a bit of trial and error. But basically it is the amount you need to ensure your bills balance is never below zero. For me it is bills balance- bills +transfer. I would highly recommend you get an account for bills.

    Going back to my front sheet column headers. Now I have transferred an amount to pay bills, I put another amount aside into savings. What is left is mine to spend.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    Get MSMOney(free) it has all you need built in to manage the cashflow with variable income date.

    no one really works on a month as spends tend to be weekly, weekendly), monthly and longer like quarter/annual.
    and on top of those you have the !!! and when(clothes) and impulse

    ultimately it is usually the regular weekly random and impulse where the problem spends are.
    The rest are predictable and easy to manage.
  • scrimpingannie
    scrimpingannie Posts: 16 Forumite
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    Thanks for the advice everyone. I must also point out that OH wages fluctuate weekly according to hours worked, overtime etc.
    I will take your advice on board and have a go.
    My main aim is to set up a spreadsheet to see where our money is going.
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