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  • FIRST POST
    • scrimpingannie
    • By scrimpingannie 15th May 17, 2:27 PM
    • 16Posts
    • 7Thanks
    scrimpingannie
    I get paid monthly he gets paid weekly
    • #1
    • 15th May 17, 2:27 PM
    I get paid monthly he gets paid weekly 15th May 17 at 2:27 PM
    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
Page 1
    • Oakdene
    • By Oakdene 15th May 17, 2:29 PM
    • 963 Posts
    • 1,579 Thanks
    Oakdene
    • #2
    • 15th May 17, 2:29 PM
    • #2
    • 15th May 17, 2:29 PM
    Well if you multiply your OHs take home pay by 52 & divide by 12 that will give you your OHs pay in monthly terms.
    • scrimpingannie
    • By scrimpingannie 15th May 17, 2:31 PM
    • 16 Posts
    • 7 Thanks
    scrimpingannie
    • #3
    • 15th May 17, 2:31 PM
    • #3
    • 15th May 17, 2:31 PM
    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
    • By Oakdene 15th May 17, 2:35 PM
    • 963 Posts
    • 1,579 Thanks
    Oakdene
    • #4
    • 15th May 17, 2:35 PM
    • #4
    • 15th May 17, 2:35 PM
    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.
    Originally posted by scrimpingannie
    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).
    • Carrot007
    • By Carrot007 15th May 17, 2:49 PM
    • 399 Posts
    • 289 Thanks
    Carrot007
    • #5
    • 15th May 17, 2:49 PM
    • #5
    • 15th May 17, 2:49 PM
    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
    • By EachPenny 15th May 17, 5:24 PM
    • 693 Posts
    • 426 Thanks
    EachPenny
    • #6
    • 15th May 17, 5:24 PM
    • #6
    • 15th May 17, 5:24 PM
    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.
    Originally posted by scrimpingannie
    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
    • By getmore4less 15th May 17, 6:30 PM
    • 28,440 Posts
    • 17,002 Thanks
    getmore4less
    • #7
    • 15th May 17, 6:30 PM
    • #7
    • 15th May 17, 6:30 PM
    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
    • By getmore4less 15th May 17, 6:44 PM
    • 28,440 Posts
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    getmore4less
    • #8
    • 15th May 17, 6:44 PM
    • #8
    • 15th May 17, 6:44 PM
    Well if you multiply your OHs take home pay by 52 & divide by 12 that will give you your OHs pay in monthly terms.
    Originally posted by Oakdene
    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
    • By datlex 15th May 17, 10:09 PM
    • 1,210 Posts
    • 1,040 Thanks
    datlex
    • #9
    • 15th May 17, 10:09 PM
    • #9
    • 15th May 17, 10:09 PM
    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.
    • getmore4less
    • By getmore4less 16th May 17, 3:56 AM
    • 28,440 Posts
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    getmore4less
    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
    • By scrimpingannie 16th May 17, 10:18 AM
    • 16 Posts
    • 7 Thanks
    scrimpingannie
    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.
    • PeacefulWaters
    • By PeacefulWaters 16th May 17, 10:34 AM
    • 6,227 Posts
    • 7,582 Thanks
    PeacefulWaters
    Monthly standing Oder from you, weekly standing order from him.

    Pay into joint account that you never use for anything other than bills.

    Make sure you are funding it with 10% more than is required. Never let the balance drop below a minimum float amount of say 250.

    And track every spend on all accounts. The desire to be frivolous often is an evil to good budgeting!
    • getmore4less
    • By getmore4less 16th May 17, 11:38 AM
    • 28,440 Posts
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    getmore4less
    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.
    Originally posted by scrimpingannie
    If you have fluctuating wages a good strategy is to work on the low ball weeks pay and put any excess to one side for extras.

    Do an annual budget(plan) that balances based on a low end wages

    that will build up some spare from the overtime etc and you can add a discretionary spend when that gets big enough like have a slightly better holiday or an extra meal out on a good week(but remembering this was a treat on OT money)

    The spending diary will help a lot much easier to find the places you can cut back a bit when you know where all the money goes.


    One problems you often get with the variable pay is the tendency for spends to creep to the higher weeks pay especially if you get a few in a row. then when you get "normal" weeks pay like a weeks holiday you feel short.
    • scrimpingannie
    • By scrimpingannie 17th May 17, 12:02 PM
    • 16 Posts
    • 7 Thanks
    scrimpingannie
    One problems you often get with the variable pay is the tendency for spends to creep to the higher weeks pay especially if you get a few in a row. then when you get "normal" weeks pay like a weeks holiday you feel short.[/QUOTE]

    This is exactly what seems to happen.

    Thanks for the advice
    • PipneyJane
    • By PipneyJane 17th May 17, 1:20 PM
    • 526 Posts
    • 3,254 Thanks
    PipneyJane
    <quote>Monthly standing Oder from you, weekly standing order from him.

    Pay into joint account that you never use for anything other than bills.

    Make sure you are funding it with 10% more than is required. Never let the balance drop below a minimum float amount of say 250.

    And track every spend on all accounts. The desire to be frivolous often is an evil to good budgeting! <quote/>



    This is so good it needs to be said twice!


    My DH is currently paid four weekly, while I'm paid on the last day of the month. At one point, he was paid fortnightly. We operate on a "yours, mine, ours" basis for banking. From the very dawn of time, we have had a separate joint account, out of which all the joint bills are paid by direct debit or standing order. Neither of us have cards for this account (we shred them when they arrive). For travel costs, etc, e.g. if something needs to be done on his car, he pays for it from his own account, and vice-versa. Housekeeping is cash, taken out by each of us from our own accounts once a month.


    We fund the joint account proportionally based on basic wages (excluding overtime, bonuses, etc, anything that can't be relied upon). We do the same for our joint holidays account and joint date-night-fund. It's only fair that, since I'm paid more, I contribute more. The goal is to end up with both of us having the same money-to-live-off /mad money each month, not having someone with tons of cash and the other party always relying on them to buy everything or going into debt to keep up. We have individual savings accounts for personal items - if I want a new iPhone, it's my responsibility to save up for it - but that money comes out of our individual money-to-live-off, not the joint money.


    For your own spending, write everything down and deduct it from your money-to-live-off as you go. That way, you will know how much money you have left to spend this month. It takes seconds to whip out a pad and pencil and it makes you stop and think before you spend. (Or, at least, that's my experience.)
    "Be the type of woman that when you get out of bed in the morning, the devil says 'Oh crap. She's up.' "

    C.R.A.P R.O.L.L.Z. #47 Official Brain Harvesting Body Counter
    • getmore4less
    • By getmore4less 17th May 17, 6:46 PM
    • 28,440 Posts
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    getmore4less

    One problems you often get with the variable pay is the tendency for spends to creep to the higher weeks pay especially if you get a few in a row. then when you get "normal" weeks pay like a weeks holiday you feel short.
    by getmore4less
    This is exactly what seems to happen.

    Thanks for the advice
    Originally posted by scrimpingannie
    The solution is simple(work to the standard wage)
    but
    sometime if the finances are not on the same page yet you can get the I did all that overtime and can't even get a beer for it.

    if the income/work balance can be agreed then it is solvable wit he right amount of treats

    The key is understanding the root cause of the problem that not every week month has the abundance of spare cash so spread it over the year.
    • GarthThomas
    • By GarthThomas 17th May 17, 7:37 PM
    • 147 Posts
    • 223 Thanks
    GarthThomas
    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.
    Originally posted by scrimpingannie
    You need to have a short-term budget based around the minimum that you get per week, and once the better weeks have built up a decent buffer (maybe three months Monday) then you can switch your budget to your average earnings, and monitor this by seeing that your buffer doesn't dwindle.
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