handling budget when paid 4 weekly

superstylin

how the heck does anyone handle their budget when paid 4 weekly?

I've just started a new job and my pay days are as follows:
4th June
2nd July
30th July (2 payments in July, not bad)
27th Aug
24th Sept
22nd Oct
19th Nov
17th Dec

Now if I have a direct debit come out on say the 15th each month then there are varying numbers of days between it and pay day - my vudget is gonna be shot to pieces. At the moment I have mostly everything to come out in 1st week of month because previously I was paid on the 28th of each month.

Does anyone get paid this way, and have you come up with a way of keeping track and on budget?

johncolescarr

This is quite unusual so it'll take careful planning.

Although my situation is not the same as you, I have varying outgoings each month. I make an allowance each month for big purchases so that the money is always available.

I think you will have to do the same thing, but with your income and outgoings. Some form of piggy bank budgeting (or envelope budgeting) may work for you, put the money for bills, food, clothes etc in separate accounts (or envelopes) so you know what money you have to spend and that you have sufficient funds to pay the bills when they arrive (or set up DDs from the relevant accounts)

peachyprice

My OH gets paid 4 weekly and we have a 4 weekly budget, with the help of a spreadsheet, once you get used to it it is really very easy.

I have all my DD's & SO's listed and the due dates, I have a total for them which I take off our total income, the remainder I divide by 4 as our housekeeping.

When each DD is paid I check it off the DD list so I know it's been paid, and the date it is next due.

vet8

My OH is also paid 4 weekly and it is a PAIN.

I must admit I am not as organised as the others on here with their spreadsheets. The only good thing is that at least the pay day moves forward each month so it arrives before the DDs are due. It does need careful planning.

I just look at his account on-line very regularly and check everything. I find it easier to avoid too many DDs, we just have the essentials like mortgage, life assurance. Other billls I pay manually when the money is there to avoid DDs bouncing.

sscott5581

Hi

I am paid 4 weekly and find it easy to manage the only main difference is you receive 13 wages instead of 12 in a year. After bills I divide by 4 and that is my money for week. You need to watch as getting paid at different times of month means direct debit/standing orders need to be monitored closely but I am sure you will get the hang of it.

Good luck!

Steven

daveyjp

I've been paid 4 weekly for years - it's brilliant - no 5 weekend months ever again.

You also get paid for 29th February - paid monthly you don't.

Just have a diary of due dates of DDs and it soon works out.

Use online payments for items like Council Tax and pay it on pay day - that way by Christmas you are a payment in front and don't need to pay it from Christmas pay.

opinions4u

Run two accounts.

Pay wage in to account number one.

Transfer enough to cover full monthly bills + 10% in to account number two on pay day (another option would be to set up a weekly standing order for a quarter of this amount).

Anything left in account number one is "spends"!!

At the end of a 12 month period you'll have built up just over 2 months of spare bill money!

Review the amount of the pay-day transfer every time a significant bill increases (e.g. mortgage) and every time you get a pay rise. If any bill reduces don't reduce the amount of the transfer.

Comyface

opinions4u wrote: »

Run two accounts.

Pay wage in to account number one.

Transfer enough to cover full monthly bills + 10% in to account number two on pay day (another option would be to set up a weekly standing order for a quarter of this amount).

Anything left in account number one is "spends"!!

At the end of a 12 month period you'll have built up just over 2 months of spare bill money!

Review the amount of the pay-day transfer every time a significant bill increases (e.g. mortgage) and every time you get a pay rise. If any bill reduces don't reduce the amount of the transfer.

This is what I'd do. In fact, I already do this even though I'm paid monthly. I transfer bill money into bill account and leave it alone. Whatever's left in wages account is then mine to spend. TBH, I don't transfer 10% extra, I would if I had that spare though, I just have a small arranged o/d on the bill account (£100) and if I ever dip into it accidentally if a bill amount changes, I transfer money out of savings to get me back into credit (and then increase the amount I put in the following month).

mparter

I've been paid 4 weekly for years and have gotten used to it I suppose. I tend to get my two wage month nearer the end of the year October/November and because I pay most of my direct debits on the same date, I effectively get this entire wage to myself. I use this for xmas pressies.

Obukit

I get paid the same way and simply have an instant access savings account that my "month" of money gets put into after pay day, ready to be transferred back into my current account at the end of the month for rent, council tax, utility and credit card bills etc. In the end because it's in a separate account it's not money I "have" so to speak so I'm not tempted to spend it.

Of course, the bonus is your double pay month, which I normally put into savings, but this July I'm using it to buy an engagement ring. Even finances can be romantic .

superstylin

opinions4u wrote: »

Run two accounts.

Pay wage in to account number one.

Transfer enough to cover full monthly bills + 10% in to account number two on pay day (another option would be to set up a weekly standing order for a quarter of this amount).

Anything left in account number one is "spends"!!

At the end of a 12 month period you'll have built up just over 2 months of spare bill money!

Review the amount of the pay-day transfer every time a significant bill increases (e.g. mortgage) and every time you get a pay rise. If any bill reduces don't reduce the amount of the transfer.

thank you all very much for your suggestions! i think i might take the idea from opinions4u, I need something simple, if I was left to pay bills just as they came in (not d.d or s.o) then I'd end up with unpaid bills because I forgot to pay em!