Getting paid 4 weekly

piglet39

I agree with what others have posted - it can be done and, once you get used to it you may actually prefer to be paid this way....!

The key to this is getting through the first month. Shift all your DD's to a date (For me I got everything organised for the first of the month - your bill date might be different) just afer you receive your first pay cheque. Some might be more difficult to change than others but explain to your payees why you need to change your payment date.

Whether you choose to open a seperate bill a/c or not being paid 4 weekly requires a bit of discipline but you will find yourself building a cushion as your entire months bill money will be 'in' a little earlier each month.

When you have got this sorted mark all your paydays on a calendar and identify the month when you will have two paycheques in between your main direct debit date. I used to use this 'extra' month's money as my car servicing/christmas/birthday pot.

HTH

Piglet

jackieb

piglet39 wrote: »

I agree with what others have posted - it can be done and, once you get used to it you may actually prefer to be paid this way....!

The key to this is getting through the first month. Shift all your DD's to a date (For me I got everything organised for the first of the month - your bill date might be different) just afer you receive your first pay cheque. Some might be more difficult to change than others but explain to your payees why you need to change your payment date.

Whether you choose to open a seperate bill a/c or not being paid 4 weekly requires a bit of discipline but you will find yourself building a cushion as your entire months bill money will be 'in' a little earlier each month.

When you have got this sorted mark all your paydays on a calendar and identify the month when you will have two paycheques in between your main direct debit date. I used to use this 'extra' month's money as my car servicing/christmas/birthday pot.

HTH

Piglet

You really don't need to change the dates of your direct debits if you open a separate account and transfer money over as soon as you get paid - and it's a lot less hassle than getting a load of companies to change the dates.

I have a standing order set up for transferring money from our current account into our bill paying account. But we're paid once a month on the 25th. If you're getting paid every 4 weeks the dates will vary each month so best to transfer online or go into the bank each month to transfer the money over manually on the same day you get paid.

You might need to arrange an overdraft for the first month until you get into the swing of things, but after that it should sort itself out.

piglet39

I completely agree with Jackieb above. This is just something I had to do because my major bills were due several weeks before my first paycheque and I didn't have any access to o/d.

Piglet

jackieb

I've been doing it this way for many years. Before I did this I was always getting charges because i'd forget what I had coming out. My bank called me in because of all the charges I was getting and suggested doing it this way. I'm surprised more people don't do it this way. But then I didn't know I could do it until the bank arranged it. I've had no charges since. I know charges can be avoided by being organised, but unfortunately not all of us have the organised gene!

Shoe_Gal

All my bills, paid through Internet banking, the day after payday works for me! I try to avoid direct debits wherever I can and go for standing orders then I can control the payment dates

tori.k

i agree with jackieb, its not a hassle we have a joint account that is just for the dd, the whole amount we need for the month is put in and the rest left in our normal accounts, you can see at a glance how much your budget is for the next 4 weeks i tend to take a weeks money out in cash then im not tempted to overspend, ..its simple and works for us

SarahNeedle1872

tiny_courageous wrote: »

I used to get paid 4 weekly, and my OH still does. Basically we treat the 4 weekly wage as if it was a monthly one, and budget accordingly. Occasionally we would need to move Direct Debits but generally it's not an issue. The massive bonus of budgeting this way is that once a year you have a bonus month where you get paid twice.

This is exactly what we do... most of our DDs are set for different times of the month, but the biggies (rent, loan and council tax) are all set for the first of the month, and with how the pays fall, our 'free' month is Jan So we actually get three CT free months in a row because we always pay over 10

Its not hard to do as long as you plan for everything. The one thing I do that makes it easier for me is have seperate 'bills' account for all the DDs and a 'living' account for food and petrol

HTH

Sx

searching_me

i get paid every 4 weeks and the only way i survive is spreadsheet spreadsheet spreadsheet ........... i can work out stuff move things around for when money goes in and stuff goes out x

lar316

Thanks for all the advice, i went to open a new account today with the yorkshire bank to do what everyone is advising as well as to get away from my over draft with my current HSBC account, trouble was that i cant see them till next monday, gutted lol. Never mind. Like i said, thanks everyone.