monthly to weekly

NatalieLouise

Hi all,

Not sure if I am posting this in the right place, if not Im really sorry!!

At the moment I get paid monthly and every month by about 6th I am down to my last £'s believe me I have tried to budget so much that I am actually sick of spreadsheets and numbers now. My friend was in the same boat as me until she went to being paid weekly.

Now my contract at work says "You will be paid monthly by credit transfer..." I was wondering if it is possible to ask to change my contract and be paid weekly??? I know contracts can be changed for personal circumstances when it comes to things like hours but I am not sure in regards to pay...anyone have any advice or experience in doing this??

Thanks muchly :cheesy:

Bobl

I can't see why the company would want to make a special case for you, which could lead to others asking and increasing admin costs. why can't you just have two bank accounts, one for your salary with a standing order to the account you spend weekly from.

skiTTish

Its easy ,arrange for everything to be paid by direct debit when your wages go in and live VERY BASICALLY for the first month then whatever is left over when you wages go in will act as a float and you will know how much spare can you can afford to spend whilst always having a little buffer .

getmore4less

The problem is not when you get paid it is when you spend.

what did you SOA look like?

DVardysShadow

Go to the DebtFreeWannabe section and post a Statement of Affairs - there is a link to a template they all use. Because I think you have almost no chance of being paid weekly. But the DebtfreeWannbe's have seen it all and can give a lot of help.

kingfisherblue

The payroll costs the company each time it is run, so I don't think you have any chance of being paid weekly - it would be too costly and would involve more admin for the staff member who deals with it.

Instead, I would work out how much you pay in direct debits and transfer this amount plus a little extra (as a cushion) into a separate account for bills, on the day after you get paid. I used to do this when I was married as my ex wasn't very good with money (I wasn't great with it either, but I was better than him). This worked well for us, as all DDs were paid on time and there was never any danger of not having enough to cover them.

Once you have done that, work out how much you can afford to spend each week. Divide your remaining wage (after DDs have been transferred to other account) by five (to allow for five week months). Take out only the allocated amount of money each week and leave your card at home the rest of the time. If you have to spend actual cash, it's amazing what you suddenly find you can manage without! It is also easier to keep track of your transactions.

Also do as others have suggested and post a SOA.

KimYeovil

What age are you? Three?

People prefer to be paid monthly as it gives them a solid lump sum. If you don't have the discipline to budget a monthly payment correctly being paid weekly will only make things a lot worse.

SandC

Hi Natalie, as others have said, it is pretty much certain your employers will not change the way they pay you. The issue of payment is a very big one in terms of an employment contract and as such is usually subject to a lot of consultation between staff, directors and unions before changing anything like that.

It should be easier to budget monthly as most things that you have to pay for are monthly as well.

Write down everything that comes directly out of your bank account and when it comes out. Then contact all of these services and ask them if it would be possible to change the date of the direct debit to just after your pay date. Not all of them will do so but even if only a few can be changed it will make life easier for you.

You also need to understand how much outgoings you have compared to incomings each month and then most importantly of all, don't see your monthly pay lump sum as a licence to go out shopping! When you are weekly paid you can sometimes get away with splurging one week, knowing that you only have a few days until the next pay packet comes in. With monthly pay you need to know exactly how much you can spend on luxuries and also put a little by for emergency funds too.

briona

Hi NatalieLouise

Further to DVardysShadow's post, here's the link to the SOA calculator: http://www.makesenseofcards.com/soacalc.html

Fill it in and then click the MSE button which allows you to translate the data into a format suitable for these boards. As suggested, if you post it on Debt Free Wannabe board, posters there will be able to offer advice. See: http://forums.moneysavingexpert.com/forumdisplay.html?f=76

I would also suggest taking a look at the Old Style board as the posters there can wring every last drop out of even the tightest of budgets. See: http://forums.moneysavingexpert.com/forumdisplay.html?f=33

Briona