going from monthly paid to weekly paid

Little_Vics

Apologies if this isn't the right forum! For the next few months I am going to be paid weekly rather than monthly, although we anticipate this will change back to monthly payments in May. Does anyone have any advice or tips on how to manage the transitions?

Horace

Have all money paid directly into the bank and leave it there that way your DDs should remain the same. When you need money withdraw it for a specific purpose.

richardvc

Get yourself a copy of microsoft money - it has been the best budgeting tool I have ever used (actually the only one !!) - at any given time I can see how much cash I have and can tally up my bills/outgoings so always know what I have to spend.
Like anything, it needs a bit of hard work to get up and running and requires effort to learn how to use it.
You can pick one up on fleabay for next to nothing and really take charge of your money with ease. If you need any tips I would be pleased to help - I currently use Money 99.

Primrose

You might find yourself in temporary financial difficulties, if for example you have large regular direct debits for Council Tax, Mortgage/Rent, fuel bills going out at specific times times in the month.
Do you have an agreed overdraft limit on your current account? If not, it might be a good idea to try and negotiate a temporary one. Pop into your bank and explain about your salary moving from monthly to weekly for a period of a few months. If they spot a sudden change in the way your account is operating without understanding the reason, they might get difficult and start bunging on bank charges if you go into the red whereas an agreed temporary overdraft could possibly protect you from this.
Also, if you have a savings account with some money in it, you might want to consider transferring some of it temporarily to your current account to counteract any temporary gliches the change from monthly to weekly might cause. But make a note to repay it to your savings account when your salary returns to monthly payment so you don't get tempted to spend it.

Little_Vics

Thanks - good idea about overdraft. We've been squirrelling away for a month or so because we saw it coming, so have a little bit put aside. I'll transfer it over. I'm just a bit concerned about when we switch back to monthly salary payments...

savingmummy

My DH gets paid weekly and he just leaves it and `pretends` he still gets paid monthly
When he first got this new job 7 yrs ago he struggled, but he then just set up direct debits and gave me his debit card. Once all the bills came out he then knew what was left was available for groceries etc.
You will get used to it x