Blank brain syndrome? can someone work this out for me re finances when paid 4 weekly

JimmyTheWig

yummymummy1987 wrote: »

Id quite like to know when the exclusive 13th payment which would be for rent will crop up as thats nearly 500 pounds :cool:

Unfortunately, you've had it more recently than it will come round again.
I believe he will have been paid on 16th April then 14th May. The 16th April wage wouldn't have had to pay for rent.
It will next happen on 18th March when the rent won't be due until the next payday.

[Deleted User]

I struggled with this when we were paid 4 weekly. In the end I set up a seperate bank account for all the direct debits for gas electricity etc. I put in a small lump sum and then paid in 1/12 of the amount due every month. Anything left in the main account I knew I could spend.

yummymummy1987_2

Would just like to say thank you to everyone that replied yesterday :T Unfortunatly only recently went onto monthly dd so didnt get to see the lump some of rent this yr, roll on next yr eh :cool:

DVardysShadow

yummymummy1987 wrote: »

Would just like to say thank you to everyone that replied yesterday :T Unfortunatly only recently went onto monthly dd so didnt get to see the lump some of rent this yr, roll on next yr eh :cool:

Reads like you have only just come up for air!

miss_spooky

Hi,

In my last job I was paid 4 weekly for over 6 years and from the second year I always found my "free month".

What you have to do is set out all your DD's with the due date.

DD's
1st-christmas savings account
6th-house insurance/dp mob
8th-sky
15th-all utilites,loan,rent,my mob,council tax
28th-car insurance

I presume your payment dates are June 11, July 9, Aug 6, Sept 3 & Oct 1? From June you will need to put aside enough money to cover all your dd's listed above. You will find that over the months the money will stay longer in your account - you have to be really good not to touch it, or you will lose your "free month". As you were paid on the 11th you still need to put aside money for all yr dd's.

When Oct 1st comes, you leave the money in your acct to cover the dd's due in november, meaning that money due on the 20th is all yours. Novembers wage is then due 26th and again you leave money in to cover Dece bills.

I found it easier to have a seperate acct for DD's that I put the money in and just forgot about it.

Hope that makes sense. With a lot of care it is achievable.

ailuro2

any good with excel?

I'd stick a column in with today's date then pull it down for about a year's worth of dates, then I'd have another column where I added all my DD's and other regular outgoings each month, then I'd add another column where I added in where I got paid every 4 weeks (makes it easier to type 1 to 28 then copy and paste this, iyswim, then add paydates alongside)

Then I'd have yet another column alongside these dates where I'd have a running total of how much the balance is (in each cell it would be sum of paid column cell above, minus the DD cell above)- that way I'd be able to see where I was going to be 'flush' and where I was going to be 'skint'

The way we budget though is to always leave a month's DDs in the bank, that way we never go into overdraft. I'd suggest, if you can, to work out where you might be in a position to do that if you can live for a month on 4 weeks wages.

Sorry if this sounds horribly mixed up or over-complicated, I can see it very clearly in my head, honest!! We were both weekly paid for years, 4 months a year it would be a 5 week month, so we'd get paid 5 times for one months worth of bills:) but once we decided to leave a month's DDs in the bank it seemed to even itself out a bit more.

JimmyTheWig

miss_spooky wrote: »

I presume your payment dates are June 11, July 9, Aug 6, Sept 3 & Oct 1? From June you will need to put aside enough money to cover all your dd's listed above. You will find that over the months the money will stay longer in your account - you have to be really good not to touch it, or you will lose your "free month". As you were paid on the 11th you still need to put aside money for all yr dd's.

When Oct 1st comes, you leave the money in your acct to cover the dd's due in november, meaning that money due on the 20th is all yours. Novembers wage is then due 26th and again you leave money in to cover Dece bills.

I disagree with the logic here. This assumes that wages on June 11 will cover July's direct debits. But how are they to pay the later June bills (the biggest being rent which is due on [STRIKE]June 15th[/STRIKE]today).

eamon

It took me a good 18mths to get used to the lunar pay cycle. I couldn't for the life of me understand why I was overdrawn (not by huge amounts £60-£80) every month. Yet my annual salary had barely changed. My solution was to go into survival mode for 3 months. That way I was able to budget properly once I re-adjusted my spending clock. This thinking re the 13th month is just an illusion.