4 Weekly Pay

4WK

I've just been notified that my employer is changing from paying calendar monthly to every four weeks. In order to make budgeting easier I've been looking for credit cards, mortgages etc that can issue statements / Direct Debits on the same 4 week cycle. So far this has been a rather fruitless exercise. Can anyone help or should I just resign myself to more complex finances ?

td_007

Unfortunately cards have statement cycles which are not 4-weekly. However, if you pay off your balance in full, all you need to make sure is that you have that amount in your account and set up a direct debit.

opinions4u

Open an account for your bills to go out of.

Fund it every pay day with an amount that more than covers a calendar month of direct debits etc. Use the account for nothing else.

Job done and once a year you discover that you have more money in your bills account than you need.

Degenerate

And while you're at it, start looking for a better employer as yours is idiotic.

hcb42

Degenerate wrote: »

And while you're at it, start looking for a better employer as yours is idiotic.

Why?

Many companies pay 4 weekly. including my last one. It fits in with the overall budget and P&L process based on the fiscal calendar not the regular calendar so very logical.

To turn down a job paying over £40K a year just because one prefers monthly pay would have been idiotic imho

I loved 4 weekly, pay day comes around that little bit quicker and once a year you get two payments in a month, but one lot of bills - holiday time

EDIT: To deal with the credit cards, I had a SO set up four weekly to pay a set amount, then topped that up with a manual payment as required. I did same for savings, and just managed the rest of my bills i.e. insurances etc, but the separate account idea is a good one.

CG19a

I've been on 4 weekly pay since I started working 11 years ago. It was bit annoying at first with direct debits, money can sit in your account right up until the day before pay day before the bill needs paid. I manage my finances in the way that Opinions4U suggests, with a "bill account" and a "spending account." The kind of bonus, in a sense, with 4 weekly pay is that you get paid 13 times a year, so there is always a pay where you don't have to pay rent/mortgage, and other bills.

nicnacnoo

i get paid 4 weekley also and put this into a bills account that all my DD's come out of, live off my benefits/tax credits the rest of the month and to service my debts.
I have never gone over my overdraft since having 2 seperate accounts where before i was going over regular.

Nic

getmore4less

just make the 4 weeks pay last a month, there is only 2-3 days difference

nsimpson123

I also get paid every four weeks and transfer into a 'bill account' whatever is left after all bills are paid each month then gets transfered into my savings account, once a year you should end up with a years worth of spare bill money

realaledrinker

Bet you work for the Britannia!

noodle

hcb42 wrote: »

Many companies pay 4 weekly. including my last one. It fits in with the overall budget and P&L process based on the fiscal calendar not the regular calendar so very logical.

It's not difficult to pay employees monthly, but do the financial accounting on a 4-weekly basis.

Given that most 'financial things' in this country work on monthly cycles, it strikes me that 4-weekly-pay could be very inconvenient for employees, in order to provide modest benefit to the employer. I'd question the priorities of an employer who weighs up those two things and decides to suit itself.