splitting up monthly wage into weekly amounts

talana

Kittenkirst wrote: »

I like the idea of this but never been sure how to do it, thanks for asking the question Gregor :0)

What's to know? Not rocket science surely
monthly salary - monthly bills - cash to savings = spending money
spending money/4.3 = weekly spending money
(4.3 weeks per month is a good approximation)

Derivative

talana wrote: »

What's to know? Not rocket science surely
monthly salary - monthly bills - cash to savings = spending money
spending money/4.3 = weekly spending money
(4.3 weeks per month is a good approximation)

If I followed the above, I'd have 'weekly spending money' of £150+.
Hardly sensible.

I don't see why how much you spend should be dictated by how much you earn. That just encourages you to overspend.

talana

EdgEy wrote: »

If I followed the above, I'd have 'weekly spending money' of £150+.
Hardly sensible.
I don't see why how much you spend should be dictated by how much you earn. That just encourages you to overspend.

So you want to save more...?
Then change the "cash to savings" variable and get a different answer.

How much you spend depends on how much you earn/save or how much you save depends on how much you earn/spend. Take your pick

pillion

Whatever amount you change the variables to one things for certain, it's easier to spend after saving than it is to save after spending.

Derivative

pillion wrote: »

Whatever amount you change the variables to one things for certain, it's easier to spend after saving than it is to save after spending.

Ah of course - I suppose I feel that setting a target to save is selling yourself short a bit.

I prefer to go "bottom up" and look at what I _need_ to spend, and then add on a bit for luxuries.

Of course setting an implicit spending limit of £50 is the equivalent of "paying into savings" whatever is left over.

noh

Where did bendixs post and my reply go?

talana

EdgEy wrote: »

Ah of course - I suppose I feel that setting a target to save is selling yourself short a bit.
I prefer to go "bottom up" and look at what I _need_ to spend, and then add on a bit for luxuries.
Of course setting an implicit spending limit of £50 is the equivalent of "paying into savings" whatever is left over.

Was wondering why the sum didn't seem to give the right answer for you.
I agree though in that when people calculate their spending money, that figure puts a ceiling on it, a maximum. It's not a target to strive to reach, anything left over is a savings bonus.

I guess that makes me a "top down" saver. As soon as my salary is in I divert x% into savings/investments.

Derivative

talana wrote: »

I agree though in that when people calculate their spending money, that figure puts a ceiling on it, a maximum. It's not a target to strive to reach, anything left over is a savings bonus.

I guess that makes me a "top down" saver. As soon as my salary is in I divert x% into savings/investments.

Indeed.

The way I like to look at things is as follows:
My income provides the vehicle for my savings to grow.
My savings provide me the ability to live.

I view expenditure in relation to my savings, not my income.
That way, I can see reasonably how close (not very :P) I am to being able to retire indefinitely.
If you can survive for a year on 20% of your savings, you're doing well. 5% and you are looking at almost complete safety in the event of becoming unemployed.

For an able bodied person, cash flow should never be an issue (after a few years of budgeting) IMO. The only sticking point for me currently would be owning a home. Anything else I reasonably need could be bought out of savings - that's the way it should be. No reason to burn your money via debt.

brian_sp

gregor1985gregor wrote: »

Hi does anyone know and online service or how I would go about having my wages split into weekly amounts less monthly bills and have it deposisted into an account I can use for spending ????

please help searched over the internet but there is so much to look through, thought someone would be doing this already.


Thank a lot.

Gregor :T

I have two current accounts.When paid I immediately transfer sufficient funds to my "bill account" so that I know what is left in the other account is for day to day spending and as long as at the end of the month this is above zero then I am doing fine.Monthly pay and weekly spending can be a problem and as previously stated some months will be 4 weeks and others 5.If able to perhaps you could pay a bit extra into your "bill account" for the 5 week months and just take cash from that account when struggling as long as there is sufficient for all your bills of course

talana

Monthly pay and weekly spending can be a problem and as previously stated some months will be 4 weeks and others 5.If able to perhaps you could pay a bit extra into your "bill account" for the 5 week months and just take cash from that account when struggling as long as there is sufficient for all your bills of course

I'm curious, which months are 5 weeks?
Feb is 28 days or 4 weeks
30 days is 4.28 weeks
31 days is 4.43 weeks

You could do a quick calculation for each separate month I suppose but averaged out over the year a month is 4.34 weeks. That should work good enough for the purpose.