Can't afford the first month of my new job...

lmp0507

I start a well paid job in the next 2 weeks or so, :T
However I have no savings of which to speak of, and the job pays monthly, My current job pays weekly and is a low wage, it just covers the costs of running my home. :eek:
Is there any help I can apply for to get my house going for the first month? I need approx £400, and ideally wouldn't want to pay extra on top of that, just pay back the £400 I borrowed.
Any suggestions?

reehsetin

credit card if it's just short term?

daisiegg

I don't really know about these things but the first thing that sprung to mind (after asking a family member or friend to lend you the money, which I'd assume isn't a possibility or you'd be doing it) is to see if the bank will let you have a temporary interest free overdraft if you show them your new contract and evidence of what you will be paid.

Oh and congratulations on your new job!

daisiegg

reehsetin wrote: »

credit card if it's just short term?

Or that...probably simpler than my suggestion!

lmp0507

reehsetin wrote: »

credit card if it's just short term?

I don't own any credits cards and have no overdrafts on my bank. Oh dear.

lmp0507

daisiegg wrote: »

I don't really know about these things but the first thing that sprung to mind (after asking a family member or friend to lend you the money, which I'd assume isn't a possibility or you'd be doing it) is to see if the bank will let you have a temporary interest free overdraft if you show them your new contract and evidence of what you will be paid.

Oh and congratulations on your new job!

Thanks!
I'm not sure if my family members would have the funds to lend me that amount, but in fairness I haven't asked my OH's family so it's worth looking into it!

daisiegg

lucymelissa wrote: »

I don't own any credits cards and have no overdrafts on my bank. Oh dear.

Yes but could you not apply for a credit card? Speak to the bank and arrange the overdraft for a short-term period, having provided them with evidence of the income that will soon be coming in?

lmp0507

daisiegg wrote: »

Yes but could you not apply for a credit card? Speak to the bank and arrange the overdraft for a short-term period, having provided them with evidence of the income that will soon be coming in?

It could be a possibility, It would only be for around a month - I'm just not wanting to pay back more than I borrowed if possible.

sweetilemon

An overdraft your likely to accure interst (and pay back more than you borrowed) unless the bank agree to interest free but a credit card usually gives you 59days (not from each transaction but from the start of the statement period) before introduction of interest. Just make sure you budget well as remember once you've used the wages for the first month you have another month untill your next pay! Food can obviously be put on a credit card but taking out cash costs extra so make sure you can put your accomidation costs onto it otherwise shopping around for a low interest overdraft would usually better than taking cash from a credit card. If its a mortgage maybe look into a months payment holiday?

gibson123

Most people under-estimate their first wage in a new job. Sorry if you have done this already, but do you know which day you start and which day you get paid, which period it covers, and how your wage is calculated. This could make a difference to your first pay.

say for example you get paid £18250 per year and your employer uses a daily rate calculation paid monthly in arrears and does this calendar monthly. The daily rate would be £50. Now say you started on the 13th of May, you would get paid 18 x £50 or £900 less tax and NI. (put it into a calculator like the HMRC calculator and calculate your tax and NI). Also make sure that you have a P45 from your current employer to give to your new payroll. Well done on the new job.

thunderb0lt

Some employers will do 1 salary advance per year so it's worth asking your new employers for an advance.