Coping with debt on weekly pay!

natrab

Hey Guys

Just found this site, and i am VERY impressed.

I am currently in debt and want to clear it ASAP, it isn't much (around 4k) but i have gone from monthly pay to weekly pay and am finding it hard to budget especially for the debts that i pay monthly!!

Any advice you have would be great!

Thanks

pickle18

We also have weekly pay and finding it difficult to budget with - ours is also half cash for overtime and half in the bank which complicates things even more!

I think in general we will try and budget so everything is worked out on a weekly basis when we are up to date. Think we will have one account for bills and one for wages/left overs- debt repayments. Then pay out weekly from one account to another.

Don't know if thats the best option but just wanted to let you know we have the same problems!

elantan

i find that for me its a great help having two current accounts ..put the money for the bills in one and spend the rest ...that way if you have to pay say £100 a month to one bill transfer over £25 a week then the bill will be paid and whats left is yours ...does that help in anyway ...i'm monthly and it's the opposite problem for me i have the money for the bills but cant get the rest to last the month ..so i only now take out the money left divided by 4 every week

Bambywamby

I would stick it all in a bank account straight away, just like it has been paid into the bank and then dole it out from there.

Bargain_Rzl

When I was on weekly pay, I didn't have debt repayments but obviously did have monthly direct debits etc. What I did was I had a couple of months of being super-frugal, which enabled me to save up my weekly pay so that at the start of each month I was already able to pay the next month's bill payments in full.

I don't know your circumstances so can't say whether you've got enough slack in your budget to do this - but if so it's worth a try. I was on a fairly low wage at the time.

immoral_angeluk

Budget budget budget. Move DD's if you need to. Work out what goes in and out that week and how much you'll have left over. Then make a budget from that and be strict with it!

bananakinz

OH gets paid weekly, of varying amount, I ask that he puts in a lump sum to the joint account and we use that to pay all bills, spending etc. That way it covers for 'lean' weeks and he saves for tax bill etc as I could not cope at first with not knowing how much money to expect each week in order to budget!

~evanesco~

I agree, budget, budget & budget some more!!! We've got 3 current accounts & 3 savings accounts, and we shuffle money between them all because we get different money all the time. Child benefit into 2 diferent accounts on a Tuesday, Maintenance into the 3rd on Tuesday. 2 lots of tax credits into 2 accounts on a Friday, housing benefit every other Friday, Wages on the 28th. See, the only way to control this is by budgeting. I know in advance where every penny of our money should be and who its paying/where it is being spent at least a month in advance.

Evans. xox

natrab

Thanks guys!

I have set up another current accoutn and also a savings account. decided to gor a very basic current account (no overdraft or cheque book) so that i couldn't get into any trouble! I have also set up a spreadsheet for what goes out each week and have formulas in there that will show what i have left after paying for everything!

Luckily i am earing quite good £'s (work in an investment bank, if only i was a big rich banker though ha ha) so fingers crossed within a month i will have a grip on everything!!!

Thanks Everyone!

misspoppy

Why don't you cancel some direct debits and pay cash at the bank/post office for things, eg, tv licence, gas/electric phone etc you can also buy stamps for your road tax. You have to be discaplined to pay them properly but it saves DD's coming out at the wrong time and charges.

When I first got my house my ex was on weekly so i divided the montly bills by 4 and each week put that money into an envelope so i could pay it on the 4th week. It worked well.

But as everyone else says budget its the only way.

livinginhope

DH gets paid weekly and I find it MUCH better than monthly.We budget by,adding all the direct debits up,then dividing by 4,when I get my little book out I put in the total weekly pay,then take off the the amount worked out,in our case it's £286,this way we sometimes get a 'free week',ie when there's 5 paydays in a month,this can then be used for a yearly bill or whatever you want.