Help with a budget

Scoobysnacks

I am on benefits and get paid weekly for tax credits, fortnightly for IS and monthly for CB. I'm really struggling at the moment as I tend to spend loads one week and then having nothing left.
I'm not sure how to work out my budget with the different payment dates.

I would like to take out money on a Monday morning for the whole week but not sure how much that should be. I'm not great at Maths.

Is this right?

TC x 52 weeks
IS x 26 weeks
CB x 12 months
=?? / 52 weeks = MY weekly amount.

opinions4u

Income support is x 26 if paid fortnightly.

Example:

Tax credits and benefits £100 a week.

Income support £75 a fortnight.

Child benefit £85 a month (is it 4 weekly?)

TC 52 x £100 = £5,200
IS 26 x £85 = £2,210
CB 12 x £85 = £1,020

Total £8,430 divided by 52 = £162.11.

I'd suggest rounding it down though as there is a day or two more than 52 weeks a year.

Scoobysnacks

Thanks for your help.
I understand how to do the IS and TC now.

Yes my CB is 4 weekly. I forgot about that. What do I times my CB by?

opinions4u

Scoobysnacks wrote: »

Thanks for your help.
I understand how to do the IS and TC now.

Yes my CB is 4 weekly. I forgot about that. What do I times my CB by?

13 will do the job.

psychic_teabag

Rather than multiplying everything to give a year, then dividing to give a week, you could just convert everything to weeks directly.

TC + (IS / 2) + (CB / 4) = 100 + 42.5 + 21.25 = 163.75 per week

innovate

psychic_teabag wrote: »

TC + (IS / 2) + (CB / 4) = 100 + 42.5 + 21.25 = 163.75 per week

But you should not necessarily spend £163.75 each week because you don't get paid £163.75 every week.

Betty_Crumble

you can get your cb and tax credits weekly, not sure about income support but worth asking.

freyasmum

Scoobysnacks wrote: »

I am on benefits and get paid weekly for tax credits, fortnightly for IS and monthly for CB. I'm really struggling at the moment as I tend to spend loads one week and then having nothing left.
I'm not sure how to work out my budget with the different payment dates.

I would like to take out money on a Monday morning for the whole week but not sure how much that should be. I'm not great at Maths.

Is this right?

TC x 52 weeks
IS x 26 weeks
CB x 12 months
=?? / 52 weeks = MY weekly amount.

Yea, that sounds about right.

TC = 60 x 52 = 3120
IS = 140 x 26 = 3640

You actually get 13 CB payments per year (you get 2 payments one month). So it'd be 80 x 13 = 1040

Totals:
7800/year
650/month
150/week

I know your money is tight but, if you can, try and not spend every penny and you'll eventually be able to cover any unexpected expenses without going over your budget.

psychic_teabag

innovate wrote: »

But you should not necessarily spend £163.75 each week because you don't get paid £163.75 every week.

Oops - sorry, just noticed that the numbers were from opinion4u's example, not the OP.

I think the point is that the OP should not spend more than (an average of) e.g. £163.75 every week, even though in some weeks they'll get a bumper payment of up to e.g. £260.