wages gone from monthly to four weekly

glitter_fairy

So my dh has a new job which is great but he will be paid 4 weekly not monthly so it will be a different day each month.

All our bills are set up direct debits and im worry about getting into a mess with them.

Any advice on how to manage it?

webitha

hey sweetie firstly congrats to DH new job

what i did was making sure that all my DD came out on the first or nearest to it, then set up another savings account that i could transfer between accounts, and put my bill money in there when i get paid then transfer it over a day or 2 before the bills come out iyswim, that way i am never short and i know that the money left over is mine

glitter_fairy

webitha wrote: »

hey sweetie firstly congrats to DH new job

what i did was making sure that all my DD came out on the first or nearest to it, then set up another savings account that i could transfer between accounts, and put my bill money in there when i get paid then transfer it over a day or 2 before the bills come out iyswim, that way i am never short and i know that the money left over is mine

good idea. I have another account i could use to have bills come out of x

Faith177

It's what me & OH do for our 4 weekly pay

Works a treat

FireWyrm

Hmm...getting paid 4 weekly requires quite a bit of discipline. First, set your DD's so that they come out in the middle of the month. Most of the time, your payday will move around the middle to the end of the month, but you can never be truly sure. Also, make sure you have an overdraft in place, you will oscillate over the month so be prepared for pay fluctuate. You however need to keep your finances absolutely straight as a 12 monthly rotation even though there are actually 13 paydays. Set a nominal 'month' and only spend what you expect to spend in a month, you have no slack for going over. So, if you set your nominal month as the 1st to the 30th, your pay will be divided by 13, you only spend that. Once a year, you will have two paydays in a month. I used to ignore the 13th month for accounting purposes and simply save it (hah, those were the days!). If you're smart, the 13th payday does your Christmas shopping for you.

glitter_fairy

FireWyrm wrote: »

Hmm...getting paid 4 weekly requires quite a bit of discipline. First, set your DD's so that they come out in the middle of the month. Most of the time, your payday will move around the middle to the end of the month, but you can never be truly sure. Also, make sure you have an overdraft in place, you will oscillate over the month so be prepared for pay fluctuate. You however need to keep your finances absolutely straight as a 12 monthly rotation even though there are actually 13 paydays. Set a nominal 'month' and only spend what you expect to spend in a month, you have no slack for going over. So, if you set your nominal month as the 1st to the 30th, your pay will be divided by 13, you only spend that. Once a year, you will have two paydays in a month. I used to ignore the 13th month for accounting purposes and simply save it (hah, those were the days!). If you're smart, the 13th payday does your Christmas shopping for you.

Its the disapline i worry about as we are both pretty unorganised. Will have to try and make it work

Treadmill

I have been four weekly paid for the last 15 years and am only just getting the hang of it. Setting up standing orders every 4 weeks to pay bills helps as the worst that can happen is that you will overpay, for the bills that must be DD set up another account and a standing order from your main account to that account every four weeks, the worst that can happen that you will have a surplus in this account.

The best thing about being paid four weekly is that once a year you get two lots of pay in a month :-)

glitter_fairy

Treadmill wrote: »

I have been four weekly paid for the last 15 years and am only just getting the hang of it. Setting up standing orders every 4 weeks to pay bills helps as the worst that can happen is that you will overpay, for the bills that must be DD set up another account and a standing order from your main account to that account every four weeks, the worst that can happen that you will have a surplus in this account.

The best thing about being paid four weekly is that once a year you get two lots of pay in a month :-)

I like the idea of that. Most of my bills are dds as its like trying to get blood from a stone trying to get bank details to do a standing order x

Betty_Crumble

I get paid 4 weekly and I 'feed' my direct debit account the monthly amount to cover the dd's, it does result in some excess but just means I get some back when i want it. I use https://www.balanceforecastingapp.me/index.php to see what the impact will be on making a withdrawl or when a dd amount changes, love, love, love using it and I quickly signed up to pro as it helped so much in the trial period i knew i didnt want to be without it.

The rest of my wages gets withdrawn in cash ( * ) split by 4 for food, petrol etc and that way i know where i am.

* i am quite sad because i work out how many of what denomination of coin/note i need in order to split it up so i dont find myself looking for a shop open to break a note first thing in the morning to give daughter her trip, tuck, football money. I have a small accordian wallet like this


(its envelope sized)
i then have the small brown dinner money envelopes (100 from £1 shop) and put the money in them before slotting them in the file under the appropriate headings.

I have
food week 1, 2, 3, 4
petrol
dinner money (n/a now)
childcare
spends week 1, 2, 3, 4
and at the back 'overs' (this goes towards debt)

at the front i have a little calendar with the paydates marked on it and a list of how much, in what denomination I need taking out the bank. Of course this involves going into the bank but its only once every 4 weeks and i then dont use the debit card in the atm at all.

sorry for the long post

Treadmill

That is super organised Betty Crumble, wow.

ajbell

I don't see the problem, he is being paid more often than direct debits go out not less.
As long as the money paid in is greater than that going out there is no problem but that is pretty basic.