We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Changing from weekly to monthly pay advice please.

BEAT_THE_DEBT
Posts: 2,219 Forumite



Hi all I need your help
as the title says dh is going from weekly to monthy pay in April what's the best plan of attack for adjustment please?

0
Comments
-
He will get 2 weeks pay in advance .0
-
I guess it depends on how you budget now?
eg do you put so much / week into a separate account to cover your bills?
If so, then it's really the same but obviously adjusting things to 1/12 instead of 1/52
I find it a lot easier to have a separate account that I put a set amount into each month and all my d/debits come out of there (it is not touched for anything else)
I then have 3 e-saver accounts that I use to budget for other things - house & car, pets & others (which is things like Dentist, Optician, Haircuts etc etc) and I put away 1/12th of the annual amount needed each month. HTHGrocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
£1,000 Emergency Fund Challenge #78 £3.96 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0 -
Best plan is to do a budget and work out what gets paid when, we always look at the joint expenses in April when we get the Council Tax Bill etc. and we work out how much we need to put aside per month to cover all our joint outgoings for the year (Utilities, Phone, council tax, insurances etc.) Is there a possibility of building up a small emergency pot before the change in case anything catches you out? Even £10 a week would be a good buffer by April..0
-
Thanks yes I agree putting by an emergency pot is an excellent idea and also maybe buying more food each week and having a stock cupboard.0
-
If it's going from weekly in arrears to 4/5 weekly in arrears then the problems is going to be that first long stretch I should think.
I would probably do a cash flow for the first few months so you can see exactly what you have coming and going out and what needs to be paid when so you can see if there are likely to be any major issues.
When you are on the new system it shouldn't be too bad, it's likely just going to be the switchover period I would think.
You can also think about moving all the DD's so they come out a few days after your husband is paid each month which may in fact make things a bit easier to manage.
Obviously the main thing to manage is that the monthly money has to last a month so if you run out of money you may have to wait longer (rather than just think - oh it's not that long until the next payday). You can always take the monthly money out of the bank in cash and divide it up into weeks if that helps you (And have one envelope to spend per week).
dfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
Thanks DF great advice x0
-
BEAT_THE_DEBT wrote: »Thanks yes I agree putting by an emergency pot is an excellent idea and also maybe buying more food each week and having a stock cupboard.0
-
Thank you nearly rich :)x0
-
DH went from weekly to monthly pay a couple of years ago. We made sure we had saved enough to cover 4 weeks of salary then his employers gave everyone an interest free loan of 2 weeks salary paid back over a year to help with the transition. Once the transition was complete, we banked his salary monthly and drip fed into the joint account weekly.
The danger is, if you don't budget, that you spend the months salary all in one go!0 -
Thanks bouncydog1 he did say something about a one off 2 week payment he is finding out more. Good advice thanks for posting0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.3K Banking & Borrowing
- 252.9K Reduce Debt & Boost Income
- 453.2K Spending & Discounts
- 243.3K Work, Benefits & Business
- 597.9K Mortgages, Homes & Bills
- 176.6K Life & Family
- 256.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards