Changing from weekly to monthly pay advice please.

BEAT_THE_DEBT

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?

BEAT_THE_DEBT

He will get 2 weeks pay in advance .

rising_from_the_ashes

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. HTH

nearlyrich

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..

BEAT_THE_DEBT

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.

dancingfairy

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).
df

BEAT_THE_DEBT

Thanks DF great advice x

nearlyrich

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.

Stock cupboard sounds like a good idea, an extra tin of beans here and there maybe a pack of 2 for one sausages etc for the freezer if you run out of money you can at least make a meal so it doesn't feel too harsh. Actually the fact that you are thinking about it NOW and not in mid April makes me think that you have it covered and you will be fine good luck anyway..

BEAT_THE_DEBT

Thank you nearly rich :)x

bouncydog1

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!

BEAT_THE_DEBT

Thanks bouncydog1 he did say something about a one off 2 week payment he is finding out more. Good advice thanks for posting