Changing from Weekly income to Monthly income?

Wonderer91

Hi

I was wondering if anyone could help regarding budgeting, For the last year I have budgeted weekly as my income was 3 out of every 4 weeks and this would meet expenses quite easily and was easy to budget as I knew I would have enough each week to get by.(fortnight for the one week with no income if you know what I mean)

Not only is the income changing from 3 out of 4 weeks it is decreasing considerably, I calculated that before my expenses were roughly 80-85% of my income depending on the month.

Now my Income will only be once a month and the expenses are roughly 95%. I also have an amount of money Carried/Forward each month which could be counted in the income but still isn't too much.

My main worry is that the money won't last over the course of a month for one reason or another, whereas for weekly was easier for some reason.

Has anyone ever experienced anything similar to this or does anyone have any advice?

Any help would be great.
Thanks

grumbler

If you have some amount saved ('buffer'), say, 1-month expenses, it doesn't matter how often you get paid: weekly, monthly of daily - especially as not all your expenses are weekly.

The only what matters is that you don't spend more than you earn.

Wonderer91 wrote: »

My main worry is that the money won't last over the course of a month for one reason or another, whereas for weekly was easier for some reason.

That's what budgeting is for - not to spend more than you earn.

bsms1147

Check out YouNeedABudget (YNAB, http://www.youneedabudget.com/), at the very least for their principles. Many people swear by it. From what you say, you don't have a budgeting problem but a cashflow problem.

If you want to, post a statement of affairs (SOA, http://www.stoozing.com/calculator/soa.php) for others here to see so people can help you trim your spending where you can.

Wonderer91

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 740
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 740

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 64
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 21
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 36
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 15
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 711


Assets
Cash.................................... 1100
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 1100

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 740
Expenses (including HP & secured debts). 711
Available for debt repayments........... 29
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 29

Personal Balance Sheet Summary
Total assets (things you own)........... 1,100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,100


There is my SOA... As you can see it I have basically exhausted my cashflow to make it last ... I have one flatmate hence why I pay utilities and no internet/home phone or TV license.

Note: if I posted this in December then my income would be closer to £900 (less hours at work) and expenses would be roughly £60 more (loan repayment that I settled 18 months early)

grumbler

I suggest re-post the SOA on Debt-Free Wannabe board. They are experts in saving on essential expenses, although I don't see where you can save much.

My first thought was £21 mobile contract, but on the second look it's reasonable considering that you don't pay for the landline and the broadband. You can get unlimited data with some minutes for ~£15 when your contract ends.

Also, your energy bills seem too big. I'd expect ~£80 in total.