Direct Debits - same date?

krispyg76

Do you find having all your DD going out on the same date is a good thing? At the moment I pay out :

TV Licence 1st (every 3 months)
Mortagage 1st
Mortgage life insurance 1st
Mobile 2nd
BT 5th
Broadband 17th
House/Contents insurance 28th

So my money is all over the place, but many months of the year there is a DD free month ie where a certain direct debit won't go out (ie 12 DD's, 13 pay days)

Does it work to have them on the same date? is it beneficial?

melly84

I get paid weekly, twice a week and thnx to another poster have worked out that if i put a certain amount in a dd account each week i can pay most things by dd.
mine are staggered but it works out well tbh, so i dont have to get all the money in by he same date.

postingalwaysposting

i can see the postive and negatives, it depends on your cirumstances? Would it be better for you for tehm to go out on the same day? or would you be better with two accounts? one that is kept solely for your direct debits that you depostit the exact amount in each payday and a spending account for everything else?

Me, i have the two accounts thing and i have 4 that will be taken just after pay day and 3 on the 1st. When i was weekly payed i used to do as melly and put the money aside, now i am payed at a odd time in the month so the 2 accounts work well for me... I hope you find a solution

riad_2

For me, payday is 26th/each month... mortgage payment comes out on the 27th, and everything else (e.g. credit cards, mobile phones and utility bills) comes out on the 28th.

The reason I did it like this was bcos the mortgage payment is by far THE most important payment of the month... so it gets taken before the others have a chance to smell the money!

(The reason I didn't have the mortgage payment coming out on the same day as payday is because I was paranoid regarding the order in which they would occur, i.e. could the mortgage payment bounce if it was attempted to be taken before the salary credit?)

calamity

Same here---we run 2 accounts
1 has all the DD's 17 of them coming out at a variety of dates over the month
2 is the what is left act. and that is the one we work on for food petrol etc.

Angel11_2

I used to get paid 13 times a year and found it difficult at first managing my direct debits because payday works it way down each payday.

Best tip I can give is have a seperate account - pay yourself enough each month to cover your direct debit and expenses i.e pay yourself 12 times a year. Your 13th payday of the year - use it for christmas.

Worked for me for 4 1/2 years and saves saving up for the most expensive month of the year.

Hope it helps

Angel :A

raq

ours are scattered throughout the month. 15th is the mortgage and the 1st is all the gas/electric/insurance. other than that because we have weekly f.t.credit and my husbands wages weekly it works out better for us. and we also find we sometimes have a free month.

floss2

I get paid monthly & mine are scattered, but I have a "bills" page for each month in my spreadsheet and carry the total onto my money page, so I can see a "real" figure after all the bills are paid - if that makes sense?

sammiboo

I used to have all my bills coming out the same day in my previous job. I got paid at the end of the month and everything used to come out at the begining of the month.

Ive since changed my job and now I get paid on the 21st of the month, but my bills remain the same as they were. I couldnt be bothered changing it

I am currently in the process of buying a house with my boyfriend. We have set up an account for our joint bills and mortgage to come out of, so when this is all set up we will pay a big chunk of our wages in this joint account.

This will just leave my personal DDs which will be my credit cards x2 and my mobile phone.

I dont think it really matters when your bills come out, just as long as you know what comes out when and you can budget for them

krispyg76

It matters to me

I just wish I could pay my bills 4 weekly - I get paid and the money for the bills goes out and then i don't have to worry about them

Yorkielass

Our comes out on different dates (about 4 during the month) and I've just been trying to work out our budget and it's a little confusing. When we added our water recently (new property and took ages to set up account) they said we could have any day so we deliberately went for 8th which is when council tax and my contact lenses money comes out and any new direct debits we set up I will ask for them to be the same as others as I think it helps with budgeting.