Budgeting a change in pay dates

GazNicki

I am currently employed and being paid weekly.

I am in the market for a new job, and I understand that the majority of places prefer to pay monthly, and one job I am aiming for does indeed pay monthly.

We live hand-to-mouth at the moment with my wages being the only current income - so a change from weekly to monthly is going to be difficult and at first glance neigh on impossible.

Does anyone have any advice on how to transition from Weekly Pay to Monthly Pay like this?

My google-fu only brings up discussions about people whose current employers are changing from weekly to monthly, and not much about people who are going through the transition due to a job change.

I do admit, this is somewhat pre-emptive as I have not got a new job, but looking into any and all eventualities.

Any advice much appreciated.

PeacefulWaters

Start saving. Best option.

0% purchases credit card, setting money aside to clear the balance in full before the interest free period expires.

Set up an overdraft facility, but be aware of charges.

GazNicki

Yeah, that's looking like it's not entirely possible. My credit history, whilst on the mend and looking OK now, doesn't permit a 0% CC at the moment. No O/D facility either.

Hopefully the recipients of my DDs may be able to help should I be up-front and honest with them about the transition?

agrinnall

GazNicki wrote: »

Hopefully the recipients of my DDs may be able to help should I be up-front and honest with them about the transition?

They may, and it's certainly worth asking, but you must have a plan in place to deal with those who refuse to change date, otherwise you'll end up in costly debt.

By the way, there are plenty of threads on here about people who need to deal with not getting paid for a long period when changing job (often when switching to a job that pays fully in arrears) so look for those as their situation will be very similar to yours. You're more likely to find them on the Employment board in my experience.

Linton

This is a very good example of why we always recommend to people that they set up an emergency fund to cover life's events as a top financial priority. Organising your money is even more important if you are only paid monthly. Dont rely on CCs or short term debts to save you if you run out of money before the end of the month. Suggest you put a fixed amount into a savings account immediately you are paid. Continue doing this until you have several months living expenses tucked away. You will then be in a position to withstand any unexpected essential expenditure or say the loss of your job.

OK, you cant change what you didnt do in the past so what can you do now? The most important thing is to start saving a serious amount of money now - perhaps by the time you have found a new job you will have the funds in place. If it means delaying your job search that may be a hit that's worth taking. If really necessary it may be worth asking your new employer for an advance for the first month. However probably best not to do that until you have found someone who really wants you, perhaps in return for agreeing to start work immediately.

SnowTiger

GazNicki wrote: »

Yeah, that's looking like it's not entirely possible. My credit history, whilst on the mend and looking OK now, doesn't permit a 0% CC at the moment. No O/D facility either.

Even a basic credit card from Vanquis, Barclaycard or Capital One would give you between 3 and 7 weeks of interest-free purchases.

Candyapple

If you are living hand-to-mouth on a weekly wage, sounds like you need to budget better.

Try posting up a statement of affairs over on the DFW board and they wil help you find ways to cut back.

Other things you could do is reduce your food budget, even if you are temporarily living on beans on toast or pasta.

Use up Boots / Tesco / Nectar points to buy food etc.

Ask your new employer about season ticket loans (assuming they offer this / you'll be travelling in to work).

Borrow a small amount from your parents/friends/family and make sure you pay it back when you get paid.

Sell something on eBay etc. for a quick injection of cash.