Weekly to monthly pay!

Ambermarie90

Any advice would be appreciated! I am a single parent and have just accept the offer of a new job which in the long run will leave me better off financially. The only problem is that my current position is weekly pay and I will now be moving to monthly pay as of the 1st of June. I haven't had enough notice to save any money to see us through, I have no savings, my credit rating is too poor for a loan and I am unable to borrow from any friends or family. Has anyone been in a similar situation and if so any advice?

Masomnia

Ask the bank for an overdraft?

Credit card that you pay off at the end of the month?

Pay day loan would be an absolute last resort for me.

sangie595

The new employer might be willing to provide a sub. But it would have to be paid back so you will need to be budgeting to have less money whilst you do.

Silvertabby

Congratulations on your new job.

Make sure you sit yourself down and work out a new budget plan based on being paid calendar monthly instead of weekly.

When my late mum was (very reluctantly) switched from weekly to monthly pay, she decided that she would divide her monthly pay by 4 and draw her 'wages' from her bank account every Friday. You can see where this is going... everything was fine until the first 5 Friday month, when she went into the bank and found she had no money.

I was home on leave at the time, so I was able to sub her until her pay went in on the following Monday - but it took me hours to convince her that she hadn't been robbed of her wages, and to work out a better plan!

p00hsticks

Silvertabby wrote: »

Congratulations on your new job.

Make sure you sit yourself down and work out a new budget plan based on being paid calendar monthly instead of weekly.

When my late mum was (very reluctantly) switched from weekly to monthly pay, she decided that she would divide her monthly pay by 4 and draw her 'wages' from her bank account every Friday. You can see where this is going... everything was fine until the first 5 Friday month, when she went into the bank and found she had no money.

I was home on leave at the time, so I was able to sub her until her pay went in on the following Monday - but it took me hours to convince her that she hadn't been robbed of her wages, and to work out a better plan!

If you can afford it, dividing by five would enable you to keep to a weekly budget and have the side effect of building up a nice little emergency pot of savings on the side.....

xapprenticex

Most of us have been there, its not easy, thats for sure. Do you have anything you dont need/use thats worth some money? If so, jump on ebay or facebook and sell it, then buy very cheap food and budget like mad till you get paid.

Once upon a time, my diet consisted of quick oats for breakfast and mash potato and beans for supper (and i liked it, wouldn't do it now though)

[Deleted User]

Suppose this is the time it comes in mighty handy when you haven't used to much holiday from old employer (?) as don't forget you will get any outstanding/unused back if so in the final wage packet so it might not be as bad as you fear.

If you fear you don't qualify for main stream credit, do check out the credit union in your area as you don't always now have had to save in advance but for a token fee can make an application if you are new to such a service.

Don't take out any Finance or equivalent, without being 110% sure of your new pay date.

GarthThomas

Can you take on some weekend work, eBay anything, or get some overtime?

If not, this is the sort of thing that credit cards are for, short term borrowing. Put the essentials on a card, and make sure you get it all paid off within a month.

You have been reckless, not having an emergency pot, so please take this as a wake-up call. Don't spend your extra wages, save them, u til,you have 3-6 months of net wages saved for emergencies.

ACG

I know Pay day loans are pretty bad, but this is a prime example where they come in to their own. They are expensive, but if you can afford to pay it off over say 2 months, its not that expensive.

Or if you have a good histor with your bank, maybe an overdraft?

A local doorstep lender or Provident for example?

Savvy_Sue

Before borrowing, I would approach the new employer and ask if an advance is possible, maybe half way through the month. But a revised budget is going to be essential.

Rosemary7391

I'd also check with, say, utility providers, whether you're in credit and could therefore pay a bit less this month? As this is likely to be a short term problem, some things are possible that wouldn't if it was longer term. If you find you can't pay a given bill, then make sure to speak to the company in advance, try and avoid bounced direct debits etc. Clubcard/nectar points+cupboard dregs for food (OldStyle board is great for advice on cheap meals/using up things). Good luck in your new job