Husbands Wages

dazzaofdagenham

Do many accounts show the time the money was credited?

And again with direct debits and standing orders...do any accounts show the time the money left the account.

I'm with the Halifax and I'm pretty sure the time isn't shown

I'm_not_going_into

dazzaofdagenham wrote: »

Do many accounts show the time the money was credited?

And again with direct debits and standing orders...do any accounts show the time the money left the account.

I'm with the Halifax and I'm pretty sure the time isn't shown

No, there is no time stated when monies are paid into accounts. All I'm saying is where I have worked before as well as my husband, wages have always gone into our account at around midnight/early hours of the morning.

Checked our account at approximately 16:10 yesterday (it wasn't there) I checked again about 10-15 minutes later and it was paid in.

I think like other people have said some companies use BACS and some use FP I now, after posting this yesterday think because it is a small/medium company they use the FP system.

I'm_not_going_into

trailingspouse wrote: »

At the risk of stating the obvious, if your husband's pay is as time-critical as that, you really need to made building up an emergency fund a top priority.

I can invoice someone for work done in, say, January - and not receive the money until the beginning of April, as big companies often put a 60 day payment schedule into their contracts.

I totally agree, but unfortunately due to our current financial situation there is no possible way of setting up an emergency fund.
I am currently off of work (have been for around 4 months) I used to take home approximately £1200 per month. I now only receive SSP so roughly £385 per month.

We are very poor at the moment and are living hand to mouth so there is no disposable income (not even £5)
I greatly appreciate your advice (honestly) but when our situation improves we will be able to loosen our belts a little bit (hope that's the correct saying)?!

Thank you again

bigadaj

I'm_not_going_into wrote: »

I totally agree, but unfortunately due to our current financial situation there is no possible way of setting up an emergency fund.
I am currently off of work (have been for around 4 months) I used to take home approximately £1200 per month. I now only receive SSP so roughly £385 per month.

We are very poor at the moment and are living hand to mouth so there is no disposable income (not even £5)
I greatly appreciate your advice (honestly) but when our situation improves we will be able to loosen our belts a little bit (hope that's the correct saying)?!

Thank you again

Have you done a statement of affairs?


If you do this and post on the dfw board there will be people who can point out savings and opportunities which will help save or get greater benefit.

zzzt

You shouldn't have your direct debits relying on salary from the previous day. I keep them two weeks apart usually (typically my salary goes in towards the end of the month, say 25-30th), and I have my bills coming out around the 5th of the month.

In some jobs I've had working for small companies when they just use Faster Payments from their bank, I have occasionally not been paid over a bank holiday weekend. Ideally you'd get paid the day before if that happened, but people make mistakes, and if payday fell on a bank holiday Friday, and Monday was also a bank holiday, then the salary might not have hit my account until the following Tuesday. That has happened to be me before, but it was not a problem.

Don't make plans based on other people and systems being perfect.

By far the best advice is to build up a buffer so that you do not live paycheck to paycheck. You eventually want to be in a situation where your bills are paid for by the previous month's salary. Even if you only save £5 per month you can slowly build up the amount in your current account. When you have one month's salary sitting in your current account, this will make you far more able to remain in control when situations that are outside your control occur.

pelirocco

They are paying by fast pay , so depending on what time of day they start inputting , controls the time you receive the money . We pay by fast pay , but always send the money the last working day before the official pay day ( the 25th ) So as not to cause our employees any problems with DDs