Direct Debit dates

kara_p_uk

Not sure this is the correct place for this but its stopping me be able to budget/save/pay off debts. please move to a more appropriate board.

Is there any right to amend direct debit dates? I have swapped as many as I can so they are within a week of our paydays as I want to pay off our bills asap each month but I have been told by 2 mobile phone companies that they wont amend the date which is frustrating as they fall 2-3 days before payday.

Thanks,
Kara

enjoyyourshoes

Just account for all your DD/SO at the day after payday, then its prosaic when they actually fall.

Do a daily bank reconciliation on you bank account with all your spendings so as to keep your account in the black.

Accrue for annual and 1/2, 1/4ly bills and account for that the day after pay day (and per all DD/SO). Then you will be fine

kara_p_uk

enjoyyourshoes wrote: »

Just account for all your DD/SO at the day after payday, then its prosaic when they actually fall.

Do a daily bank reconciliation on you bank account with all your spendings so as to keep your account in the black.

Accrue for annual and 1/2, 1/4ly bills and account for that the day after pay day (and per all DD/SO). Then you will be fine

we are in the black as we dont have any overdrafts on our accounts but i'm often forgetful I think everything's been paid and spend a bit extra on treats for the children and then remember theres still another bill.

I now use the calendar on my online banking which is more helpful but would just rather they all came out asap after payday.
Kara :rotfl:

EssexHebridean

Use your existing account JUST for bills and income then. So leave in there the right amount to cover everything that needs to come out in the month, plus a small amount as a "cushion" in case something varies a little in amount. Transfer your surplus out into either your personal accounts for spending, or savings accounts for annual spends or ongoing savings. That way the problem is solved, yes?

It's not the direct debits that are stopping you from saving, is it, it's that you're not budgeting right. Why not have a specific budget for treats - and spend to no more than that budget regardless of the balance in the account?

MrsSave

I have a separate account and at the end of the month I transfer over the money to cover all bills as well as savings for things like Christmas, holidays, etc. Once I've transferred this over I don't touch the account until next 'pay' other than to check the correct amounts are going out.

enjoyyourshoes

The key is to reconcile the bank account daily putting in your spends, but as I said at the start of each month identify and reduce the balance by the SO/DD each month plus the actual for the annual stuff.

Start with pen and paper and move onto excel or free app

tlc678910

Hi, when your phones are out of contract you can move to a sim only pay as you go and top up your credit straight after pay day. Solves your problem and should be cheaper too.

Mnd

I keep a ruing total of the account, but I have already deducted the dd and so that will be due

Anoneemoose

We use YNAB, which is fab, but chargeable. Before using YNAB howevere, we had a few accounts which we used for different things. Main account for income and bills, then a few savings accounts for gifts, hols, car tax/insurance/maintenance, clothes etc etc. Then a basic bank account for fun money, groceries and fuel.

kindofagilr

MrsSave wrote: »

I have a separate account and at the end of the month I transfer over the money to cover all bills as well as savings for things like Christmas, holidays, etc. Once I've transferred this over I don't touch the account until next 'pay' other than to check the correct amounts are going out.

This is exactly what I do as well

It works great xx

datlex

Yet again another reason for having a separate bills account/accounts then the dates don't actually matter so long as the funds are there to pay them. If you get paid monthly send the money on pay day.

I say accounts as you may want a number to take advantage of rewards if you don't have savings.

Personally I have an account that holds money ready for bills. It is an interest earning account. I try to keep the balance as close as possible to the limit at which interest is paid. Money is syphoned back and forward between that and a savings account. However the balance is variable and depends on which DDs are due. If I am paying my rent/bus card then it will go down. Then my actual bill DDs are spread between 3 other accounts (all earning rewards which go towards Christmas). I have additional accounts but these are for other purposes including savings.

I haven't had a real pay rise in 4 years, but by budgeting and having multiple accounts I am actually better off. I cannot recommend it more.