my Direct debts

Bendy1224

Hello Terry, not sure if your on Android or Apple IOS but the app is purple ish and is fully free to download and use.

Not sure if I can private message you on here, if I can I can send you step by step guide, be good if we could chat and anyone else who wants to help would be muchly grateful.

I have already added all my DD’s up/ bills and know exactly what’s coming out each month.

The thing I’m struggling with is in my bills account I have one income paying every 4 weeks, then working tax paying every week, should I keep it like this or have my income going into account every 4 weeks. I’m finding it has helped having another account as I know exactly what to use my other account for if that makes sense ..

Terry_Towelling

I have no device capable of using 'apps' (as they get called these days).

It sounds like you are almost there now if you know how much your bills come to and you know what your monthly income totals too. Hopefully the income is greater than the bills (don't forget to factor in credit card payments)

Until I know more about your circumstances, my advice to you would be to always start every month with double the amount of your bills in the bills account - if you can afford it. May sound too much but it is a safety buffer. Come the end of each month make sure that same amount stays in and you can transfer any excess amount out to your other account.

This way should ensure you never run short of cash in that account but it may look to you like you have too much money in there and you may be tempted to take more out of it - but don't. Let things settle down for a few months to make sure all is working well and then start to branch out a little - such as starting off a contingency/emergency fund just in case your circumstances change for the worse.

You are welcome to private-message me. I'll try to help but it isn't easy from a distance when there are bound to be things that I don't know about your situation - so I can't guarantee anything for you.

As for your income pattern, there are pros and cons to keeping it 'mixed' or going for everything by the four-weekly method. I have a similar set up - Carer's Allowance every four weeks and a works pension once a month. It makes no difference to me how and when it comes in as long as it does - but my circumstances are probably way different to yours. I don't know what is best for you but having an element of your income at fixed dates is probably wise for the time being.

enthusiasticsaver

It all seems a bit confusing and apologies if I have missed anything but as I gather it you are paid weekly and 4 weekly and have 2 current accounts and one is for fixed monthly bills and the other for variable spends. So far so good.

My suggestion would be that you try and build a float gradually which will happen if you treat the bills as 4 weekly rather than monthly and build it up so you have enough to pay annual bills upfront rather than monthly as it is normally cheaper that way. Ideally set the bills DD payments for just after the 4 weekly payment comes in next and once the first lot of bills has been paid then divide the monthly bills figure by 4 and pay that in weekly or use the 4 weekly payment to cover them all if the figures tie up.