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Beware the December pay trap!
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Good work MrFF. I have reminders set for tomorrow to deal with ours - as we are meant to have plans for NYE and the 1st and I don’t want to risk forgetting to deal with it!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
I'm not sure what i'd do without the Apple Calendar app on my phone for this purpose!
On a separate note, has anyone successfully petitioned with their company to have their payment date put back to the end of the month in December? I think its madness to be paid so early on, making January (for me and my colleagues at least) a 6 week month!If you believe you can, you will. If you believe you can't, you won't.
Secured/Unsecured loans x 1
Credit Cards x 8 (total limit £55,050)
Creation FS Retail Account x 1
Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £137,707.00 (Payment 13/360)
Total Debt = £7,400 (0%APR) @ £100pm - Stoozing0 -
I would be surprised if anyone managed to successfully petition against this. It always seems to be popular even though the people who rejoice at the early payment in Dec to do their unbudgeted Xmas shopping are the same people struggling in January when funds dry out.MrFrugalFever said:I'm not sure what i'd do without the Apple Calendar app on my phone for this purpose!
On a separate note, has anyone successfully petitioned with their company to have their payment date put back to the end of the month in December? I think its madness to be paid so early on, making January (for me and my colleagues at least) a 6 week month!0 -
Underlining again - being paid early does NOT change the length of the following month - January will, as always, be 31 days long. Spending your January pay before January means it has to stretch an extra week or more though - which is the thing that actually causes the problem.Personally I think energy would be better spent in spreading that message, rather than trying to encourage companies to pay as usual when for some of them that simply isn’t practical! (MrEH’s company for example - automated payroll, but nobody in the accounts department this week should there be any issues with it. Mine meanwhile is a manual pay system - should my Boss have to work during Christmas and NY if she doesn’t need to? I’d say no, although she does ask whether paying me early is OK, which I appreciate)🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Just a reminder to all - if you have not yet replaced any early pay into the account it needs to be in for start of the month, now is the time to get it done! Happy New Year all!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her3 -
Sat here at work listening to everyone complaining about how long January is going to be with no money, things never change but thank you for doing your best.Totally Debt Free & Mortgage Free Semi retired and happy3
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At least there are a few people who now as a result of the conversation on this thread and its predecessors are in a better financial position to start the new year. The thread will be back next year - usual time, usual place, and we'll try to convert few more folk across to the pay trap way of thinking!Indout96 said:Sat here at work listening to everyone complaining about how long January is going to be with no money, things never change but thank you for doing your best.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her2 -
Is it time to resurrect this as we head towards November pay day for a lot of people?2
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Mr normal pay day is the 25th so I always get paid early, but it's normally only a day or two earlier. I always adjust my budget spreadsheet to take account of it, usually I save a bit less, have a bit more for the first "week" to account for it being longer and to cover any extra presents, and have the other three "weeks" as they are normally. I say "week" as they can be 7 or 8 days long, I split the month into 7/8 day periods as evenly as I can.
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Hasn`t it been a short year?
Knocking on the door of Christmas already shucks.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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