Work Pay Day (Middle of Month!)

Ben8282

Are you being paid earlier or later than previously?
By this I mean if previous pay was received on 31st January was next pay received 15th February or 15th March?
If the former, which I get the impression it is, I really can't understand your problem. Enjoy having the money in your account 15 days earlier.

DCFC79

tempus_fugit wrote: »

Proper budgeting for the full month would go some way to resolving your problems.

A savongs pot would also help, could cover the shortfall.

OP I agree you need to look at your spending.

datlex

OP, I think you need to separate your bills i.e. direct debits and standing orders from your day to day spends. I know for me it helped massively doing that.

DrSqueeze

Short term the two accounts idea would probably work as you adjust to the change. (I know someone who went from weekly to monthly pay and used to drip-feed their wages in this way for a while until they got to grips with planning / budgeting). Just make sure the money goes to your main account early enough so it's definitely there before any debits go out.



Longer term, a spreadsheet might help you plan / monitor your account. Include all your regular direct debits & standing orders up-front, so you can see exactly how much you have available to spend.

jonnygee2

- Create another bank account to have my wage go into on the 15th of each month, then set a direct debit up for my wage to go from the new bank account, to my existing one at the end of the month. (Obviously I won't access the new bank account).

I used to do this a long time ago, when I was on a zero hours contract - I kept one months salary and paid it to myself a month later. That was because it meant I would know how much I would 'earn' next month, and I had at least a month to plan around any sudden drops. I also kept a little extra in there to try and even out the flow.

I don't see the advantage if your income is regular, but if you do want to do it it's pretty easy to set up.

getmore4less

When you get paid is not the problem it is when you spend.

Put all income into a savings account and if you want to spend on calendar months withdraw(less than you put in) on the first of the month.