Controlling 4 weekly in and monthly out

FlorayG

My salary has changed to payment 4 weekly, which is a right pain as all my DD are monthly. I used to get paid on the 28th, DD all went out on the 2nd following, all the rest of the money 'mine' to spend or save but now I can't keep in sync because I get paid every 4th Friday ( and of course, a bit less each month than I used to get)
Does anyone know of an app or simple way to keep track? Something that will tell me each payday "you have £X in payments to go out before NEXT payday"?

Rob5342

Open a new account and get paid into that, and set up a standing order from that to your main account on the 28th of the month. Your main account will get a regular payment on the same day and once a year it will roll round and you'll have a whole months spare. 

penners324

Have you moved company?

That's a bizarre thing for a company to do. Causes a huge headache for finance to get the accounts correct.

Monzo and Starling have something similar to what your suggesting. They will also tell you the day before when DDs and SOs are to go out. 

penners324

Both banks mentioned also let you move money on that 4 weekly basis into a bills pot/space, the DDs can then be set to go out from that pot/space

FlorayG

penners324 said:

Have you moved company?

That's a bizarre thing for a company to do. Causes a huge headache for finance to get the accounts correct.

Monzo and Starling have something similar to what your suggesting. They will also tell you the day before when DDs and SOs are to go out. 

We got bought out, so sort of moved company but still working for the same one IYKWIM. The company that bought us out has always paid 4 weekly.
 I didn't know Monzo did this - I have a Monzo account, I must have a look

penners324

In Monzo set up a Pot, set up a Regular deposit. There is an option for 4 weekly.

Then move some DDs around in the app

Sleekit

I get paid four-weekly as well, but also variable pay, and you really have to keep an eye on it.

On my laptop I use a program called Moneydance which works (and looks) much like the old Microsoft Money. I also have Moneyhub and Emma on my phone, but for planning ahead four-weekly I find them pretty much useless. They're only good for keeping an eye on what's going out.

The only good thing about four-weekly pay is that 13th payday every year! An entire pay with very few outgoings!

Rob5342

Monzo is brilliant, i dont know how I'd manage without it now. You could set up a bills pot, set all your direct debits to come from that pot, and then transfer your total bills amount into it when you get paid. That would mean you'd have enough money in the pot to cover any direct debts that were taken before your next payday, plus a bit extra sometimes depending on when the direct debts fall. You could either take that extra bit out when you are next paid or manually look ahead and see which direct wont need to be covered. 

wiseonesomeofthetime

I used to do the Monzo route, but now pay that sum into a Chase Savings account (still the 4.1% one) and have my DDs come out of that. Makes me a few pence in interest, but nothing to shout about.

Monzo or Starling will also do the trick with their Pots or Spaces.

Oh and I track future balances with AceMoney (MacBook)

penners324

wiseonesomeofthetime said:

I used to do the Monzo route, but now pay that sum into a Chase Savings account (still the 4.1% one) and have my DDs come out of that. Makes me a few pence in interest, but nothing to shout about.

Monzo or Starling will also do the trick with their Pots or Spaces.

Oh and I track future balances with AceMoney (MacBook)

Starling pay 3.5% even on money in spaces.

Not much different and everything still in 1 place.

FlorayG

I spoke with Monzo and they didn't have a clue what I was asking about. How do you set things up so that a payment goes out of a pot instead of out of your front line current account?