Getting Paid Weekly Or Monthly?

CLAPTON

As soon as you get paid put £20-30 in a savings account straight away before you are tempted to spend it.
Don't use that fact that you're paid weekly as an excuse not to save... if you were paid monthly you might well be tempted to blow it all in the first week or so and be much worse off.

saubryn

I get weekly tax credits then income from my business on a monthly basis. Budgeting is hard - especially since the business income is really variable, but it does mean we think about if we NEED something before we buy it.

marc.faulkner

I'm on weekly pay at the moment, which is due to change to Monthly some time soon.

I have experienced both, and to be honest I find monthly works best for me - as most of my bills come in monthly...

poppy_f1

i get paid 4 weekly and most of the time it works for me as long as i make sure i have enough cash left to pay the monthly bills - sometimes i need to call to change the dd dates

marc.faulkner

poppy_f1 wrote: »

i get paid 4 weekly and most of the time it works for me as long as i make sure i have enough cash left to pay the monthly bills - sometimes i need to call to change the dd dates

I'm in exactly the same situation this week - need to give Barclays a call tomorrow to change the date of my rent payment by one day...

I'd have been fine if it hadn't been for my weekly pay being split unevenly across 2 paydays (last week I only received 3 days pay - this coming Friday I will receive 7)

bathgatebuyer

I used to be paid 4 weekly and it was a nightmare as I the dates cash was in every month changed. I also found it difficult trying to pay a month's worth of outgoings with 4 weeks pay which was typically about £150 less than what a monthly pay would have came too.

It did mean that I had 1 month with no mortgage payment, however, that lump sum went on debts.

BAILIFFCHASER

marc.faulkner wrote: »

I'm in exactly the same situation this week - need to give Barclays a call tomorrow to change the date of my rent payment by one day...

I'd have been fine if it hadn't been for my weekly pay being split unevenly across 2 paydays (last week I only received 3 days pay - this coming Friday I will receive 7)

If you have online banking you can do this manually.

gollygosh

my DH is self employed, now that's what you call a real nightmare when it comes to planning ahead!
it's feast or famine in our house. I'm always robbing Peter to pay Paul. oh well seem to manage to keep ahead of the bank charge letters so i must be getting it right, but boy oh boy do i have to put some time into it. just as i think I'm getting somewhere he comes home and tells me someones given us a cheque instead of the agreed cash and I've got to cover the 5 days clearing from somewhere!

marc.faulkner

BAILIFFCHASER wrote: »

If you have online banking you can do this manually.

Unfortunately I locked myself out of my online banking...waiting for a new passcode to come!

Will give them a call from work though, first thing.

continualdiamond

I get paid monthly, always have done. My OH used to get paid weekly and we used to 'live' off his wage for the week, ie food shop, petrol and treats and we set up big DD's for like bills and mortgage when i got paid.

Now OH is also paid monthly and at 1st we weren't looking forward to it, but it seems to be working out well. We had to change a few DD's as our pay days our the 22nd and 25th, so we made it that all DD's are at the end of the month. That way we know everything has been paid for and then what is left we divide into weeks and thats our budget.