Getting Paid Weekly Or Monthly?

newmum1

I get paid monthly, my child benefit is monthly but my tax credits are weekly which i find so useful before I had dd I used to struggle when i got paid monthly by week 2 I was skint and spending on the cc whereas now my monthly pays all bills and weekly is for food shopping etc I guess Ihave the best of both worlds

Sassamac

we have a full time weekly income (actually its 4 weeks out of 5 which is a nightmare cos I always forget the no pay week) and a part time (massively variably) monthly income. I feel like we never know where we are with income, especially as my pay arrives in the post by cheque, so can arrive anywhere between 3 and 5 weeks after the last one, and then has to be banked and cleared before we can spend it.

Anyway, the way we manage it is by having a savings account that runs alongside the current account. Whenever anything comes in it gets transfered to the savings, and then we filter it back into the current account £100 at a time. It means we operate our every day account very close to the overdraft limit, but it gives you the mentality that we are always skint, which always helps us to spend less. I also have another account with the same bank thats just in my name and if we need to keep money put aside for something specific (e.g. if the mortgage was due on the non pay week) then it gets stashed in there.

immoral_angeluk

We have a combination.. Our tax credits and my saturday job wages are weekly... our child benefit is 4 weekly and DH's wages are monthly.... makes for an interesting budget!!! :rotfl:
We use DH's wages to pay the bills. the money goes in to a seperate bills account and all the DD's come out of that too. We then live off/save everything else.

BAILIFFCHASER

Sassamac wrote: »

we have a full time weekly income (actually its 4 weeks out of 5 which is a nightmare cos I always forget the no pay week) and a part time (massively variably) monthly income. I feel like we never know where we are with income, especially as my pay arrives in the post by cheque, so can arrive anywhere between 3 and 5 weeks after the last one, and then has to be banked and cleared before we can spend it.

Anyway, the way we manage it is by having a savings account that runs alongside the current account. Whenever anything comes in it gets transfered to the savings, and then we filter it back into the current account £100 at a time. It means we operate our every day account very close to the overdraft limit, but it gives you the mentality that we are always skint, which always helps us to spend less. I also have another account with the same bank thats just in my name and if we need to keep money put aside for something specific (e.g. if the mortgage was due on the non pay week) then it gets stashed in there.

If you have cheques bear the following in mind :

If you have a hsbc account open a savings account. Then when your pay cheque comes in pay it into your savings account b4 3.30pm and then transfer the cash into your current account the following day.

If you bank with barclays then pay it into a different branch with 1p cash and it will show 2-3 hours after deposit. Then you can withdraw on it.

if you bank with the lloyds/tsb. As long as the cheque is from lloyds it is instant cash. Pay it into your account and you can draw on it instantly.

If you bank with natwest and the cheque is from natwest should clear over night. If not then open a savings account and 2 days after deposit you can draw on it or transfer the money to your current account.

halifax/abbey/a+l/nationwide etc normal 5-7 day clearing cycle.

Why have i got a feeling someone is going to say this is incorrect ?

yellowmonkey

BAILIFFCHASER wrote: »

Why have i got a feeling somoen is going to say this is incorrect ?

This is incorrect.

You have spelt Some one wrong :rotfl: :rotfl: :rotfl:

ym

postingalwaysposting

i get paid monthly, in my last job i was paid weekly and it was in and out. Also i found it easier to spend as next week i would have more cash :rolleyes: could never go back to weekly although i suppose i was young and silly in them days :rotfl:

BAILIFFCHASER

yellowmonkey wrote: »

This is incorrect.

You have spelt Some one wrong :rotfl: :rotfl: :rotfl:

ym

Thank you yellowmonkey for pointing that out.

yellowmonkey

No Problem

Take Care

ym

Johan

I used to get paid weekly but my employer forced monthly pay upon us...none of the employees likes it, it is just harder to budget and if you overspend you are snookered until next payday

I have incured more bank charges since we got paid monthly, however I have things sort of under control now.;)

bananakinz

Hubby is self employed and gets paid weekly of varying amounts .... he pays me a set amount monthly so that I know what I can budget for bills and stuff without worrying that hes had a rubbish week. This way it 'should' balance out the good weeks and the bad weeks :rolleyes: