Getting Paid Weekly Or Monthly?

EverTheOptimist

I get paid monthly which i find is the best way for me, all DD and bills come out at start of month and what is left is what i can spend or pay off debts.
When i was paid weekly, I'd spend it all in that week, as I knew another payday was only round the corner, and never saved a penny.
However i do set myself a weekly budget, i withdraw that money on a monday then i lock my bank card away, so no more money til the following week, so i sort of pay myself weekly.

System

EverTheOptimist wrote: »

I get paid monthly which i find is the best way for me, all DD and bills come out at start of month and what is left is what i can spend or pay off debts.
When i was paid weekly, I'd spend it all in that week, as I knew another payday was only round the corner, and never saved a penny.
However i do set myself a weekly budget, i withdraw that money on a monday then i lock my bank card away, so no more money til the following week, so i sort of pay myself weekly.

Thats exactly the rut I'm in, I can't save 1p, its so difficult. infact i'd say giving up smoking is easier.

Penny2myName

I get maintenance monthly and child benefit 4 weekly, these go into A+L account which all my utilities and house hold bills comes out of. I get I.S and C.T.C weekly into my Halifax currant account, A set amount of this I have transferred to my basic cash card account for shopping and travel, The rest is left in my Current account for payments on debts.

Sassamac

BAILIFFCHASER wrote: »

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 ?

Fantastic, - my joint current account and savings account are with HSBC and my own account is with Barclays so between them both that is very good news. Thank You!

Mozette

Always been paid monthly so I budget on a monthly basis. If I was paid weekly I suppose I would budget on a weekly basis. To be honest I can't see what difference it would make how I was paid, just so long as they pay me sometime...!

BAILIFFCHASER

Sassamac wrote: »

Fantastic, - my joint current account and savings account are with HSBC and my own account is with Barclays so between them both that is very good news. Thank You!

Sometimes when the bank catches on it will restrict your transfer to £250 until the funds clear. However if you pay a cheque into your current account(hsbc) and then write a cheque and pay it into your savings account. this cheque that you have written will show as debiting your current account on the third working day by which your original cheque would have cleared. Also you can withdraw from your hasbc accounts upto your card limit. so if it is £500 then you can draw £500 out. Another thing about hsbc. If you have at least a 50p balance on any of your accounts. Savings/current/isa/ etc then you can draw £10 per account from a cash machine. for every account issued with a card.

x_raphael_xx

I get paid weekly, but I budget monthly.
I use a spreadsheet on my computer with all my monthly DD, so I never overspend, cos just have to type in an amount to see what the end of month balance will be.

Also, as I get paid every Friday, 5 Friday months (like Feb '08) I get an extra wage packet. I only need 4 wage packets, so this is money to 'spare' (I.e. goes onto debts!)

Numpty_Monkey

I wish i could go back to being paid weekly in cash, going to monthly got me in debt, but at least i could get overtime,
??now on saleried pay every 4 weeks and still trying to work it out??