Tips to budget from weekly to monthly pay

hewittinspain

I left one job last month which was weekly pay, started a new job straight after which is monthly pay. The pay is the same but because Fridays came around quickly it didn't seem long before I got a wage. Because my mortgage is very low I managed to save around £800 a month.

Today I've been paid 13th (although it's the 15th of every month but it's the weekend) and all my bills come out around the 1st which is around £500 for all. I've already put aside £800 in advance for savings and what is left in my current account is what I have to live on til 15th March (but still £500 yet to come out of this on the 1st).

My ideal plan is to place my whole wage in a separate account or even open a new bank account then pay myself a weekly wage so it feels like I'm getting paid weekly. Is this advisable? I'm with Lloyds but do have a chase account for holiday spends so would putting my whole wage into the chase then doing a weekly standing order into my main bank a good way. Should I not use chase to do this?

What advise is our there? Thank you

Rob5342

You don't need separate accounts, if you open a Monzo or Starling account then you can separate the money using their pots and spaces features. I use Monzo and their pots.

It's a good approach and is what I do. When I get paid I put enough money into my bills pot to cover all my bills and savings, and the direct debits are all set to come out of thst pot. I also put my spending money into four other pots, and then every 7/8 days I empty one of those pots and make it last until the next 7/8 day period.

gwynlas

Presumably despite being weekly paid your bills including morrtgage have always been monthly so you have had to allow money to accumulate to pay these.

You know how much you need for weekly spends so you can manage this however you like either by opening another account or simply closely monitoring your spending

Emmia

https://forums.moneysavingexpert.com/discussion/6655142/tips-to-budget-from-weekly-to-monthly-pay

This is what I do, I give myself a weekly "allowance" in a separate account to where my salary is paid. I also use a completely different bank so I can't "see" the other money (this is why I wouldn't use Monzo pots)

steven141

What I do is have my money come in and have a separate account for bills, a separate one for spending and savings etc.

My money comes into my main account and I distribute the money to different accounts. I allow myself a budget for spending and a budget for groceries. I divide that by how many weeks until next payday and I use Kroo to store my money so I'm earning interest. The money goes into pots for each thing I want to spend and the amount I set each week I transfer into my Kroo account to spend.

I do all of my spending currently on the Lloyds Ultra credit card which gives 1% cashback for a year and at the end of the day I transfer what I've spent into a savings account until the credit card bill is due.

I know that my set up is quite complex but you can just spend from the Kroo account or whichever account you choose if you decide to go down this route.

The only banks that currently offer pots are Kroo, Starling, Monzo and TSB but other banks offer savings accounts.

goldfinches

I have several accounts both current and savings with one bank and get paid into one account and then immediately allocate the money to different accounts for the same sort of reasons.

I have a daily spending account which I put an allowance into every fortnight, a bill paying account and both short and long term savings accounts.

The daily spending account covers all food, household and basic toiletries and anything else I want to buy has to come from the short term savings which means I have to move the money over before I spend it. That acts as a disincentive to purchases and helps me to think whether I really want the item or not. I find doing it over a fortnight works well for me because it means I can then do quite a big shop in one go. I only usually take the daily spending account card out of the house with me and all the others stay safely at home which is just fewer things to keep your eye on nowadays.

EarthBoy

https://forums.moneysavingexpert.com/discussion/comment/81883044#Comment_81883044

Virgin also has pots.

steven141

https://forums.moneysavingexpert.com/discussion/comment/81884967#Comment_81884967

Thanks I didn’t realise good to know.