Gonna sound really thick here!!!

coolmum

ive got all my new incomings and outgoings for this year so want to set my budget as i really want to be better with money this year

the question i wanted to ask is how does everyone work out their budget? i have money paid in weekly, fortnightly, 4 weekly and monthly.

now for example if i had £80 being paid weekly would i work it out 80 x 52 then divide by 12 to get a true monthly figure? the only thing i was thinkin with that was on a 4 week month it would be a bit short or do you all work your budget out to 4 week months and when you hit a 5 week month just out the extra away?


sorry if this is waffled i know what im tryin to say but i dunno if ive got it out right :rotfl:

ltm07

Hi there! OH gets paid monthly & I get paid weekly,so to work out our monthly budget we x by 52 & divide by 12. We were working some of our budget out weekly though & some monthly,but t make things easier we are working everything out monthly after OH gets paid on the 27th. Hope this helps & makes sense, good luck!

skint_spice

Personally I leave the 4 weekly figure then occassionally it's a bonus when it comes in twice in a month. I found multiplying by 13 then dividing by 12 for a monthly figure didn't work for me as that would imply I got more in the month than the 4 weekly fig if you know what I mean.

Boggles1234

I generally work mine out monthly as that is when most payments go out.

So weekly is x 52 then divide by 12
4 weekly is x 13 then divide by 12 and so on.

Then I use the extra week in 5 week months to form a bit of a buffer for the months when paydays fall funny. (paid weekly)

coolmum

thats what i was thinkin skint_spice i worked oit out both ways and by doing the x52 and divide by 12 way it looks like i have more coming in than i actually do on a 4 week month

the only other thing i thought of doing was to set a budget every month to take in the extra weeks

penguin83

To change a weekly figure to monthly multiply by 4.3
To change monthly to weekly divide by 4.3

coolmum

now youve totally confused me penguin :rotfl:


does the 4.3 make it a more accurate figure?

Poosmate

Hi Coolmum and welcome to DFW on MSE.

Whilst all of the post on here have been right I am looking at it from a different angle. It would depend on if the amounts going into the account at the different times is always the same and also how much they are.

You could use the different incomes for different reasons and maybe have them paid into 2 different accounts.

This is only an example as your figures are probably going to be very different to the onse I use.

So, for instance, if your monthly income was £600 and all of your bills you pay by DD/SO come to, say, £590 then pay that into an account to pay all those bills from.

The weekly and fortnightly income could be used for living expenses, food, petrol, debts. For example, if your weekly income is £60 and you can live on that that's cool. Then if your fortnightly income is say £130 and your debt payments are £250 you could have the fortnightly money paid into the account your bills are paid out of and pay your debts out if it also. By doing this you know you have £60 a week to live on, you know all your household bills are being paid and your debts. Also, you will be paying in more into the bills/debt account than is going out, thus building up a cushion of surplus cash which you can transfer to the account from which you take your living costs (or into a savings account for yearly bills tax,MOT,school trips, breakages).

I do this, although I only have 1 monthly income, and always shave off the surplus in the bills account on a regular basis (into an ISA) as the interest on most current accounts is so low.

Hope that helps, but without knowing the figures it may not work for you.

Thanks

Poo

penguin83

coolmum wrote: »

now youve totally confused me penguin :rotfl:


does the 4.3 make it a more accurate figure?

Oh I dont know sorry - its just what we use in court when people insist on giving us their figures as a mixtire of weekly, monthly, quarterly and everything in between!

Sorry for confusing you! x x:rotfl:

GeorgeUK

It's probably because 52/12 = 4.33333333

It's what was said above, only different

jak

I get paid weekly and my dh get paid monthly. What we do is use the money for different things. All the main bills get paid out of his money on a monthly basis as he gets paid more, then whatever's left over gets paid onto debts. My money is for paying down debts at the moment so we are living on one income. This seems to work for us.
J
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