AIBU to wish paying weekly was an option

[dancebarefoot]

I am paid weekly and it can be hard to balance monthly payments with a weekly income.

My council tax is taken out of my account weekly, every friday - and this is so much easier than having one week where everything comes out and I'm left with nothing to live on!

AIBU to wish more companies would offer this?

YANBU, I have often wished this was an option, especially since when you are reliant on benefits they are all payed weekly (or 2 weekly or 4 weekly..) so absolutely nothing goes in on a monthly basis but all the bills are expected to come out on a monthly basis. I even asked one company if I could just phone them and pay over the phone every month, at a similar time but not necessarily the same exact date as I didn't know if I would have money in my account on that date every month. Of course, they said no.

IME, most companies that do allow you to pay weekly make you pay a higher premium for it too, as if you didn't have enough money worries when you have no other income but weekly benefits!

Very frustrating.

I sympathise. This is when you have to get really good at budgetting.

Could you call the bill companies and aks if there is an option to pay weekly?

Alternatively you could open a new bank account for all your monthly bills, work out how much they are annually and divide by 52. (Maybe allow for a bit of a cushion) Then set up a standing order from you main account into the bill account each week on the day you get paid. And have the direct debits for monthlys come out of the new account.

Even someone on fortnightly JSA can't get it paid weekly.

I think you just have to set up some kind of budget system. It's difficult and stressful though on a limited income with no room for error.

That's the problem really, there's not much room for error and I just feel like I'm always broke! i like the suggestion to maybe open 2 bank accounts ; what is difficult is that the money I get every week varies (zero hour contract)

I just wish it was all like my council tax which is so simple and always paid on time as I can pay it every week on a Friday!

what is difficult is that the money I get every week varies (zero hour contract)

But the bills dont so regardless of what income there is, the same amount had to be paid out. Which makes the 2 account system ideal really because your wages come in and the set amount goes to bill account so you know they are covered no matter what and you just have to manage on whatever is left. Only problem will be weeks where you earn less than the weekly bill amount. Zero hour contracts suck ass IMO. I do feel for you.

I know sue but it's getting to the point where I've got enough money to transfer over to the other account to cover the bills if you follow me!

I would suggest opening a bills account.
Have weekly payments into that and have your bills come out of that account.

OR, you leave your money in your account and each pay day take out your 'spending moeny' thereby leaving bill money in your account.

I don't get why putting money to one side at saying 'that's for the council tax - don't spend it' is so difficult? It's called having self restraint.

Mileend

The issue is that OP gets her wages weekly, and they vary. So some weeks might have £30 and some weeks £80. It isnt as simple to say "just set £X aside" because OP doesnt always have the £X.

OP i totally get that. I know how hard that is i have been there. In that case then i would just keep everything in one account and work to a very tight budget to allow a cushion to build up. Would it be possible to have all the bulls come out around the same few days of the month so that once they are out what you have left is what is to live on so take that out in cash and then let your wages go in and build up for the next months bills?

I spread my big bills out so council tax, mortgage, gas/elec are 1 at once on first 3 weeks of the month then smaller bills on the 4th week. This makes the outgoings more inline with the weekly incomings.

It isnt as simple to say "just set £X aside" because OP doesnt always have the £X
She might not have X amount all in one week, but over the course of the month she'll accrue it?

Companies should pay staff monthly!

I hate weekly or worse 4 weekly payments!

Then everyone could just budget everything monthly.

i was just going to add you can open a second bank account, use a weekly standing order to transfer money into it on payday and arrange all your monthly bills so they come out on the same day each month.

I did this to manage my money and it is so much better! good luck.

She might not have X amount all in one week, but over the course of the month she'll accrue it?

It didnt seem like you were saying that when you said;

I don't get why putting money to one side at saying 'that's for the council tax - don't spend it' is so difficult? It's called having self restraint.

It's not I don't have self restraint. It's just that when you get paid weekly it's hard as one week everything comes out and you just don't have it there.

I'm so bad at explaining but for instance with the council tax that would be £70 a month. Now that's a lot from a weekly income of £180 but £18 from a weekly income of £180 is fine. It just gets confusing. I don't know why I asked for rudeness as I don't think I said I don't pay my bills, just that for one week we really struggle and I don't really earn a lot so obviously saving is hard.

didnt seem like you were saying that when you said
Nope, I stand by both statements. OP just has to set an appropriate amount of that weeks income aside each week to pay the bills. Not sure where the difficulty arises in that.

when you get paid weekly it's hard as one week everything comes out and you just don't have it there
Yeah, thats why you put a little aside each week?

Whether the council takes 18 quid a week out of your account or you put it to the side until the end of the month, you will still be paying the bill. I dont get what the problem is?

Because it's difficult putting money aside when you don't earn much and it comes in at funny times and out at funny times

Whats the difference? Either the council takes the money or you just don't spend it. Which takes me back to my orginal post of 'it's called having self restraint'

We have two current accounts for this reason. I've worked out how much of our weekly wages are needed for bills and transfer this to the second account. All direct debits are paid from the second account and any money left in the first account is used for food, clothes etc.

I cut up the card for the second account so I'm not tempted to dip in to it.

It helps me keep the money straight as it's very easy to have say £60 in the account for an end of month bill and be in a rush at the cash machine and draw it out without thinking.

Its a lot harder to organise having £60 at the end of the month than just having it taken out every Friday. I honestly don't know why you're saying I have no self restraint. I haven't said I don't pay my bills, have I? I've just said it's quite difficult to organise finances. I personally prefer to have everything come out at once and then I know exactly what we've got to live on for the rest of the month - as it is since companies won't accept weekly payments I am in a difficult position as once a month lots of big payments come out. It's really easy to say that I should have enough money in my account to cover these and have some left over so we can eat but it's quite hard in practice and some other people here have said the same.

Mileend is kinda right.... it's just that at the moment you're not in the position of being able to put away a bit each week AND pay the bills that are due that week. And you can't pay the due bills with what you've put aside because you havent yet done that.

So you need to work toward being in that situation - so get a separate bank account, and move say £15 a week into it for a couple of months, then set it up so that one bill comes out of that account, and increase the amount you transfer to say £25 a week, and keep going so eventually all your bills come out of your bill account monthyl, and you transfer enough each week to cover everything.

I really can't save anything just at the moment unfortunately but thankyou managing just, but it would just be so nice if every week money came in and then money came out and what was left was what I had to live on for the week rather than thinking oh, have to put £50 back as there is a bill - you know?

It just makes it tricky.

Can I politely say mileend actually isn't right as she says I need self restraint which isn't accurate and is actually quite upsetting.

You need a budget software (YNAB) is perfect for helping you keep track of things like this... you can download a free 30 day trial and see if it works for you.