Payroll & new job - help!

[Whitewhine89]

DH is starting a new job and his salary date will be different from his current one.

He is currently paid on the 24th monthly and will be finishing with this employer on Friday 10th March.

His new job commences on Monday 13th March but payroll date for his new company is 15th monthly.

He will only receive a partial salary in March from current employers and I am worried we are going to be stuck financially until his payday on 15th April.

I know nothing about payroll but wondered if anyone with experience can tell me if it is likely we will receive a partial salary on 15th March from his new employer (they will have all his bank details next week) to take into account 13-31st March?

Bricking it slightly as have just got all finances in order. Have some savings but need them for a period of sick-pay later on in the year for myself. I am needing an operation with a long recovery and will have to supplement statutory sick pay.

Thanks in advance!

They would have to get him on the system very quickly, can he ask when their cut off is? Does pay on 15th cover the whole calendar month, in which case he may get just over 2 weeks' worth if he receives pay in March.

I will ask him to check with new HR when the cut-off is for payroll I think. He needs to hand in his signed contract etc. anyway so he can check then.

I'm hoping that if he gives bank details and is set up on system ASAP, he might get a payment in March to cover to the end of the month. Fingers crossed!

He might be able to get an advance. I worked in payroll and we would give advances in cases like this.
BTW I doubt he'll get paid on 15th. The payroll be have to sent to the bank early on 14th so it'll be processed before the 13th.

Thanks gabshot that's what I kind of suspected. Wasn't sure if an advance would be an option so thanks for suggesting. Will hopefully work something out!

gabsdot - sorry, autocorrect!

He won't get set up in time. They have to sort out the paperwork etc. Quickest I have seen someone added to payroll is 3 days.Also, even if they did add him because he would only be paid two days worth of salary.

Check to see if in his previous job he is paid out unused holiday. Otherwise, cut right back now and apply for a credit card if you don't have one already so when March hits you can put regular expense like food on your credit card and pay off the whole balance when he is paid in April.

Bear in mind - he finishes March 10th, so will be paid Feb 25th - March 10th on March 24th (so less than what you receive in a regular month). On April 15th he will be paid from March 13th through April 14th.

The timing isn't that bad, especially if you can put your food on credit card until his first pay comes in. Of course you can ask for a cash advance, but I would think using a credit card within your billing cycle works just as well and avoids the need to ask for an advance.

Could he ask his new employer if they can get him set up in the payroll system before his start date? The last couple of jobs I've had, I've been asked to submit my bank account details etc before my actual start date, presumably so they they can get me set up for payroll.

violet The problem with that is that the OP's OH will have only worked for two days on March 15th so will only be paid out for work completed. If they are short that won't help them. They need to either ask for an advance or put the shortfall on credit card, paying it off in full as soon as the first pay period is processed on April 16th.

OP - I missed a week in my calculation. You will be out two weeks of pay. Personally, I would be avoiding asking for an advance if you are able to cover the two weeks of pay between your credit card and savings. It is a one-off and there won't be any cost to you if you pay your credit card off in full before the balance is due.

Also, is it at all possible to build up more savings before later in the year. I know millions of people struggle like this but having a bit more of a cushion lowers my stress levels. Since you will be out sick, it might make sense to save more now so you don't have money worries while you recuperate. Also, increasing your credit card balance might help you with short term financing issues while you are out sick. You need to increase it before you go out on leave as once you are on leave you are no longer working so its hard to qualify for an increase. At least with a credit card you are giving yourself some cushion.

It's extremely unlikely he'll get on the payroll. But I think it's crucial to establish whether he'll be getting paid for a calendar month on the 15th of the month (i.e. two weeks in arrears two weeks in advance) or for the period from 15th of the previous month to 14th of the month he's being paid in (whole month in arrears). His contract should be clear on that point.

Thanks everyone for your input, it's been really helpful. Think we have managed to come up with a plan. We won't ask for an advance, it's just bad luck for us that new employers have a payroll date much earlier than current.

We have recently sorted out some minor debt through an affordable consolidation loan. After all necessary bills we have approx £1300 per month for living expenses inc food & petrol. This will increase to £1600 with new job but we need to buy a second car as will both be working shifts.

In laws have very, very kindly offered us an interest free car loan and will top this up with an additional £1500 for the income shortfall between March/April. We will pay this off at their suggestion of £100pm until our other loan is settled. They are comfortably well off and very family orientated, there will be no issues with a car loan, we have done this in the past and always paid them in full.

The plan is to build our savings meantime at approx £300pm so that we have a decent amount in the bank. My sick period is likely to be 12 weeks and should be hopefully be fully paid but want to make plans in the event I only get SSP.

We are not bad with money at all, have just been very unlucky in the last couple of years with redundancy and major house repairs. Time to tighten the belt & get savings in the bank again!