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Monthly Direct Debits

4 replies

mumumumumumm · 04/10/2022 17:10

Hi all, just trying to overhaul our finances and was wondering how others organised their monthly direct debit payments.
Wages go in monthly on the last Friday then our direct debits (mortgage, phones, utilities etc) are spread throughout the following month on various different dates. I was wondering if it would make more sense to try to move the direct debit payment dates (where some companies allow you to select a preferred date) to all go out on the same day (I.e the 1st of the month) so then it's easier to see what is left to spend for the rest of the month. All our bill payments are automated so I've made a spreadsheet to see what's what which certainly helps.
Any tips welcome
Thanks

OP posts:
ToFuckWithIt · 04/10/2022 17:19

My wages go in on the 15th and my husbands are weekly. All of our big DD come out on the 15th, smaller ones weekly from my husbands wages. Which we also use for food/ fuel/general living expenses. It took a few tries to get right but now we're comfortable.

If your wages both go in on the same day then I would try change any DDs that you can to come out on 1st for example. You then have X amount left to spread evenly over the rest of the month for food/fuel etc

SunshineClouds1 · 04/10/2022 17:22

We're paid end of the month, DD are done for the 1st of the month.
I like them paid and out the way as quick as I can

LittleFriendSusan · 04/10/2022 17:41

I get paid 24th of the month & DP is generally paid weekly.

We have a separate bills account for all monthly DDs and annual bills e.g. car / house insurance. We worked out our expected annual costs (+ small buffer) & each transfer in a fixed weekly / monthly amount and basically leave it to it. Most of our bills come out on the 1st but a few are mid-month. We've done this for a few years but I think maybe the first month or so we paid in extra to give us that leeway. We review the costs every year to make sure we're still paying in enough.

excelledyourself · 04/10/2022 18:20

I get paid on 26th of each month and all directs debits are set to come out by 1st of the month.

On payday I split my wage into two accounts though anyway. One for all bills, food, and petrol. The other for anything else.

I like to know where I am for the month ahead.

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