2 weekly paid

[flamingoclub]

i am due to start a new job, where you get paid in arrears 2 weekly, but paid the week after

so work 1st - 14th and get paid the friday after e.g 21st.

How can i make this work so that I 'pay myself' monthly the correct monthly wage, I just can't seem to figure it out and its stressing me

Just set half your bills to come out around 15th of the month and the rest at 30th of the month. You'll get used to it.

I get my money coming in 6 times a month (ill health pension and disability benefits). So cant change the dates. I have it all come into one account. Each month I leave in the amount I need to cover bills. The rest of the money gets put in a savings account and then I transfer a weekly amount which covers everything from food to clothes to everyday spending into my second current account.
I also have reminders on my online calendar to let me know when money is being paid to keep track of it.
It did take a while to get used to but its no issue now.

To pay yourself monthly, calculate your weekly wage and multiply by 4.33. Then, set aside the monthly amount each pay period.

Unless you have a bit of a float, or another household income, it might be a struggle to get started but I would have it paid into one account and set a SO to pay a regular monthly amount into a bills account to pay direct debits.

Without knowing what other household income you have and how you manage your money, its hard to know what will work but other things that could help are moving as many DDs as possible to later in the month, for example we pay our council tax in 12 monthly installments on the last day of the month, which means it takes us quite a bit longer to pay than paying in 10 months on the 1st like many people do.

Also using a credit card for all your monthly spending. This means that instead of money for groceries, travel and personal spending leaving your account immediately in dribs and drabs, its all gathered into one amount that leaves your account 3 to 7 weeks after you made the purchase, which aids cash flow. With the right card, you also earn a bit of cash back.

As PP says, unless you have a float or another income, you will have to juggle or dip into savings to tide you over until you get into a rhythm.

I remember soon after first starting work (many moons ago now), my company wanted everyone to move from weekly to monthly pay. As an incentive they offered a one-off payment (intended to help those who had no savings to fall back on), I think it was £500 which was very generous at the time.

Set up a second current account pay a set amount in each time you get paid. All DD etc come out of this second account. If you can, put a starting float in so you have a buffer.

To work out the amount to pay in to the second account do a detailed expenditure spreadsheet including one off annual payments like insurance, birthday & Christmas presents etc. Divide this by 27 to work out the fortnightly amount you need to pay in.