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Managing weekly pay from monthly

6 replies

Speedmacarons · 27/12/2022 19:02

I know I’m making this harder work than it should be but anyone with the patience to talk through this with me I would be eternally grateful to you!

I’ve recently moved to a new company which pays weekly rather than monthly. I’ve not been paid weekly since I was about 16! I’m struggling to manage my finances

What I’d ideally like to do is to ‘pay myself’ monthly using my 2 current accounts - but not sure how to get there!! I don’t have enough savings to keep 4 weeks of pay to build up a month, if that makes sense. I suppose can pay for goods on credit card, but then I A. Still have to pay the bill and B. Have to pay e.g car finance, cleaner etc from my bank account

any tips?!

OP posts:
Speedmacarons · 27/12/2022 20:09

Hopeful bump

OP posts:
isthewashingdryyet · 27/12/2022 20:15

More info needed.
Have you gone from monthly pay to weekly, cos that should be easy. Just put the weekly pay in account 1 and then on your normal monthly pay day, just transfer to account 2 and then spend on bills and food as normal.

if you have just started working again after a long time of not working, then work out what you need for monthly bills and put that in the other account and then have the monthly direct debits go out of that account

itstrue · 27/12/2022 20:16

I split my monthly bills into weeks and pay them weekly. So I'm never hit with a big bill due in a week

Postapocalypticcowgirl · 27/12/2022 20:22

Is the issue that you have a lot of bills due at one point in the month, which your weekly pay won't cover?

In that case, you need to budget from the earlier week's pay e.g. my rent is £800 (or whatever) so £200 of each week's pay needs to go into the account for your rent. Then, say electricity is £60, so add on an additional £15 each week, etc.

You should still have enough money then left in your accounts for weekly spends like food/petrol etc?

It's just like how you'd budget for quarterly or yearly bills when you were paid monthly.

yahpahha · 27/12/2022 20:23

So when I went from monthly to weekly I just spread my dd out throughout the month so
1st of month I pay - insurances, gym etc
9th of month I pay - gas and electricity
15th of month - savings
21st of month I pay - council tax

I filter in my rent and smaller stuff like Netflix, Amazon, cat insurance on different weeks. I also set up a credit union account via work so I save money every week which I don't tend to notice coming out. It's just about finding a balance, I actually prefer it this way although I always feel a bit skint it's never a long wait for more pay. When I was monthly I paid my bills as soon as I got paid and ended up overspending and relying on credit but now I never really use credit and if I do I tend to pay it quicker.

bloodyeverlastinghell · 27/12/2022 20:26

When I was paid weekly I set up Dd at different stages of the month mortgage on the 10. Energy bills on 17th. Car tax/ loan and insurance on 24th. Day to day spending on credit card paid off last payday of the month.

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