pay day

[TW]Fox · 14 Apr 2009 at 13:10

Hatter The Mad said:
Why?

Because paying for Sky TV, a new TV or some PC hardware is more important.

Hatter The Mad · 14 Apr 2009 at 13:11

Scuzi said:
Not everyone plans out each penny of their pay and unexpected expenses can occasionally arise.

Well, they should. And if they don't and they need to (i.e. don't earn much), then they are idiots.

Mr-White · 14 Apr 2009 at 13:11

[TW]Fox;13872253 said:
Surely if you have a proper budget the pay day itself is irrelevent provided it arrives on a monthly basis

i do have a budget, i've removed all my bills but it requires my next pay cheque as i'm not going to use my credit card or over draft. After next month i need to start saving, i've already cut my expenditure by loads so should saving about £1k a month

MW

Basher · 14 Apr 2009 at 13:11

Hatter The Mad said:
Why?

Perhaps because their income is less than or equal to their basic living cost?

Hatter The Mad · 14 Apr 2009 at 13:12

Basher said:
Perhaps because their income is less than or equal to their basic living cost?

Then they should cut back their basic living cost?

Basher · 14 Apr 2009 at 13:13

Mr-White said:
i do have a budget, i've removed all my bills but it requires my next pay cheque as i'm not going to use my credit card or over draft

MW

Doesn't seem like a great budget then.

998cc · 14 Apr 2009 at 13:14

Ahhh the joys of being paid weekly

Basher · 14 Apr 2009 at 13:14

Hatter The Mad said:
Then they should cut back their basic living cost?

Yes - I agree with you and am very much a planner (ie. have budgets set and ensure I don't get silly) myself, but what if someone is already on a very low basic living cost and they don't earn enough to save over and above that?

Dinomania · 14 Apr 2009 at 13:19

I somehow seem to live exactly inside my means, but only just.

Am sitting ~£500 into my overdraft at the moment as I haven't yet cashed the deposit money from the old place.

I /might/ then be back to breaking even every month... It's taken a year or so to clear the grand-and-a-bit that I was dipping into the overdraft for (hangover from uni plus a couple of holidays I shouldn't have afforded but were worth it) - it's going to be sooo good to have that little bit left over each month spare to put away (instead of just sinking it into the pit de la red).

I could save more, if I had no life.

Hatter The Mad · 14 Apr 2009 at 13:20

Basher said:
Yes - I agree with you and am very much a planner (ie. have budgets set and ensure I don't get silly) myself, but what if someone is already on a very low basic living cost and they don't earn enough to save over and above that?

Then they will also be receiving numerous forms of state benefit, making things easier.

LiE · 14 Apr 2009 at 13:25

[TW]Fox;13878833 said:
Because paying for Sky TV, a new TV or some PC hardware is more important.

Exactly. Lots of people live beyond their means.

borich_planner · 14 Apr 2009 at 13:53

msm722 said:
Exactly. Lots of people live beyond their means.

Thats the problem with people and why they end up getting into silly levels of debt. I think the average debt per person in this country for loans/credit cards etc is around 5k, not including student debt levels.

borich

Secret_Window · 14 Apr 2009 at 14:21

I'm a saver. I just spend what I have to on essentials, then the money left over (if only a little) I save. Maybe one day I can save enough I can retire comfortably when I'm old.

borich_planner · 14 Apr 2009 at 14:34

My partner and I are saving towards a target of 60k before we start a family and so far its going ok. Its all about budgeting and not leaving out your means.

Borich

LiE · 14 Apr 2009 at 14:46

borich_planner said:
My partner and I are saving towards a target of 60k before we start a family and so far its going ok. Its all about budgeting and not leaving out your means.

Borich

Did you just pluck that number of the air? Why 60k?

TriedandTested · 14 Apr 2009 at 15:31

[TW]Fox;13872253 said:
Surely if you have a proper budget the pay day itself is irrelevent provided it arrives on a monthly basis

*Yawn*. Even you must be bored of your replies by now.

Skalaberg · 14 Apr 2009 at 15:38

[TW]Fox;13878833 said:
Because paying for Sky TV, a new TV or some PC hardware is more important.

+1

borich_planner · 14 Apr 2009 at 15:46

msm722 said:
Did you just pluck that number of the air? Why 60k?

My situation is fairly strange.

I currently work and rent a flat up in north Kent and have just remortgaged my parents house in Cornwall by adding me to their deeds and I pay their mortgage off each month now, so they live their mortgage free. In 10 years time when they retire and move to my Grandmas house. They will sell their house and give me a 100-150k as a deposit depending on what house prices are like then. My saving target of 60k will be used to add onto the deposit I get off my parents house.

Therefore the plan is In 10 years time I will be living mortgage free or have a good size house with a very small mortgage.

So my 60k target is what I can save each month over 10 years or so whilst living a good life up here.

KNiVES · 14 Apr 2009 at 15:59

Even for those who budget extremely well, unexpected expenses can occur, and those with weekly pay are often better placed to react quickly.

Surely if you have a proper budget the pay day itself is irrelevent provided it arrives on a monthly basis

It's not that easy. I know you live with your parents so that's a pretty easy thing for you to say, but for everyone else, easier said than done to be honest.

Jez · 14 Apr 2009 at 16:03

KNiVES said:
It's not that easy. I know you live with your parents so that's a pretty easy thing for you to say, but for everyone else, easier said than done to be honest.

Will people stop mentioning bloody parents, it makes no difference.

It shouldn't matter (within reason) when the money comes in or out, as long as its of the same rough frequency.

Doesn't matter how much expense you have, as long as you live to your means with a sensible contingency.