Adjusting to weekly pay when used to monthly

buckeejit

buckeejit

buckeejit

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I'm in a job at the min (been there 6 weeks) and I get paid weekly. Now, this is the first time in my working life that I've ever been paid weekly and I'm having trouble with it. I'm not the brightest spark and was wondering if there were any tips or advice that anyone could give? My monthly bills come out throughout the month.

Sorry, just can't get my head around it lol.
 
buckeejit said:
I'm in a job at the min (been there 6 weeks) and I get paid weekly. Now, this is the first time in my working life that I've ever been paid weekly and I'm having trouble with it. I'm not the brightest spark and was wondering if there were any tips or advice that anyone could give? My monthly bills come out throughout the month.

Sorry, just can't get my head around it lol.
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Add up your bills.

Divide by 4.3333333.

Move that amount each week into a savings account.

Pay bills from that account.

Should work out.
 
It's easy moving from monthly to weekly, moving from weekly to monthly is the hard one.

Just don't spend or take any money out for four weeks (or whenever you usual pay day was) and you are basically in the same position.
 
estebanrey said:
If it's such a problem just 'pretend' to yourself you're still getting paid monthly and don't visit the bank until the end of the month he'll have a months pay in his account.
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Yep, simple as that.

As someone else mentioned, going from weekly to monthly is far more difficult (depending how good you are at saving/budgeting in the first place :))
 
Have never been paid anything other than weekly ever since I started work. Figure out your total outgoings and make sure you have that amount of money in your account and don't worry about when it comes out as you know you'll have enough to cover it.

Leave a bit of a buffer for the unseen event and the rest is yours to play with.

OT: estebanrey, your sig gave me my evenings chuckle, thank you.
 
The really really sad way around this, would be to set up a new account, that your salary gets paid into.

It pays out a monthly salary to your normal account once a month.

Problem solved :p

kd
 
Infidelus said:
Yep, simple as that.

As someone else mentioned, going from weekly to monthly is far more difficult (depending how good you are at saving/budgeting in the first place :))
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Why? If you're used to be paid less frequently and now you are getting paid more frequently just don't spend any of the wages being paid in until whenever your normal day of the month was. Why is that such a bizarre suggestion?

King Damager said:
The really really sad way around this, would be to set up a new account, that your salary gets paid into.

It pays out a monthly salary to your normal account once a month.

Problem solved :p

kd
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Same as what I suggested but slightly more complex. Apparently though doing that is 'hard'
 
Two accounts one paid into by employer then a standing order monthly to the other then the other as a normal account where you get an income monthly, if you're struggling maybe set one account up in your name but at a parents address and leave all the stuff there and cut up the cards.
 
MickeyFinns said:
Add up your bills.

Divide by 4.3333333.

Move that amount each week into a savings account.

Pay bills from that account.

Should work out.
Click to expand...

Thanks everyone :) I've tried doing it this way and it says that I can't switch standing orders and direct debits to my savings account :( Does anyone know if it can be done any other way? I'm with HSBC.
 
Barclays lets you set up standing orders online on their current accounts.

I would have assumed you cant use a saving account like a current account, otherwise the divide would be pointless and wouldn't exist.
 
buckeejit said:
I'm in a job at the min (been there 6 weeks) and I get paid weekly. Now, this is the first time in my working life that I've ever been paid weekly and I'm having trouble with it. I'm not the brightest spark and was wondering if there were any tips or advice that anyone could give? My monthly bills come out throughout the month.

Sorry, just can't get my head around it lol.
Click to expand...

Spend the same amount of money you usually would a week = no problem.
 
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