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getting paid weekly/monthly

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
okay so i have a new job (at last! :thumb:) and i'm going to get paid weekly. iv never been paid weekly before, always monthly. i have to admit i sort of like getting paid monthly as i just get paid, pay off what i need to out of it and then budget my money for the rest of the month. obviously sometimes i end up a little bit skint in the last week but i think a lot of people do. however now i'm going to be getting paid weekly, and i just cant really get my head round it!

each month when i get paid i fill my car up to the top with petrol, pay my phonebill, and pay gym membership. as i dont have many hours yet at my new job, doing all those things could cost me a weeks wages then i dont have any money left for the entire week! i know 'its only a week' but i dont want to be skint all the time. does anybody have any tips on getting paid weekly, what do you do? should i be putting half of it away or something then its all saved up in a lump sum for bills etc? i dont have any mortgage/housebills to pay as im still at home.

would you prefer to get paid monthly or weekly?

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    maybe you could open an extra account and set up a standing order so that your whatever you've budgeted as your spending money gets put into one account and the rest gets left in the other account to use for bills?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Another idea would be changing the times you need to pay things, so one week you fill up your car, the next you pay your phone bill and the next you pay gym membership? If you spread your outgoings over the month you can view getting paid weekly as a steady stream of income, rather than a chunk at the end of the month.

    I prefer to be paid monthly, because all my outgoings are monthly, so it's easier to budget, but really it's just about finding a system that works for you, and then trying to stick to it :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I prefer to be paid monthly also, but at the moment i'm being paid weekly, and to make things even more confusing, the rent is fortnightly but bills are monthly :/ What i had to do was when i first got paid, unfortunetly it was the end of the month and so my whole rent was out of the weeks wages, that sucked!!! but now, i have calculated my rent and bills and divided it into what it will cost me per week (say $25pw for travel... this is buying a travel card monthly, but saving $25 per week towards the monthly cost) and i've set up a direct debit weekly to take out what i will owe for rent and approx bills (so around $185 per week, adding up to $740pcm) whatever is then left over after my weekly budget for food/rent/bills is then disposible income/savings. Its not going too badly at the moment :) just took a few weeks to get everything balanced so i knew approx what i was spending per week
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    When i was paid weekly, i just saved up the 4 weeks pay in the bank and still paid monthly.

    4x12 = 48

    52 (weeks) - 48 = 4 BONUS weeks money, all to yourself :)
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