paid 4 weekly

[angelrainbow]

Anyone else paid weekly or 4 weekly - if so how do you budget successfully?

Our I&E is worked out calendar monthly (so 12 payments) yet my OH receives 13 payments.

So basically our monthly income on the I&E is shown as more than we take in 4 weekly, although it does work itself out over the year.

I really want to get a hold of our finances and allocate money for food, petrol, car insurace & tax etc etc..but I am finding it really hard to know how to do this accurately given the I&E is monthly and we are paid 4 weekly.

Just wondered if anyone had any tips? or in this situation themselves?

[Adam Davies]

Hi
This can be a problem,however if you can squeeze all your monthly expenditure out of a four weekly salary then once a year you could have the whole wage to yourself.A great incentive to dig deep each month.
Regards

[kallis3]

I used to get paid four weekly, and I loved it when I had my 'free' month. It varied as well, depending on what date the direct debits went out.

[angelrainbow]

Oh yes, we are looking forward to the 'free' month..just hope the rest of the year works out OK for us!

[kallis3]

I'm sure it will be ok. Enjoy your 'free' month

[MelanieGiles]

I have lots of clients who are paid 4 weekly, and some prefer their IVA payments to be worked out on the same basis rather than monthly. If you are used to budgeting on that basis, it is worth asking your IP if this would be possible.

[Wizzard]

Thats exactly what I did Melanie ... and doing so means my 60 payments ends that much sooner [:)]

[MelanieGiles]

But surely you will pay 65?

[Til]

I get paid calender monthly and OH gets paid weekly - very tricky so I try to work it out on side of caution...

I took our IP budget sheet and adjusted it more for reality based on when we got paid - eg. council tax was averaged over 12 months but we only pay 10 so I put on our budget sheet the higher real amount - therfore 2 months of the year we will have more money than we thought!

We pay nursery fees weekly so I add that up as 5 x the weekly amount - that way again I budget for more than we actually need...

So far so good but then it's early days for us! Good luck! [:)]

[kallis3]

All round to ladyh's next May then!

We are all looking forward to the two free months from the council tax - and the four months from the water rates as well!

[angelrainbow]

I could pay the IP 4 weekly, but then I would still have to pay everyone else (rent, council tax, phone etc etc) monthly..this is part of the reason we got into trouble in the first place. I guess trying to get the 4 weekly pay to fit the monthly I&E is a bit of round peg square hole situation..but I will just have to 'suck it and see'

[kallis3]

Perhaps you need to use something like Microsoft Money or Quicken to do your budgeting?

[kabby3]

Hello I pay my iva weekly via birect debit, and all my other outgoings I know then exactly what I have at the end of each week.

[look_divine]

you can pay a IVA weekly?
wow thats great news as i get paid weekly and would be better for me

[MelanieGiles]

I have lots of clients who pay weekly - it should be no problem at all - but do ask the IP who you choose to represent you as not all firms will allow this.