As the main income to a family of 4, how can I afford to change from a weekly pay to monthly.
I currently get paid weekly and have been offered a job that does pay more in the long run but is paid monthly. My entire working life I have only ever been paid weekly so my bills are spread out through the month.
Is there anything I can realistically do to help cover those weeks between pay?
*Note, my wife is on maternity leave at the moment.
8 comments
You can change most bill dates to coincide with your pay.
I have changed all of mine to be settled within 7 days of my wage, get those out of the way, rest is maintenance and leisure.
If you contact the various companies, they will probably let you change your payment date so everything comes out a day or two after you’ve been paid.
Immediately on payday, my partner and I have standing orders set up to whisk £X into various accounts for bills, shopping, savings, etc. Whatever is left after that is our ‘fun’ money. Works pretty well for us.
Well if you get more money in new job you just need to strugle a bit for one month to get paid ,use your saving money or credit card , after you get paid for whole month split your money for bills saving etc ,shouldnt be that hard i assume
In terms of cash flow, you could try go for a bank account that is offering a 0% overdraft – first direct currently offers £250 at 0%.
I’m not sure how good your credit rating is, but there are also 0% credit cards around at the moment too.
I’m purely suggesting these as nethods to tie you over whilst you’re waiting for the next pay cheque / getting used to the new pay cheque regime.
It’s also really worth checking out the advice available at moneysavingexpert.com
I’m not sure about your situation but you have to find a way. I’m guessing the new job doesn’t pay more in the ‘long run’ it pays more immediately. You just have that month to cover. Ask the new company if, for the first month, they can pay half your salary after two weeks, the other half at the end of the month and then go monthly.
The other alternative is put your bills on a credit card ***and pay it off within a month as soon as you are paid***
It’s easier. Have all your DD’s come out the day after payday…. sorted.
The only issue would be the first month? Then after that you are home and dry are you not? You could work through your bills and reschedule them nearer the month pay date.
What everyone else said…change the dates of payments for a few days after your payday. Most companies will be fine with it as they know people move jobs so it’s expected. I don’t know many companies that pay weekly now so you will always have the same problem going forward. Change is hard but nothing to be feared…good luck with the new job if you decide to take it.