Thanks - he gets the same amount every 4 weeks. So if I add his 4 weeks to my 1 month and take that as our monthly income then. So his salary then needs to last me from 20th March to end of April technically. That's not happening unfortunately and we're living pay packet to pay packet...Does your husband get paid different amounts each 4 weeks ? If not, why not just add both salaries each month as incoming, then at Christmas you will have the bonus of one extra pay packet from his pay.
but his April salary will come in on the 17th April which will cover the gap. And so on till DecemberSo his salary then needs to last me from 20th March to end of April technically.
Thanks, yes it’s fixed amounts but for my husband’s salary,‘it’s a different date every month. The four weeks sometimes falls at the start of the month, sometimes mid month and sometimes at the end of the month. I have a budget account with the credit union. Every expense for the year is added up and divided by 12 so all bills are spread evenly through the year. I’m so used to being paid by the month that it’s throwing me off when he’s every 4 weeks. I want to have a monthly pot of money, add up all expenses and know I can spend or save whatever is left over. His next pay date is 18th April. I suppose I just add that to the ‘May’ pot along with my salary paid in the 1st May? Then take all expenses up to 18th April out of that pot and so on…I can’t see what the problem is or maybe I have a different perspective.
You have fixed amounts of money coming in at fixed times; you have fixed and variable amounts of money going out - the old cash-flow conundrum.
One suggestion is to smooth out the peaks and valleys, for example:
This is a short list of ideas to help balance the budget month on month. Any questions, post back here.
- Motor tax - pay quarterly rather than annually. It costs a tiny amount extra to do this but is well worth the extra few Euro
- Motor insurance - pay a deposit and nine equal payments to break up the lump sum. If you arrange this with your bank as the broker, in my experience you’ll get good premiums and there will be zero finance charges. No extra cost to you.
- If you have to buy expensive electrical items, white goods, TVs, etc, use a vendor, VERY for example, who allow as much as 12 months interest free credit. You decide the timing and amounts of the payments, subject to the vendor verifying your creditworthiness
- Use budgeting plans with your energy suppliers. They’ll accept fixed payments at fixed intervals to pay your annual energy cost, shooting out the peaks in winter versus the summer valleys.
Thanks that’s exactly the reply I’m looking for! Nobody else has picked up that with 4 weekly payments, you end up being paid at different stages of the month so no point changing direct debits around as my husbands salary could hit the account early, mid or late month as the year progressed.While most people tend to be paid weekly many more are fortnightly or monthly. Very rarely is it every 4 weeks.
Often this results is people confusing 4 weeks with monthly.
But it's 13 times vs 12. While they are closely aligned at the start of they slowly move apart as the year progresses.
So if you want to say spread it evenly.
Total your annual expenses.
Divide by 2, half from you and half from your husband.
Then divide your tally by 12 and your husband's by 13.
This will give you the amount you must each contribute when you get paid.
Thanks. No point changing direct debits as my husband is paid every 4 weeks meaning it’s a different stage of the month as the year goes on. In January it started off being the start of the month, in March it was the 20th…that’s the issue I’m facing.As above, direct debit dates can be changed and you can schedule many to be on a certain date.
Similarly a mortgage date can be changed to any date up to the 28th of a month.
I'd avoid places like VERY as suggested by another. They are VERY expensive generally and if you get sucked into their interest payments they are a VERY high 40%.
Do look at all the regular bills and check for savings. Mobile and TV are 2 areas that I have seen large excess spending - 48.ie is 12.99 a month, Netflix and free to air tv gives huge choice.
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