Notices
General Chat This forum is for general topics and chat type threads.

Reply
 
Thread Tools Search this Thread Display Modes
Old 10 Sep 21, 10:19 AM  
Link to this Post
#11
loldis
Imagineer
 
loldis's Avatar
 
Join Date: May 17
Location: Sussex
I'm not sure how else to explain it tbh, but maybe someone else can reword or give their take. The two account method may work for you though so you don't have to think about it. Money will arrive in your account once a month as it always has, will just be a little less than before.
loldis is online now Click to view Members Trip Plans Add Member to Ignore List
Old 10 Sep 21, 03:43 PM  
Link to this Post
#12
Wishtogoback
Surfing at Typhoon Lagoon
 
Join Date: Sep 21
Really it’s not any different to now, you get paid once a month (slightly less as it is your salary divided by 13 instead of 12) except one month in the year you will get paid twice. For the 11 months you get paid once, your direct debits will come out of this wages. So some months you will get paid early in the month e. g 5th or 6th and your direct debits won’t go out until the 1st or 2nd of the following month. You know how much your direct debits are so when you get paid you know how much to “save”until then. If you don’t trust yourself to “save” this money the suggestion was to transfer the same amount as your direct debits out to a separate account and either pay your direct debits out of that second account or only transfer it back in in time to pay your direct debit.

It sounds way more complicated that it is in reality. You will get used to it very quickly and the month you get paid twice is a lovely bonus.

Edited at 03:46 PM.
Wishtogoback is offline Click to view Members Trip Plans Add Member to Ignore List
Old 10 Sep 21, 03:47 PM  
Link to this Post
#13
Wishtogoback
Surfing at Typhoon Lagoon
 
Join Date: Sep 21
You still get a pay check every month so there will always be a deposit into your account before the next direct debit is due to go out. Sometimes you just have to hold onto this money for longer in your account
Wishtogoback is offline Click to view Members Trip Plans Add Member to Ignore List
Old 10 Sep 21, 03:54 PM  
Link to this Post
#14
123
Imagineer
 
123's Avatar
 
Join Date: May 20

123's Reviews
Hotel Reviews: 1
Restaurant Reviews: 1
Originally Posted by loldis View Post
If you can afford it, treat your 4 week packets as if they're monthly. That way the funds should always already be in your account before the bills go out since they'll deposit in a few days earlier each month. Then once a year you get a bonus packet for the holiday fund, Christmas, etc.
When I worked in Toronto we were paid on a two-week cycle.

Most months this meant being paid twice, but on 2 glorious months you got a free pay packet

*Not really free, you just got used to living on the two lots of pay each month so the extra pay runs were a bonus*
123 is online now Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 10 Sep 21, 04:01 PM  
Link to this Post
#15
123
Imagineer
 
123's Avatar
 
Join Date: May 20

123's Reviews
Hotel Reviews: 1
Restaurant Reviews: 1
Originally Posted by loldis View Post
I'm not sure how else to explain it tbh, but maybe someone else can reword or give their take. The two account method may work for you though so you don't have to think about it. Money will arrive in your account once a month as it always has, will just be a little less than before.
To make the math simple. Lets assume the OP gets £24,000 per year after task or £2,000 per month.

If they move to a 4 weekly pay cycle they instead get £1,845 per 4 week. Most "months" that means their monthly income will be £1,845 but once a year it will be £3,690

Assuming they can live on the £1,845 a month and don't need every penny of the £2,000 to make end meet, the solution is simple.

Open a second account, tell your employer this account is the one to pay your salary into. It doesn't matter what day they pay you, it just goes to that account, you then setup a transfer from that account of £1,845 on the last day of the month and that becomes your "monthly salary"

After a year you will have a spare "month" in the second account (as your company has paid you once more than you have paid yourself) and so your annual holiday/christmas spends have been saved automatically
123 is online now Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 10 Sep 21, 05:21 PM  
Link to this Post
#16
sam7
Imagineer
 
Join Date: Sep 11
As said treat your 4 week pay as a monthly pay. Work out how much you need each month for your bills - so say your bills are £1000 a month put that into a second account now. Then each pay day transfer the £1000 into the bills account. If you put that amount in before you go to 4 weekly pay you will have money for all your bills already there, then you are topping up before the initial £1000 runs out.

Then as said 1 pay packet wont be needed, so could be used for holiday money/Christmas etc
sam7 is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 12 Sep 21, 02:49 AM  
Link to this Post
#17
lizzie145
Imagineer
 
lizzie145's Avatar
 
Join Date: Mar 07
Originally Posted by sam7 View Post
As said treat your 4 week pay as a monthly pay. Work out how much you need each month for your bills - so say your bills are £1000 a month put that into a second account now. Then each pay day transfer the £1000 into the bills account. If you put that amount in before you go to 4 weekly pay you will have money for all your bills already there, then you are topping up before the initial £1000 runs out.

Then as said 1 pay packet wont be needed, so could be used for holiday money/Christmas etc
That is likely to be the gard but, getting ahead of the bills. Hopefully the company are giving plenty of notice to allow staff to staff up to cover bills
__________________
June 2006, August 2007, September 2018, January 2019, September 2019, February 2020
lizzie145 is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 12 Sep 21, 10:59 AM  
Link to this Post
#18
littlelish0544
Imagineer
 
littlelish0544's Avatar
 
Join Date: Jan 10
Mobile

I went from monthly to 4 weekly a few years ago when I worked for carehomes. I loved being paid 4 weekly. Much better than on the 28th every month as I am now. I never changed my direct debits, or opened a different account, just kept a close eye on things and was mindful of my spending. I have always been obsessive about checking my account though, I do it everyday. I guess it comes from years of having to budget for every single penny, especially when the children were small and I was on my own getting divorced.
However, I never got the bonus extra pay packet (we got paid twice in May) thinking, there was never any "extra".
I assume this was down to my way of handling my money, so I lived still to 4 weekly pay and didnt continue with the montly mindset and separate account as explained on here, so there never was any extra to spend/save outside of my normal routine.
I think whichever way you want to adjust, you need to decide before the change is implimented.
If it happened to me again, I would if it could be afforded go down the still live monthly and have a second account route. That 'extra' money would be a useful buffer/savings pot.
Either way you need to get used to a smaller amount going in from your employer than before.
__________________
littlelish0544 is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 12 Sep 21, 11:34 AM  
Link to this Post
#19
7SeasSailor
Imagineer
 
7SeasSailor's Avatar
 
Join Date: Oct 11
Open a new bank account and have your wages sent into it. On the 28th of the month have money transferred from your wages account to your original account as normal.
__________________
I'm going to live forever! Triple bypass done - so far so good!
7SeasSailor is offline Boy Mouse Click to view Members Trip Plans Add Member to Ignore List
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Forum Jump


All times are GMT +1. The time now is 11:54 AM.


Powered by vBulletin - Copyright © 2000 - 2021, Jelsoft Enterprises Ltd.
Latest News
Posted in Water Park
On 19th October 8:31am
An exhilarating new water slide experience, Reef Plunge, is coming to Aquatica in Orlando just... Read More »
Posted in MagicBand+
On 30th September 3:21pm
As part of the 50th anniversary of Walt Disney World Resort, Disney will be debuting... Read More »
Posted in Hey Disney
On 28th September 7:33pm
Today, Amazon and Disney announced ‘Hey, Disney!’, an entirely new kind of voice assistant that... Read More »


theDIBB Menu


Exchange Rates

DIBB Premium Membership
Did you know you can help support theDIBB with Premium Membership?

Check out this link for more information and benefits, such as...

"No adverts on theDIBB Forums"

Upgrade Now



X