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Monthly pay - budget help

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Monthly pay - budget help

Postby electrongirl » Thu Nov 08, 2007 9:17 pm

Does anyone here get paid monthly or have been in the past?

My new job pays monthly and I have never had that before.

I am freaking out about it a little because its like a bunch of money then nothing for a month....

My hubby will still be getting paid weekly.

Any advice or ideas for budgeting??

I am so bad with money!!
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Postby rivenriver » Thu Nov 08, 2007 9:24 pm

What if you get it paid straight into the bank, then withdraw a part of it on a weekly / fortnightly basis like you are used to?
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Postby electrongirl » Thu Nov 08, 2007 9:27 pm

I am thinking, I have a separate account linked to my normal account that I can't draw out of unless I transfer it, so I might put like 75% of my pay into it each pay then each week transfer 25% across....

I'm also going to let hubby help out with the finances too...

I'm such a control freak, its so hard for me to let someone else do stuff......


aaarrrgghhhhhh
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Postby Butterfly_Dawn » Thu Nov 08, 2007 9:31 pm

That sounds like a good idea. I'm no good with money either. That's why I don't have a credit card.
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Postby electrongirl » Thu Nov 08, 2007 9:32 pm

Butterfly_Dawn wrote:That sounds like a good idea. I'm no good with money either. That's why I don't have a credit card.


I have 5


:oops:
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Postby Chelle » Thu Nov 08, 2007 10:06 pm

I've never been paid monthly before, but I would recondmend the pay to go to a different account. Then divide it into 4 weeks & only take out that money that you are alloud otherwise if you take out more than you are going to be down the following week. It might take a while to get use to the pay but you will get use to it eventually. My hubby use to get paid fortnightly so that's what I did.

You must love spending girl to have 5 credit cards :shock:
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Postby electrongirl » Thu Nov 08, 2007 10:07 pm

hahaha. It was kind of a matter of having too when Billy was still on a visitors visa and couldn't work.

everything went on the credit cards... now we are sloooowly paying it all off.....
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Postby Mandie » Thu Nov 08, 2007 10:35 pm

I used to get paid monthly and I just pretended I had a weekly wage and only withdrew that per week... it's easier :)
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Postby Sassygirl » Thu Nov 08, 2007 11:01 pm

Hay Nikki, hubbie gets paid monthly and I get paid fortnightly. We tend to use my pay for the groceries, day care fees and smallish bills, hubbies pay goes into the same account and we use that to pay the bigger bills (like telephone). I must admit that I am totally useless in budgeting and I think that I might have shares in COles (cause all I seem to do is buy food!!!).

So I would also like to hear how people budget with a monthly wage.
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Postby yummymummy » Thu Nov 08, 2007 11:04 pm

I have a day to day account and a billing account, I transfer money across to the billing account each time I get paid, that way there is always money for the bills and I get whats left over, and I never fall short when Ive got to pay a bill.
Does that make sense? I think Ive just managed to confuse myself!
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Postby Sassygirl » Thu Nov 08, 2007 11:07 pm

Off topic slightly - but does anyone else use BPay to pay accounts??
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Postby electrongirl » Thu Nov 08, 2007 11:08 pm

I do! I even use it to pay rent.

I pretty much do everything electronically. We send money to the US by Paypal when we need to.
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Postby yummymummy » Thu Nov 08, 2007 11:12 pm

I either direct debits or I bpay all my bills- so much easier
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Postby milkyway » Thu Nov 08, 2007 11:42 pm

I used to get paid monthly and i hated it. I'd pay the bills and then about 3 days later I'd be poor until the next month :( Sorry, I'm no help. I let my husband do all our bill paying and budgeting because I'm not good at it and he is. No more late fees, no more credit card interest charges etc. He's got it all sorted in spreadsheet :)
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Re: Monthly pay - budget help

Postby loveat116 » Fri Nov 09, 2007 11:05 am

electrongirl wrote:Does anyone here get paid monthly or have been in the past?

My new job pays monthly and I have never had that before.

I am freaking out about it a little because its like a bunch of money then nothing for a month....

My hubby will still be getting paid weekly.

Any advice or ideas for budgeting??

I am so bad with money!!


Hi I get paid montly.

I LOVE IT!

It means I can put a lump sum away to save - but usually am broke for the last week of the month.

What I USUALLY do is like withdraw an amount of money every week and NOT put anything on my card.
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