Monthly pay...help me get used to this!

[~Raven~]

I'm looking for any tips on how to manage our finances now we're on a monthly pay contract.

Starting to freak out that we won't have any income for another 3 weeks and the savings are disappearing very quickly

[Trillian]

Raven, DH is on a monthly salary too and we have two accounts - the one which his pay goes into and then a joint account and each fortnight we have a periodical payment of a set amount come out of the wage account into the joint acct and we only ever use the money in the joint acct (plus the FTB goes into the joint acct) for household stuff - groceries, incidentals, entertainment etc and that lets the money in the wage account accumulate so that when we get the phone and powerbill and other bills during the year we just pay it out of the wage account and if I buy the kids clothes etc I put it on the CC during the month and then pay it from the wage account. The money we save is so much more than what it would be if we just had everything in the one account.

[squidipa]

i was gonna say a similar thing do what trillian does

[~Raven~]

We have a business account so we will be paid into that and then the business cc gets paid first. What we have to figure out is how to pay ourselves lol. I like the idea of a fortnightly automatic DD

[aussienic]

We get paid monthly as well we went from weekly pay to monthly and it was tough

We pay all our bills the day of or 2 days after pay goes in or arrange direct debit for those days as well..

Then we buy all our groceries including meat for the month

I also get centrelink payments which do help out a lot some months..

but the biggest thing is to rearrange your bill paying for around payday. It does make life easier when you don't get behind..

[M22]

i neeed help with this too!! great idea cherie hmm will think of some ideaSS well will try anyways!! it is such a big adjustment pay is gone in 1 day it seems!!!