I recently started a job which pays weekly and I'm not use to it because all my jobs until now were all monthly.
With all my bills predominately coming out as monthly direct debits (though I have a couple of weekly bills such as rent), I have been trying to work out how I will approach this. Previously, I have had two current accounts - a spending and a bills. My salary goes into the bills and a standing order for a weekly sum gives me my spending.
My plan is to switch this - have my salary go into my spending and a standing order go to the bills. I have worked out what this standing order will be using this formula:
(Monthly bills total * 12 Months / 52 weeks) + Weekly bills total = Standing order
Whatever remains is my spending allowance for that week.
I've gone through my commitments with a fine tooth comb and ensured that my absolute basic income will cover my current obligations. In addition, my bills account will build up some funds because I've classed a bi-monthly as a monthly so extra will be going in.
So I believe that this plan will work.
However, I've no idea if this is a practical plan because I have no experience living off a weekly wage so my theory maybe incorrect. I'd rather find out now rather than in a month or two when I'm finding my direct debts bouncing.
So putting the question out there - is my plan realistic or do I need to adjust and if so how?