According to experts, there are many benefits to budgeting on a weekly basis rather than monthly. Most of your bills come in monthly, so if you’re used to getting paid monthly too, the weekly pay may take a bit of getting used to. Like our other Members, we’re sure you’ll love having the money hit your account on such a regular basis though. Here’s how to help manage your weekly budget.
Get your outgoings right in front of you. Try writing them down and then dividing the total into a ‘per week’ amount. Common ones are rent, housing bills, internet, mobile phone bill, TV license, food and travel. Remember to add in any others you may have that will come out of your account each month like subscriptions to a gym, a magazine, Spotify, Netflix and the like. When you get your weekly pay put this amount aside, and decide how much you’re going to be able to save on top of this each month.
Out of sight, out of mind! You’ve set your target amount to save per week, now you should hide it from yourself when your pay comes in so you don’t get tempted to spend it. You could do this by setting up a direct debit to a high interest account. Remember to check out how your bank can help you with this. For example, Monzo bank has a feature allowing you to create money ‘pots’ which act as hidden collections of money that will not be in your available funds so you aren’t tempted to spend it.
At Rota, you don’t miss out on holiday benefits because you have chosen a world of flexible hours. You receive holiday pay on every hour worked. You can see how much holiday pay you’ve earned on your payslip. Try transferring this to your ‘do not touch’ account, so it’s waiting for you when you’re ready to book your next trip.
If you don’t have anything in mind you’re saving for, it can be hard to think of a saving goal each week. Why not try and save £520 in a year by putting away just £10 a week into your ‘don’t touch’ account. That’s cutting back just three coffees or two pints a week.
Now you have set your budget, make the rest of your money go further so you can spend more of it doing the things you love, like going on that trip you’ve always wanted or saving for your dream home. Click here for 8 money saving hacks to get you started.