How to budget your weekly pay!

Admittedly, not everybody sees the benefits of weekly pay like we do, but it really can have its perks – the biggest obviously being, that there is a considerably smaller gap between pay when you start in a new position – at PRS you only have to work one week in hand until you receive your first pay, so everyone’s a winner!

On the flip side, we do appreciate that going from monthly pay to weekly pay can take a short time to get used to, especially in recent times when the cost of living has shot up and the purse strings seemed to have tightened for everyone!

We’ve correlated some tips to help you budget when you’re starting out on weekly pay, in a world of paying bills monthly. Take a look and get in touch if you have anything extra to add!

Be realistic on what your incomings and outgoings are:

Unlike being paid monthly, weekly pay means you have to do the maths a little more. You need to be looking at what you need to put aside each week by concentrating on what your monthly expenses are.

Make a list of what your monthly outgoings are and how much each thing costs – sometimes its best to round things up. Be sure that you’re being realistic too – from the rent and utility bills, to how much you would regularly spend on recreational activities and luxuries! Be sure not to forget the following (if they apply to you!)

  • Rent
  • Council Tax
  • Water
  • Gas & Electricity
  • TV License
  • TV & Broadband packages
  • Any streaming platforms
  • Groceries​

Have designated accounts:

We get it, we’ve all been there – finding yourself spending money that should have been put aside for bill money. If that’s you, try setting up separate accounts for the important stuff, savings, then one for spending! This gives you a clear visual of exactly how much you have, and you can budget accordingly!

Even puting away, a tiny bit each week into savings can be really beneficial. It’s always good to save for a rainy day of course, but even better having the reassurance that you can cover any unexpected expenses. Even just the freedom of knowing you don’t have to cram and scrimp for Christmas and Birthdays!

Payment Dates:

Now, I know we’ve said that we are living in a world or monthly bills, but this isn’t as restrictive as you may think. Not all bills will come out on the first or last day of each month, some will be spread across depending on what day you may have signed up for things!

Did you know that you can request a payment date change with almost all companies? Yep! So even if all your bills come out on the 1st of each month, you can contact the companies and most, if not all, will let you shuffle payment dates around to suit your needs! This may make it more manageable by being able to pay things throughout the month rather than in one go!

Feel free to call our office for anything recruitment related or for more information on our current  job vacancies on 01938 501 445.