Don't know how to make the transition...

iVillage Member
Registered: 03-26-2003
Don't know how to make the transition...
3
Wed, 06-18-2003 - 7:29pm
Start July 1 my DH goes salary -- that means he gets paid once a month. He just found out today. That is good in my opinion because now the first of the month, we know that his check will cover ALL EXPENSES that we normally pay. BUT he gets paid July 1 with a regular paycheck, but does not get paid again until August 1. Any suggestions about how to make the transition this month? We hav $2,000 in savings -- is it okay to dip into that if need be? I mean, where else would we go???
iVillage Member
Registered: 03-27-2003
Thu, 06-19-2003 - 4:57am
That's what you have savings for, right? To make transitions like this.

Just be careful, as you transition, to make sure all your bills are accounted for before you buy groceries, etc.--it could be easy to forget something that comes later in the month, and spend the money before the bill is due.

Good luck,

Heather

iVillage Member
Registered: 09-22-1999
Thu, 06-19-2003 - 7:11am
I agree with Heather!

I worked for a company that had changed it's paycheck cycle 6 years ago, and it was a big problem for the folks I worked with because most of them were new to the company, and they were new trainees.......so missing a week's pay was a problem so the company could pay based on a new system. There was a "loan" offered to the employees who needed the week's pay they weren't going to get because of the transition, but it wasn't a good deal or a well thought out thing.......so having some savings is a good thing! This is an "emergency" type of situation.....shouldn't happen again, and you will catchup with the savings soon........

Best wishes, Littlesbigs

iVillage Member
Registered: 03-31-2003
Fri, 06-20-2003 - 9:52am
I get paid on the first of the month, and really like it. Although I also get money weekly from teaching dancing.

I've run out of money by the end of the month a couple of times, and run into problems, because some checks didn't get cashed right away, and I thought I had 'extra' money. This month I tried a new system. I took cash out on the 1st for everything I'd need during the month - sewing, piano, and dance lessons, parking, and my allowance.

I did pretty well until Wednesday, when I signed up for a college class (I only have two left toward the Associate degree I started in 1988). My company will reimburse me, but I had to shell out the money upfront.

Also, I'm getting married on July 11, so I need to send money to the J.P., and buy fabric for my dress. So those things threw me a little off.

In general though, try to pay all your bills as soon as they come in, don't wait for the due date, or there might not be enough money. And by all means, use your savings rather than incur new debt!

All the best,

Lee Ann

Lee Ann

www.werenotafraid.com