Managing Four Weekly Pension

M0nica - I used to teach Excel as part of IT - but completely lost interest. I'd hate to know exactly how much I spend on Christmas, just know it's far too much and always plan to cut down 'next year'.

Hetty58 My Christmas spread sheet has very little about money on it, but contains all my present and stocking lists, lists of what I have bought, the standard shopping list for Christmas week and the traditional Christmas week menus, all checked revised and adjusted each year. Reminders for what date the pantomime is.

Yes, a few account details, but really just an enormous compendium of Christmas checklists.

Spreadsheets have so many uses other than just for counting money. there is the family calendar and the............... I could go on for ever but won't.

Hetty58

M0nica - I used to teach Excel as part of IT - but completely lost interest. I'd hate to know exactly how much I spend on Christmas, just know it's far too much and always plan to cut down 'next year'.

You're lucky to be in that position. Presumably teaching Excel as part of IT added to your pension. Some people do need to watch every penny and some just feel more comfortable if they keep track. It's a good thing we are not all the same.

DaisyAnne what a strange reply, a mixture of envy and ignorance. Teaching Excel as part of IT will increase no ones pension - and if it did, you have no idea whether it increased it from £1 a month to £1.10p, or £5,000 a month to £6,000.

Are you really envious over what could be a very small sum?

I wonder why people of our age ( late 60s to late 70s/80s) are thinking of ‘saving’. I don’t.
I am very generous with the children and grandchildren. I’d rather they have it now, when their needs are greater than mine. Ofcourse, that’s just me…

M0nica

DaisyAnne what a strange reply, a mixture of envy and ignorance. Teaching Excel as part of IT will increase no ones pension - and if it did, you have no idea whether it increased it from £1 a month to £1.10p, or £5,000 a month to £6,000.

Are you really envious over what could be a very small sum?

Monica being rude is not the road to making what you right. But I have come to understand it is your nature. You cannot help it.

I really do doubt that you actually do misread/misunderstand quite as much as you suggest. You do have more understanding than that. Teaching will bring you a pension that will increase your income and, as in Hetty's case, help put you in a position to ignore what you spend on Christmas.

I doubt, in fact I know, that not everyone is in that position. My posts, unlike yours, are not all about me. However, I do care about those on lower incomes who are trying to help themselves and even those on higher incomes who are naturally thrifty.

Hetty is lucky to be in a position where she doesn't need to care, and I am sure she is aware of that.

making what making what post

How about looking at all the dates of your direct debits and standing orders and lists them under week 1 to 4.

If the dates are 8th and 17th of the month, that will be listed under week 2 and week 3 respectively.

Add the total of the weekly direct debits and check the figure against the weekly pension, and you will have a rough idea of how much spending money you have left each week for food etc.,

I know almost to the last Penny how much I’m going to spend each month for at least a year ahead.

I have a budget app on my I-pad and it is brilliant.

You can then use it to enter the dates of your pension - it gives you options of monthly or four weekly or whatever. You can then enter all you weekly/monthly/yearly expenses. Every entry has the option of “recurring” and a option to set a date limit.

You will be in total control.

One the best things I ever learnt was how to do spreadsheet so I'm another one who likes order. On line banking also is brilliant for keeping track.

I have my pension & late DHs private pension paid into one of my on-line accounts weekly/monthly and transfer what is needed into my current account leaving what is left to build up my savings it works very well.

This sounds interesting. An app on my ipad could work out easier than firing up the laptop.

Thanks everyone for the good ideas. And the saving 13th payment for a Billy Bonus, well, thats got me smiling! Looks like I'll be getting back into spreadsheets.

Whitewavemark2

I know almost to the last Penny how much I’m going to spend each month for at least a year ahead.

I have a budget app on my I-pad and it is brilliant.

You can then use it to enter the dates of your pension - it gives you options of monthly or four weekly or whatever. You can then enter all you weekly/monthly/yearly expenses. Every entry has the option of “recurring” and a option to set a date limit.

You will be in total control.

That sounds useful Whitewave. What app are you using? Is it a specific I-pad one?

I can't see a problem as I just make sure my pensions are paid in throughout the month so I'm always in credit.

I think I can see your problem, of not understanding, very easily Susie42. Try thinking about how you would manage if you only got State Pension and it was paid 4 weekly and your bills went out monthly.

I am glad you are not in that position. Currently, over 1.4 million pensioners in Britain receive Pension Credit. They are most likely to be only getting State Pension + benefits so cannot "make sure" their plethora of pensions are paid conveniently over the month. There are also (according to Martin Lewis) 800,000 people not claiming who are also eligible.

So out of 11,000,000 pensioners some 2,200,000 are probably in the same situation as the OP.

E & OE.

DaisyAnne
I didn't say I was hard up, I'm just totally crap at budgeting! That's why I thought I'd ask for some ideas and tips to help me out.

I didn't think you were Bea. I was answering Susie's assumption that everyone is in the same position as her so she couldn't "see the problem". I was just explaining why it could happen.

If I didn't do what is really very basic bookkeeping I would be "crap at budgeting" too. Budgeting makes you feel more secure. Guessing doesn't.

I'm just looking to see if there is a free budget planner, so you don't have to set anything up from scratch.

I appreciate your contribution to discussions like this, DaisyAnne, in which you always have in mind those who might not be as well off financially as others.

Bea, you’ve received quite a range of suggestions, some of which will appeal to you and others which might help people who do have to be careful to stick to a very tight budget.

I agree, it would indeed be helpful to have info on a free budget-planner app.

I am belt and braces,with online banking on my phone,and for the 45 years have an account book,that records ins/ outs and direct debits,verybasic stuff, but I always know to the penny how much I have,when my direct debits go out,I then tick off in my book,I cant do a spread sheet for the life of me,but my system works for me.

I use Moneydance to record all my monetary ins and outs, comprehensive and easy to use, just another suggestion Bea0802 to add to the many good ideas already posted. I do think some GN's have an " I'm alright jack and so should you be attitude". As DaisyAnne has rightly pointed out there are many who struggle through lack of finance rather than how to manage their finances.

I have 3 spreadsheets on the go at the moment. One is my budget for the year with the dates that the State Pension and my little private pension are due along with DD dates, another is the gas and electricity usage so I can keep an eye on how much that will be each month, (and argue with Octopus when they try and put the DD up again) and the third is a list of Xmas presents ordered so I can tick off when things arrive and try to keep to my budgeted costs, well at least not go over too much. That has been quite useful with the postal strikes so I can keep track of what is still to arrive.
10 mins a night at the moment, checking with the bank and paypal etc keeps everything on track.

downtoearth

I am belt and braces,with online banking on my phone,and for the 45 years have an account book,that records ins/ outs and direct debits,verybasic stuff, but I always know to the penny how much I have,when my direct debits go out,I then tick off in my book,I cant do a spread sheet for the life of me,but my system works for me.

I have no idea what a spread sheet is, can't use what I don't know. Nobody must learn difficult computer applications, old ways work well.

I also just use a little journal (have for over 62 years), keep track easily to all income and spending. Balance once a week. I do use the computer calendar (now) and a little check list of debits, credits - to remind me to balance weekly.

I do the same for my husband's business. His accountant always finds my numbers good - and that's fine with me.

DaisyAnne

Whitewavemark2

I know almost to the last Penny how much I’m going to spend each month for at least a year ahead.

I have a budget app on my I-pad and it is brilliant.

You can then use it to enter the dates of your pension - it gives you options of monthly or four weekly or whatever. You can then enter all you weekly/monthly/yearly expenses. Every entry has the option of “recurring” and a option to set a date limit.

You will be in total control.

That sounds useful Whitewave. What app are you using? Is it a specific I-pad one?

If you can, go into the apple store - or maybe another App Store will do it? And look for budget or budget planner.

I use 123 I think it is called.

Worth its weight in gold.

And brilliant for planning and keeping track of your spending.

I am religious about recording the ins and outs and future spending. It has gradually built up,over the years to the point that everything is recorded and budgeted for. I can now relax and not feel guilty if I buy a new waterproof at great expense for example (which arrived yesterday) because I know that I have the money in the pot to pay for it.

You can try any of them to see if it suits your needs.