Being paid monthly

b3t4

How to survive??

My situation is as follows. I am currently a student in Limerick therefore I am skint. Not a penny to my name(well some but not a whole lot). I start working in Dublin on the 21st of June and won't get paid till the following 23rd of July. I need to get a place in Dublin before I start so that means I'll have to get a place for the month of June, pay rent and deposit. I won't have money for Julys rent till the end of July due to pay situation. My parents will hopefully help me out but I really don't want to have to ask them for the full whammy.

How are employers for giving an advance of pay? Should I get a credit card? Any tips from people who are currently getting paid monthly and how they manage the whole thing?

Thanks in advance,
A.

Stephen

Getting a credit card sounds like a good idea, should be easy enough if you are full time employed. Just make sure you pay it off in time or they'll crucify you with interest. Maybe borrow some of it from the parents too?

seamus

Being paid monthly has one big thing going for it - you never need to save for large, but not substantial payouts. So rent and things can be cleared in one fell swoop, instead of saving x amount every week for y weeks. That suits me personally down to the ground.

The one big drawback is that if you overspend or get stung with a huge payout that you can't avoid, you're broke until you get paid again. If that's at the start of the month, it's going to be a boring, starving, nail-biting month.

You're in a position here where you're going to have to beg, plead, be thankful and respectful for about two weeks, and watch what you're spending for about two months.

1. Don't get a credit card.
2. Discuss your needs with your parents. Borrowing off them can be horrible, but they want you to do well, so they won't mind.
3. Be very, very prepared to be very very skint for a month. Don't make many plans to go out drinking with old friends/new friends. Be happy to live on basic rations. Don't make plans with what you will do when you get paid. You'll only be torturing yourself.
4. If you have anyone (and I mean anyone) anywhere in the Dublin area, that would be willing to put you up for any amount of time, take it, and treat their home like the wallpaper was made of €100 bills. You need to save as much money as possible for your first month. If you can get away with even 1 week less rent, it'll help.
5. When you get paid for the first time, pay back your first month's rent, and pay your second month's in advance. Then make a plan of what you will need for the rest of the month, for essentials, from the rest of the money. Of what's left, hold aside a small amount of cash for sundry essentials (new clothes, if required, extra food, etc, maybe one or two nights out) and reserve the rest against any other money you may have borrowed. Pay this back, at the start of the week you're getting paid for the second time - you never know what may happen in the first month, and paying back money immediately is bad if you have to go and ask for it back a few days later.

By the time you get paid for the second time, you should be almost debt-free, or at least in a much healthier, more controllable position. The key is sacrifice for those first two months.

I tend to be wholly against bank loans or credit cards, since they tend not to nag at you, and can make you think you have more money than you do.

WhiteWashMan

get the whole lot from your mammy and pay her back

dont get a credit card
lliving on credit is a bad way to stat, and you will always find reasons 'to just put this on the card', and unless youa re a complete nazi with your finances, you could just pay your entire pay check into your credit card every month.

nope, if you can get cash up front from the mammy, and then pay her back, do it that way.

that way, you will not endure banking charges, you will not buy crap that you will with a crdedit card, and you will not be living pretty much in debt from the word go.

eth0_

Get the lend off your parents. No interest and face it, there's no way you'd get an advance from your employer in the first month of your first job

digitalninja

when i got my job i got plastic.

eth0_

idiot.

digitalninja

now now joanne, personal insults aren't permitted here.

Oriel

Beta,
For god's sake, don't get a credit card - you'll have bother getting one anyway - being a student, and anyway, you'd need to start applying for one now anyways.
If you don't want to borrow everything from your parents, then at least get an overdraft from your bank. I presume you have a student account, so there should be lowered interest rates, if any.

You probably have a deposit on your current house to help cover the deposit for the new house?

S.

Beruthiel

employers don’t tend to be so cruel that they can’t help you out a little, ie – all the places I have worked in paid by the month – when starting your job, if asked, they were quite happy to pay you after two weeks and then again in two weeks before bringing you up to the month. No harm in asking if you need to.
I would also go with the loan from your parents, but be sure to pay it back in full – no need to burn your bridges

Stark

For god's sake, don't get a credit card - you'll have bother getting one anyway - being a student

Actually it's quite easy to get a credit card as a student. AIB give you one with €380 credit limit no questions asked. I got one with Permanent TSB that had €1000 credit limit on it.

They probably figure, "students broke now, that means they'll run up loads of interest which they'll have to pay back when they're earning money". They'll probably put those exact words in a Bank Of Ireland ad before I know it

Sleepy

I know Bank of Ireland will give you a career start personal loan. You could get one for enough to live on for the first month and set it up to pay it back over the next 6 months to a year. That's what I did when I first moved to Dublin to start my career. The first month of living in a new house will be surprisingly expensive when you realise all the little things (can-openers, corkscrews etc. etc) that don't come with your flat.

b3t4

Thanks for all the replies. I've been working the finances out in my head and I hopefully won't be as short for money as first thought. An investment thing my parents set up for me as a child is maturing soon so that should get me by.

I am thinking about the credit card. It would be useful for getting things like concert tickets and computery books online. As I am a student it appears very easy to get a credit card I am still thinking about this though.

Depoisit on current house is only about a third of the depoisit needed for new house.

Sleepy, career start loan wouldn't really apply to me as I will will be going back to college next year to finish my degree, this is just a summer thing. I also hope to be moving into a house that is already occupied by other people so such things as can openers, I won't have to worry about.

Thanks,
A.

Xterminator

When i started getting paid monthly, i went to the bank and got a personal overdraught.

If you know you wont g crazy, its a handy way of briding the gap each month between pay days.

Eventually i didnt need iot any more, but for those forst six month or so, i was a life saver. You juast cant proedict the little things that pop up, that you havent budgeted for.

Credits fine, if your mature enough not to 'abuse' it.

X