Understanding Your Payment Schedule

Modified on Wed, 8 Apr at 3:41 PM

Most people choose a schedule that matches when they get their own money (like their wages or benefits).

Schedule	How often you pay	How many payments in a year
Weekly	Once every week	52 payments
Fortnightly	Once every two weeks	26 payments
Four-Weekly	Once every four weeks	13 payments
Monthly	Once every month	12 payments

Which one should you pick?

Weekly or Fortnightly: These are great if you get paid every week or every two weeks. The individual payments are smaller, which can make them easier to manage.
Four-Weekly: Some people get paid every four weeks (usually on a Friday). If this is you, picking "Four-Weekly" ensures your payment always comes out just after you've been paid.
Monthly: This is best if you get paid once a month on a set date (like the 25th). Remember, for monthly plans, you must choose a date between the 1st and the 28th.

Note: Because there are 52 weeks in a year, a "Four-Weekly" plan actually happens 13 times a year, whereas a "Monthly" plan only happens 12 times. Check your calendar to see which one matches your payday!