Pay Day Preference!
By artistry
@artistry (4151)
United States
4 responses
@veganbliss (3895)
• Adelaide, Australia
3 Mar 11
I currently get paid once every two weeks. Sometimes this isn't an option, like when we work for a small business, for example. Some good advice, which has been listed by all the best financial experts over the years, is if you have a mortgage, try to get your pay sent directly to your mortgage account weekly. It saves more money in interest this way due to the frequency of payments. Sometimes, we can negotiate an increased amount if we opt to get paid monthly, for example. It's best to negotiate these options when you've just got the job or when you've been doing an exceptionally good job for the company. Normally I'd just accept the standard frequency just to fit in with the rest of the company. You really don't want to get bogged down with what others think about how often one gets paid nor how much, as this can have a negative impact on your relationships with your work colleagues. Squabbling over a few cents difference just isn't worth it in the end.
@artistry (4151)
• United States
4 Mar 11
..Hi there veganbliss, The advice you give is very good and can save a home buyer much more money than they realize which is a very good thing. Getting paid every two weeks is not as bad as getting paid once a month. I think that one can get themselves in the habit of putting aside monies for specific things to last them through the two weeks to the next pay period, so that they still have cash through the entire time frame. The discipline factor has to take hold. Thanks for your response. Take good care.
Take care.
@siewching_0908 (257)
• Malaysia
8 Mar 11
I would prefer to be paid once every 2 weeks. I think once a week is a bit too frequent and I tend to spend all of it. If i can be paid once every 2 weeks, the first pay may be used to settle all the bills and loans, then the second pay will be saved partially and another portion used for my shopping. Currently i was paid on monthly basis, and i find it not that good because towards the end of the month, I am almost broke.
1 person likes this
@artistry (4151)
• United States
9 Mar 11
.....Hi siewching, Although I can see that being paid once a month can be somewhst limiting, I see it as a great way to learn to budget and also to learn how to save. Just get yourself a book from the library or check the internet on budgeting techniques and print it out. You will find that it can be fun tagging your different envelopes with what you need to spend or however you set up your system. Before you know it you will have extra money at the end of the month that you can save. Thanks for your response. Take it easy.
@lilaclady (28207)
• Australia
3 Mar 11
it is good getting paid every week ans some people can work their money and bills out better this way but I think every two weeks if you can work your money out can make you save a little in a way but I don't think I could handle being paid once a month as some do.
@artistry (4151)
• United States
4 Mar 11
..Hi there lilaclady, I think you are correct. Once a month is a long time, I was trying to think if I ever had a job where I was paid once a month. I don't think I have had one. Being paid weekly helps you to have money from paycheck to paycheck I think, whereas getting paid every two weeks makes you either budget a little better or you could find yourself out of money before your next payday. Thanks so much for stopping by. Take care.
@ellie333 (21016)
•
4 Mar 11
Hi Artistry, I would choose neither, I get paid at the end of each month every month whether a four or five week one and all my direct debits for the bills go out the following day, this way I can see what is left that I can really spend and find budgeting this way far easier. As I pay bils monthly weekly or fortnightly pay wouldn't work well for me. Huggles. Ellie :)
1 person likes this
@artistry (4151)
• United States
5 Mar 11
...Hi there ellie333, In a way once you get used to the timing, getting paid once a month could help you to save monuey easier. You know you have to have a certain amount of money for the month, so once you put that where it needs to go as you noted then you go from there. There would seem to be more of an incentive to save
because you know there will not be another check for the month. The sense of security you would have by saving would make one not worry as much during the month that you are going to run out of money, all the more reason to save. Thanks for stopping by. Take good care.
