Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I had always been paid either weekly or biweekly, then got a job that paid monthly, on the 15th. 1st few months were hard, as I had to learn more to budget ahead.
1 bad issue with it was that I was still basically an hourly employee and the co had such a strange payroll that errors were very common. We were paid 2 weeks in arrears and 2 weeks forward with each check. Any missed time or overtime the next 2 weeks had to be added or deducted from the next check. Missed time or overtime the past 2 weeks was added or deducted in that check. On top of that, our work day was 7.25 hours, not 8. Started at 8:00, out at 4:00, 45 minutes for lunch (3/4 hour). Week was 36.25 hours, not 40. Too many uneven & fractional numbers. No one could effectively keep good records that way & confusion always abounded. Co. was also bad about mixing up paychecks. I often got the check of someone who had my last name & she got my checks too. Multiply that by 400 employees or so & see the mess. If paid by the hour, weekly or biweekly are the only accurate ways to do it. Monthly is good for straight salaried people and those who also get bonuses or commissions. Best paid at month's end, with salary and commissions/bonuses all there too, same check. Keep it simple.
Learn to save your money so it doesn't matter when you get paid. When your checking/savings account starts to get up into the ten thousands, then you can start buying little extras without thinking twice.
This. ^
Save save save!
I'm going on a cross country trip next week for 4 days.. Flight leaves Thursday.
My 2 week paycheck (no direct deposit) is the next day. No worries I'll pick it up Tuesday when I get back.
Quote:
Originally Posted by bobtn
99.9% have enough savings to last one extra weekend. Most properly have much more saved-6 months of living expenses is recommended by financial experts.
That too. ^
Last edited by Kees; 01-27-2013 at 02:40 AM..
Reason: Added bobtn's post.
You would hate my arrangement, I get paid monthly. I learned to budget properly to ensure that I can deal with any unexpected expenses that pop up, and also that I have enough $$ in the last week of the month whether it be for food or fun.
I'm quite happy with being salaried. Pretty sure I'm not missing out on anything.
As long as you keep it at 40... I'd probably be happy with salary too if I worked a 40 hr per week job.
I averaged 58 hrs a week for 2012 so working for salary wouldn't be a good idea in my case. I'd lose all my gravy money.
I know salary has the perk of getting paid while not at work but I don't miss enough time to care about that. That being said I don't see any real benefit to a salaried job.
The problem with semi-monthly is when the 15th falls on a Sunday and you get paid on Friday. That money had to run from the 13th to the 30th which was very hard
Have 1/2 of your monthly income always sitting in your checking account. The actual amount you get in your physical paycheck should not affect your spending for that month. Track your income/expenses independent from actual cash flow. Have enough base cash in your checking account so that at some point during the month your spending for the month is negative, but your cash base covers it. Then, at the end of the month, the last check puts your spending back in the positive. Take whatever is left above your 1/2 monthly income and move it from your checking account into your investment accounts.
When you get paid should make absolutely no difference to your spending.
Quote:
Originally Posted by Kees
As long as you keep it at 40... I'd probably be happy with salary too if I worked a 40 hr per week job.
I averaged 58 hrs a week for 2012 so working for salary wouldn't be a good idea in my case. I'd lose all my gravy money.
I know salary has the perk of getting paid while not at work but I don't miss enough time to care about that. That being said I don't see any real benefit to a salaried job.
To each their own...
If I have a doctors appointment, or want to go golfing at 3pm, I can just go and make up the work another time. I have yet to see an hourly job that gives that kind of flexibility. It would also be more difficult to find a job that pays hourly that holds an equivalent hourly rate than a lot of salaried jobs.
Have 1/2 of your monthly income always sitting in your checking account. The actual amount you get in your physical paycheck should not affect your spending for that month. Track your income/expenses independent from actual cash flow. Have enough base cash in your checking account so that at some point during the month your spending for the month is negative, but your cash base covers it. Then, at the end of the month, the last check puts your spending back in the positive. Take whatever is left above your 1/2 monthly income and move it from your checking account into your investment accounts.
When you get paid should make absolutely no difference to your spending.
If I have a doctors appointment, or want to go golfing at 3pm, I can just go and make up the work another time. I have yet to see an hourly job that gives that kind of flexibility. It would also be more difficult to find a job that pays hourly that holds an equivalent hourly rate than a lot of salaried jobs.
I don't have a spending issue, i just never knew why my checks was more when I was paid on the 15th and 30th and now I know the reason.
When I get a new check I always take money off the top and dump it into my savings before I do anything else and work with the money I have left
It would also be more difficult to find a job that pays hourly that holds an equivalent hourly rate than a lot of salaried jobs.
Is the gap between an hourly job vs a salaried job of the same position $22,000?
That's what I grossed in OT for 2012. If salaried jobs are that much more I need to try it then...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.