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Monthly pay vs. Bi-weekly
Posted on 7/16/14 at 12:02 pm
Posted on 7/16/14 at 12:02 pm
I just accepted a job offer where the Company pays Monthly rather than bi-weekly which is how I am being paid now. For those of you who have made this transition, how is it?
Posted on 7/16/14 at 12:04 pm to RaginCajun87
You get paid each month and spend it just as you would otherwise?
The only thing you may need to do is change payment due dates on a few of your bills to just align them with when you get paid.
The only thing you may need to do is change payment due dates on a few of your bills to just align them with when you get paid.
Posted on 7/16/14 at 12:04 pm to RaginCajun87
It's not bad, just have to stretch out your paycheck so it lasts from one month to the next.
Posted on 7/16/14 at 12:06 pm to RaginCajun87
I like it better. It made me actually budget switching from one to the other
Posted on 7/16/14 at 12:22 pm to RaginCajun87
Budgeting is much easier with just one paycheck. That first month waiting for that first paycheck at the end of the month will feel like the longest month of your life.
Posted on 7/16/14 at 12:58 pm to Vandyrone
It's not bad. My wife and I have both transitioned to Bi-weekly in the last two years. We've been able to budget everything on two checks a month and throw the third checks twice a year into savings.
Posted on 7/16/14 at 1:16 pm to RaginCajun87
I've only ever gone from weekly to monthly. Just seems like way less of a hassle than it was.
Posted on 7/16/14 at 1:26 pm to RaginCajun87
The transistion is the rough thing. Because, rather than getting a paycheck two weeks from now, you are going to get twice as month a month from now. So for timing issues, you need to make sure you have enought o get you to the first paycheck. Beyond that, you will be fine, just remember the money needs to last you a month.
The comment about due dates is good advice. I try to have roughly half of my bills due right after each paycheck (I get paid 2x/month now). So you might want to adjust the due dates for things that you can.
The comment about due dates is good advice. I try to have roughly half of my bills due right after each paycheck (I get paid 2x/month now). So you might want to adjust the due dates for things that you can.
Posted on 7/16/14 at 1:33 pm to RaginCajun87
I had a gig that paid monthly a few years back. I fricking hated it, not because it required more careful budgeting or whatnot. That part was easy...
I hated it because the company did monthly payroll because it was a) less costly to administer than weekly or bi-weekly and b) if paying salary out monthly the money is sitting in the company's account gaining interest instead of yours. Dont think for a second that this fact is lost on the people running the company.
This distinction between bi-weekly and monthly may seem trivial but can have very real long term implications on your 401K and savings return.
It may be no bother to you, I'm just neurotic like that...
I hated it because the company did monthly payroll because it was a) less costly to administer than weekly or bi-weekly and b) if paying salary out monthly the money is sitting in the company's account gaining interest instead of yours. Dont think for a second that this fact is lost on the people running the company.
This distinction between bi-weekly and monthly may seem trivial but can have very real long term implications on your 401K and savings return.
It may be no bother to you, I'm just neurotic like that...
This post was edited on 7/16/14 at 1:37 pm
Posted on 7/16/14 at 6:21 pm to wiltznucs
Realistically, don't put yourself in a position where it can even become an issue. Put enough into a checking account or savings account that you are covered regardless.
Posted on 7/16/14 at 6:35 pm to RaginCajun87
I get paid bi monthly, wife gets paid bi weekly, it was easier when I was single & getting paid monthly.
Posted on 7/17/14 at 2:42 pm to RaginCajun87
Make sure you keep a strategic beer reserve in your garage fridge.
Others have said it; I'll repeat it - that first month is gonna take a year.
Others have said it; I'll repeat it - that first month is gonna take a year.
This post was edited on 7/17/14 at 2:44 pm
Posted on 7/17/14 at 3:50 pm to RaginCajun87
I prefer Monthly or Bi-Monthly because then you know exact days each year when that money is deposited which makes it easier to plan bill payments and automatic transfers.
I just switched to a company that is bi-weekly and it's driving me crazy being thrown off my monthly schedule. Having a specific first/middle of the month financial structure kept me on my routine's better.
I just switched to a company that is bi-weekly and it's driving me crazy being thrown off my monthly schedule. Having a specific first/middle of the month financial structure kept me on my routine's better.
Posted on 7/17/14 at 4:11 pm to jso0003
quote:
I just switched to a company that is bi-weekly and it's driving me crazy being thrown off my monthly schedule. Having a specific first/middle of the month financial structure kept me on my routine's better.
Me too. I had to delete all of my automatic investments because only a couple offered every-two-week options. Couldn't be mixing and maxing, all or nothing!
Posted on 7/17/14 at 4:20 pm to RaginCajun87
first month sucks. I worked for a company that got bought and the way it worked was we basically went 5 weeks without pay to catch up to the monthly cycle.
we have never lived paycheck to paycheck but that first month was a little scary at the end.
we have never lived paycheck to paycheck but that first month was a little scary at the end.
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