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How Often Do You Get Paid?

Last post Mon, Feb 18 2008 11:40 AM by Cinnamonhuskies. 22 replies.
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  • Mon, Feb 11 2008 10:16 AM

    • Brandy
    • Top 10 Contributor
    • Joined on Wed, Mar 28 2007
    • Saving in South Mississippi
    • Posts 25,145

    How Often Do You Get Paid?

    Are you (your spouse) paid weekly, bi-weekly, bi-montly, monthly? How do you budget to meet expenses between pay periods? Would you prefer a different pay period?

      

     

     

    The Dollar Stretcher Community Manager



  • Mon, Feb 11 2008 10:28 AM In reply to

    • rolo
    • Top 50 Contributor
      Female
    • Joined on Wed, Apr 4 2007
    • Michigan
    • Posts 1,932

    Re: How Often Do You Get Paid?

     Dh is paid once monthly and I am paid bi-weekly. 

    We pay all bills except our rent online.  On dh's payday we schedule the online payments and then go in and fine tune the payment amount the day before the payment is to be processed.  

    We send my bi-weely pay directly to our debt snowball so it isn't an issue of how to handle these two "odd ball" pay days. For convenience sake, I would like to see my pay once monthly, as well. 

    Getting paid once monthly is the best way for us to stay focused on our finances.  We have a budget and stick to it--we do not end up running out of money before next pay day.  It takes a commitment to the budget to not "blow" a lump sum of money, but then that is true of ANY budget and pay schedule.  

    Lorrie

    "People take different roads seeking fulfillment and happiness. Just because they're not on your road doesn't mean they've gotten lost." ~~ Dalai Lama XIV -

  • Mon, Feb 11 2008 10:36 AM In reply to

    • Brandy
    • Top 10 Contributor
    • Joined on Wed, Mar 28 2007
    • Saving in South Mississippi
    • Posts 25,145

    Re: How Often Do You Get Paid?

    rolo:
    It takes a commitment to the budget to not "blow" a lump sum of money, but then that is true of ANY budget and pay schedule.  
     

    I have found that we do better financially with a bi-weekly paycheck than weekly. The company my husband works for is changing their pay schedule from weekly to bi-weekly and I think we are the only ones to be happy about this.

     

    The Dollar Stretcher Community Manager



  • Mon, Feb 11 2008 10:59 AM In reply to

    Re: How Often Do You Get Paid?

     

    DH gets paid bi-weekly and we like it that way. He has always been paid that way, since we have been married. So we are very used to it.

    I like it because I can budget our pays to either include his extra 2 pays a year, or not budget them and have them as "found money" which we don't do.

    He receives 26 pays a year, and with that we or rather I have budgeted our bills to be able to deposit into our checking account the same amount every pay. That takes the bite out of having to pay those big payments out of just one pay, like our car insurance which is due every three months, or our property taxes which if paid before Sept.2nd gives us a discount so we actually save money by paying them on time. Most of our friends won't pay them early, as they think that the savings isn't enough and like to have that money to "play on" like we used to do. Since coming up with the way we budget our money now, we always have extra money, and we always save money. So we aren't robbing Peter to pay Paul some paydays.

    ...and may the Lord bless us, with all we need. AMEN
  • Mon, Feb 11 2008 11:27 AM In reply to

    • Edey
    • Top 25 Contributor
      Female
    • Joined on Mon, Sep 10 2007
    • Los Angeles County, CA
    • Posts 3,869

    Re: How Often Do You Get Paid?

    When my husband and I were working, he got paid every other Friday and I was paid on the 10th and 25th. Bills that came the beginning of the month were paid out of the first checks, the rest the last. Groceries and necessities were bought with what was left over, sometimes not much was. When the 10th and 25th fell in between it was easier to get thru till his next check then when they came next to each other.

    Now we both get paid on the first of the month, and that has been hard to budget. We are no spendthrifts, just paying bills and buying necessities, but often didn't have enough left by the 4th week.  We had to wait until payday, then go and get every thing we needed that first week. Occasionally we had to get something and then the credit cards came into use.

     We lived out of the pantry during those times and didn't go anywhere. It is easier now that we don't have a house payment and car payment, so we have money left over by the 4th week. E

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  • Mon, Feb 11 2008 11:35 AM In reply to

    Re: How Often Do You Get Paid?

    DH's is paid semi monthly and I was paid biweekly at my old job. I have to find out what the pay periods are at my new job. probably semi monthly since that is the most common.  Most of our money comes in the middle of the month so pay most bills in the middle of the mth. Child tax benefit etc is paid around the 19th of the month. I have it direct deposited.  Homestay money comes in usually the first two weeks of the month.  car insurance, alarm, house insurance, mortgage comes out automatically from the bank. Our mortgage/property tax is split between dh two pay periods.

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  • Mon, Feb 11 2008 11:36 AM In reply to

    • Susan A
    • Top 500 Contributor
    • Joined on Thu, Jan 31 2008
    • Posts 54

    Re: How Often Do You Get Paid?

    I get paid every other Wednesday.  Out of my checks we put aside money for our property taxes, put money in our savings, tithe, buy groceries and get our pocket money.  My dh gets paid on the 1st & 16th.  Out of his check we pay the motgage, utilities, insurance, etc...  Works great for us!!

    Susan
  • Mon, Feb 11 2008 12:08 PM In reply to

    Re: How Often Do You Get Paid?

    Both DH and I get paid on the last working day of the month, either the 30th, 31st (or this month, the 29th). If the last day falls on a weekend, we get paid on Friday.

    We have all our bills due (that we can) during the first 10 days of the month, when we have our paychecks. The exception is auto insurance which for some reason, requires us to pay on the last day of the month and I can't change it. But we only pay every 3 months so we have to budget anyway. Electric is due on the 15th, but we pay online when we get the notice, so it's paid prior to the 10th. 

    I like being paid once a month and it works for us. We just have to plan carefully so we don't run out of cash by the 20th, lol.

    Erika
  • Mon, Feb 11 2008 12:45 PM In reply to

    • AmyC
    • Top 100 Contributor
    • Joined on Wed, Oct 24 2007
    • Posts 868

    Re: How Often Do You Get Paid?

     I get paid monthly on the first and I pay most of our small bills then.  DH gets paid weekly and we take 250.00 out to set aside for the next months mortgage and insurance each week.  The rest is our grocery, savings and fun money.

    http://carneyexploits.blogspot.com

  • Mon, Feb 11 2008 2:17 PM In reply to

    Re: How Often Do You Get Paid?

    I get paid monthly from my primary job (teaching), on the last day of the month.  Everything is electronic, and most payments are fixed (phone and power are the exceptions - but I'm thinking about getting budget billing for the utilities), so on payday, I sit down with my Quicken and parcel everything out.  My secondary job (martial arts instructor - more for fun than money) had, until this month, been on a 7-week cycle I could never keep track of or budget, since all of my bills are due monthly except water (every other month), so when money came in it either went to unexpected/higher than expected bills (utilties, car repairs, etc.) or into savings against such events.  Now that it's switched to monthly (yay!) I intend to use it for debt reduction and savings toward large-ticket purchase (replace the sliding back door, replace the rest of the windows, add insulation to the house, etc.).

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