Interesting Day!

[ozbound]

Well it started off on the run, because we had our all-staff meeting this morning and they couldn't use the overhead, so the CEO had me turn his agenda into a Powerpoint Presentation. That was fun, but next time I'd like to have more than an hour to throw it together! At least it was appreciated--that's always a plus!

During the meeting we were informed we're going from a monthly to a twice-a-month pay period. Joy! I've been used to monthly paychecks since I started working, though, so I'm going to really have to re-juggle my budget to make this work for me. I know most people prefer getting paid more often so we'll see how it works out!

[adassistant]

It was even difficult for me to being paid weekly!  LOL!  See, I was a waitress before I got into this line of work.  So being paid everyday with your tips, and then being paid every Thursday was a difficult transition for me.  AND THEN I started working here almost 5 years ago, and we're paid bi-monthly; the 15th and the last day of the month.  Sure, I'm used to it now, but it sure was a bit of an adjustment.  Now that I'm married, I still pay my bills the same way when I was single.  Rent and maybe a utility or two with the first check, and my carpayment, car insur., credit card and cell phone with the other check.  It's weird how I still pay them like that, and I've been married almost a year and a half now.  

You'll get used to it soon enough!  BTW, you used to be paid once a month?!?  I've never heard such a thing.  I can see me spending much more money that way, because I haven't received all the bills yet.  I think you'll like it much better this way.

[donnap99]

I've been on a twice-monthly pay schedule for 16 years, and I wouldn't have it any other way!  I mean, are your bills due on the Xth of the month, or do they send them every 4 weeks?  I find it MUCH easier to deal with budgeting.  


DonnaP99

[mlm668]

I was paid monthly at my previous job.  I was there 4 years and could never get ahead.  I'd budget out what I had coming in and what I needed to pay.  Every time I thought I would make it through a month ok, something would happen - sick kids, car emergency,  and lets not forget the last minute notice about field trips that require lots of extras for the daughter.

Now I get paid every week and the first month I worked here I had a final check coming to me from my old job and had already started drawing pay here.  Add in my tax refund and I was sitting pretty.  

Personally I think bi-monthly is easier to budget with and I would prefer to paid that way.  Getting paid that way and getting my child support weekly would put me in great shape. But then to me anything is better than monthly.

Michelle

[jomitchell]

Here in the UK, it's pretty common to be paid monthly. I think you only get weekly pay if you're a temp or work in a factory (broad generalisation but you get the idea).

Certainly in offices, monthly is usual. I've not heard of places paying twice a month, that would be pretty uncommon here, I think. I'm sure it's all a matter of what you're used to, right enough.

DeskDemon staff  

[countrigal]

If I'm correct, all government (Fed and State) employees are automatically on the twice monthly pay system, or every 2 weeks (which can mean 3 payperiods in one month at times).  I have the pay period every 2 weeks, and I love it.  Wouldn't know what to do without it.  This way I know exactly how much money I will get every 2 weeks, because there is always the same # of days in the period, with the same deductions, etc.  Makes the budgeting much, much easier, and staggers the bill paying out while still getting bills paid on time.  Hubby and I schedule our bills (for those companies that ask when in the month you want paid) to coincide with either the first of the month or the last half of the month, and stagger them so that not all the big bills come due that first week and you have no money left to last till the 15th.  

I think you'll like it once you get used to it.  And remember, if you notice a problem with not enough money to cover bills because they all come due the first of the month, you can always ask to change your billing date.  Not all bills will do this, but a lot will, and postponing some by 2 weeks gets you from one check to the other without straining one check and having the 2nd all free.  Just my $0.02 on that subject.

Are there many companies in the US that do like overseas and pay only monthly?  I thought most of the US companies had gone to the twice a month or every 2 weeks schedule but I've been government most of my career so really have no "reality" to check that with.

CountriGal
Deskdemon Editorial Board Member

[andream]

Egads, One of my first duties after polite conversation of course, was asking...Uhh So when's Payday.  25th of the month said they....EEP! Said I.  Im getting used to it slowly, but when you have an entire flat to furnish uhhhh there tends to be lots of Month left at the end of the money! Last month I took care of the "T"'s (teaspoons to Toasters inclusive of a TV) this month,, :sigh: furniture, oh how I'd like to have something more than a sofa and a futon (ouch!) bed! Come payday, watch out London, I'll be the gal on Portobello road trying to figure out how to get that lovely Queen Anne Coffee Table home on the Tube!

[chris68]

It varies for me....I used to get paid weekly at my current job when I started, then this last year they changed us to a bi-weekly.  It took some getting used to and it seems to be working out just fine.  Hubby and I are on the same pay schedule so we both get a paycheck the same time, which is nice for those end of the month bills!  It works out pretty well that way.  Used to be I would get a check every week and I was able to save one or even two in between the monthly bills, which I am still saving but just doesn't seem as much.  I guess it's all in what you are used to.

A former job I had for about 6 months or so paid twice monthly 25 and the 30/31 (last day of the month).  That took some getting used to but at the time hubby was getting paid weekly, so that helped out tremendously.  It just seems funny that we are now on the same payschedule, but it seems to work out for us so far, no big problems, just some getting used to.



Chris68
Deskdemon Forum Board Staff

[ozbound]

I rearranged my budget spreadsheets as an experiment and I can already see the benefits to this. For one thing, there are a few bills that I'm always either paying late or mailing right before they're due, crossing my fingers they don't arrive late--or early--I never could get ahead enough to pay them before they're due, but now I'll finally be able to pay those on time! Plus I think it will encourage me to save more. Yes...I'm liking this plan...I look forward to starting it. It will lend a boost to my 2002 "financial makeover"!

[radaro]

Ozbound - Have you considered paying your bills over the web?  I believe most banks (at least here in Canada) have this capability.

I like it because aside from saving me the postage, I can postdate my payments.  So, if I get the bill on November 1 but it doesn't need to be paid until November 13, I prepare the transaction on-line on my regular banking day (if you recall - I balance my cheque book every Monday) and then I don't have to worry about the bill again.  

With my credit union, the bill is marked as paid on the same day.  Some places require that the transaction occur the day prior.

BTW - My husband and I get paid every two weeks.  This year we are on alternating weeks so it is like being paid on a weekly basis.

Edited by radaro on 14/11/01 08:20 PM.

[whitesatin]

RadarO,

I also pay my bills on-line.  I was nervous at first, but I've been doing it for two years now, and I have NEVER had a problem.  It is so convenient and easy, I can't imagine ever going back to paying them the old way.

WhiteSatin

[ozbound]

I pay most of my bills on-line. However, the way my bank works it the funds are taken out on the day I set up the transaction to take place, but may take a couple days to a week to reach the payee (in the case of my electric bill, it's actually faster to send it by snail mail!) Actually, I think this new schedule will enable me to pay more of my bills online though due to having money coming in more often.

[solargal]

We pay our bills on-line also and instead of taking a couple of hours a month, it takes about 15 minutes because we have everything set up and just click in the amount.  And we only write about 5 checks a month.  My checking account statement comes on email along with copies of the checks.  Boy this technology is great.  Also, I now have a debit card and it's so much easier at the checkout then getting my checkbook out.   I always think this is funny do you get paid bi-weekly or bi-monthly?  Isn't bi-weekly twice a week?  

[jomitchell]

Hey Andrea, you're doing OK then if you're up to 'T' already- only 'U' to 'Z' to go!

DeskDemon staff  

[ozbound]

I never could seem to get that one straight. Let's see... Yes, I do believe it'll be bi-monthly (twice a month) because we're not getting paid every other week; it'll be the 15th and the last day of the month (much to my relief--I could see it really messing me up the other way 'round!)