do you prefer Weekly or monthly wages?
Discussion
Recently started a new job, and this company pays everyone weekly.
Most of the guys seem to like this, as they live week to week.
However im not sure I like it, as I get paid £200 a month less than I would if paid monthly.
Most of my bills are monthly, and set to go out on the 1st of every month, which makes it hard to account for things.
It just seems pointless, and must waste hours in accounting with 20+ guys.
Anyone else find weekly wages odd, and prefer monthly?
Most of the guys seem to like this, as they live week to week.
However im not sure I like it, as I get paid £200 a month less than I would if paid monthly.
Most of my bills are monthly, and set to go out on the 1st of every month, which makes it hard to account for things.
It just seems pointless, and must waste hours in accounting with 20+ guys.
Anyone else find weekly wages odd, and prefer monthly?
Contract Killer said:
Recently started a new job, and this company pays everyone weekly.
Most of the guys seem to like this, as they live week to week.
However im not sure I like it, as I get paid £200 a month less than I would if paid monthly.
Most of my bills are monthly, and set to go out on the 1st of every month, which makes it hard to account for things.
It just seems pointless, and must waste hours in accounting with 20+ guys.
Anyone else find weekly wages odd, and prefer monthly?
Have you had a pay cut then?Most of the guys seem to like this, as they live week to week.
However im not sure I like it, as I get paid £200 a month less than I would if paid monthly.
Most of my bills are monthly, and set to go out on the 1st of every month, which makes it hard to account for things.
It just seems pointless, and must waste hours in accounting with 20+ guys.
Anyone else find weekly wages odd, and prefer monthly?
Don't forget a month is actually 4 weeks and 2/3 days so you get paid the same unless you have had a paycut.
Contract Killer said:
Monkeylegend said:
Have you had a pay cut then?
Don't forget a month is actually 4 weeks and 2/3 days so you get paid the same unless you have had a paycut.
I know over the year its the same annual salary, but per month pay is less?Don't forget a month is actually 4 weeks and 2/3 days so you get paid the same unless you have had a paycut.
My old job you got paid four weekly. Massive pain in the arse as pay day was never the same each month. Although people said it's good as one month you get paid twice.
My new job ill be getting paid on the last working day of the month. I can't wait. Going to be so much easier to sort out bills etc.
My new job ill be getting paid on the last working day of the month. I can't wait. Going to be so much easier to sort out bills etc.
LosingGrip said:
My old job you got paid four weekly. Massive pain in the arse as pay day was never the same each month. Although people said it's good as one month you get paid twice.
My new job ill be getting paid on the last working day of the month. I can't wait. Going to be so much easier to sort out bills etc.
You are essentially behind the monthly paid people until much later in the year. I can imagine it’s not much fun trying to budget like thatMy new job ill be getting paid on the last working day of the month. I can't wait. Going to be so much easier to sort out bills etc.
Contract Killer said:
Monkeylegend said:
Have you had a pay cut then?
Don't forget a month is actually 4 weeks and 2/3 days so you get paid the same unless you have had a paycut.
I know over the year its the same annual salary, but per month pay is less?Don't forget a month is actually 4 weeks and 2/3 days so you get paid the same unless you have had a paycut.
You will get 52 payments instead of the normal 12.
Companies vary as to whether the monthly pay is in arrears or, as seems more common now, half behind, half ahead. I don’t think many pay the month in advance. So by getting paid weekly you are probably a week to 3 weeks of cash flow ahead of most monthly paid workers.
If you don’t like it, then why not set up one account to put it in, and then a monthly DD to your regular account? In other words, don’t draw it for the first 2 weeks or month (depending on timing as above) of the new system. Or am I missing something here?
If you don’t like it, then why not set up one account to put it in, and then a monthly DD to your regular account? In other words, don’t draw it for the first 2 weeks or month (depending on timing as above) of the new system. Or am I missing something here?
67Dino said:
Companies vary as to whether the monthly pay is in arrears or, as seems more common now, half behind, half ahead. I don’t think many pay the month in advance. So by getting paid weekly you are probably a week to 3 weeks of cash flow ahead of most monthly paid workers.
If you don’t like it, then why not set up one account to put it in, and then a monthly DD to your regular account? In other words, don’t draw it for the first 2 weeks or month (depending on timing as above) of the new system. Or am I missing something here?
No, that's a good idea.If you don’t like it, then why not set up one account to put it in, and then a monthly DD to your regular account? In other words, don’t draw it for the first 2 weeks or month (depending on timing as above) of the new system. Or am I missing something here?
The big issue has always been when you are forced to go from weekly to monthly not the other way round. Cash flow can get quite interesting for the first few weeks.
67Dino said:
Companies vary as to whether the monthly pay is in arrears or, as seems more common now, half behind, half ahead. I don’t think many pay the month in advance. So by getting paid weekly you are probably a week to 3 weeks of cash flow ahead of most monthly paid workers.
If you don’t like it, then why not set up one account to put it in, and then a monthly DD to your regular account? In other words, don’t draw it for the first 2 weeks or month (depending on timing as above) of the new system. Or am I missing something here?
That's exactly what I do. Been paid weekly for years and have a primary account that pay goes into and bills come out of and a second current account that has a weekly small direct debit that covers fuel, food and disposable income. If you're sensible it means the primary account builds up a nice reserve. If you don’t like it, then why not set up one account to put it in, and then a monthly DD to your regular account? In other words, don’t draw it for the first 2 weeks or month (depending on timing as above) of the new system. Or am I missing something here?
Monkeylegend said:
No, that's a good idea.
The big issue has always been when you are forced to go from weekly to monthly not the other way round. Cash flow can get quite interesting for the first few weeks.
And this is part of the issue with the new benefit system moving people all to monthly from weekly. The big issue has always been when you are forced to go from weekly to monthly not the other way round. Cash flow can get quite interesting for the first few weeks.
It’s good in that it prepares them for when they get into work & it also saves time and money for the govt
BUT when you’ve got literally nothing no savings overdraft maxed not able to get credit on credit cards it must be so frightening & sadly many in that situation are not aware of options available to them.
You won't lose any money.
If you're paid weekly, on say a friday, some months have 5 fridays in them.
I worked for 30 years on monthly pay, then changed jobs to a company who were just changing from weekly to monthly. None of the other workers wanted monthly pay, and they couldn't understand why I was OK with it.
The first full month of monthly pay, and the other workers were living like kings for the first week, but by the end of the month, they weren't even bringing any lunch in as all the money had gone. It took most of them a few months to change their ways.
For the company, it meant much less work, and they've stuck to it.
My brothers a postman paid weekly.
If you're paid weekly, on say a friday, some months have 5 fridays in them.
I worked for 30 years on monthly pay, then changed jobs to a company who were just changing from weekly to monthly. None of the other workers wanted monthly pay, and they couldn't understand why I was OK with it.
The first full month of monthly pay, and the other workers were living like kings for the first week, but by the end of the month, they weren't even bringing any lunch in as all the money had gone. It took most of them a few months to change their ways.
For the company, it meant much less work, and they've stuck to it.
My brothers a postman paid weekly.
I've been getting paid four weekly for about 5 years now, at first it was an utter pain in the backside, but it works for me now. My bills are mostly set out monthly, so I end up with almost a full 4 weeks wages once a year as a "bonus".
The old man is a bus driver and he gets paid weekly, and that's one of the big companies.
The old man is a bus driver and he gets paid weekly, and that's one of the big companies.
When I went contracting I was paid weekly after decades paid monthly and expected it to be nuisance. But I simply ignored the money coming in until the 27th of the month that had been my previous payday, then paid the credit card bills and shoved anything spare into savings exactly as when I was paid monthly. If anything it's more of an issue moving to another monthly scheme with a different payday.
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