How do people become used to monthly pay?

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fantasy86dj
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How do people become used to monthly pay?

Postby fantasy86dj » Tue May 22, 2012 2:57 am

After being paid every other week for the past 8 years I have received notification that I am going to be paid monthly as of end of July (1st pay will be Friday July 27).

Let the fun begin..... Thank goodness I don't have a credit card balance that I carry from month to month and I have just paid off my car loan.

I know that this is an American forum where pay monthly is a lot more common then here in Australia so I am counting on you for ideas!!

Thanks :)


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InCreditWeTrust
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Postby InCreditWeTrust » Tue May 22, 2012 5:10 am

Actually I thought being paid bi-weekly was the norm for most American workers.

jeffysdad
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Postby jeffysdad » Tue May 22, 2012 8:02 am

If you have enough in your checking/savings to provide a cushion of at least one month's expenses, you shouldn't have any problems. A credit card with a grace period can help with emergency expenses. I am paid biweekly, but I think getting paid monthly would actually simplify things.
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Postby namvet » Tue May 22, 2012 10:17 am

Set up you budget for each month. When you get the monthly check pay yourself first (savings). Pay any bills that will be due during the next 30 days. The rest of the money is yours to spend how you see fit. After a few months this will become second nature.

fantasy86dj
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Postby fantasy86dj » Tue May 22, 2012 3:22 pm

Thank you jeffy, I have 55 days interest free on my main card and I have the savings to back myself too.

Thanks namvet :)

InCreditWeTrust maybe I am mistaken then?

Sorry for the delay in my replies but I have only just woken up (6:21am Wednesday here) and I have a nasty cold! Darn Winter!!!

DavidNY
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Postby DavidNY » Tue May 22, 2012 4:04 pm

I'm in the US and every job I've had involving periodic paychecks have been every two weeks.

One thing you might consider is having all your credit card due dates fall a few days after you're paid.

This way you can pay them off quickly and don't need to worry about setting aside money for them.

fantasy86dj
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Postby fantasy86dj » Tue May 22, 2012 4:56 pm

As it turns out my cards are due about 5 days after I would get paid - worked out really well for me!

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Postby DoingHomework » Wed May 23, 2012 11:18 am

DavidNY wrote:I'm in the US and every job I've had involving periodic paychecks have been every two weeks.


That's because state laws require that in many states.

I used to work for an Australian company. I was an executive for the American subsidiary. The Australian GM was an idiot and frequently reminded me at least twice a year that he was a nice guy and was making an exception in paying the American employees here twice a month rather than monthly. No, George, you're not a nice guy. You're just complying with the law. You don't have a choice. The first time you fail to make the bi monthly pay on time you subjected yourself to automatic statutory damages to each employee of triple the payment you missed. But in 10 years I really don't think he ever got it.

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Postby Snowman » Wed May 23, 2012 4:28 pm

I like, most of my other co-workers, get paid every 2 weeks. I don't mind it but I would love to get paid every week.
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fantasy86dj
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Postby fantasy86dj » Thu May 24, 2012 5:43 pm

DoingHomework wrote:That's because state laws require that in many states.

I used to work for an Australian company. I was an executive for the American subsidiary. The Australian GM was an idiot and frequently reminded me at least twice a year that he was a nice guy and was making an exception in paying the American employees here twice a month rather than monthly. No, George, you're not a nice guy. You're just complying with the law. You don't have a choice. The first time you fail to make the bi monthly pay on time you subjected yourself to automatic statutory damages to each employee of triple the payment you missed. But in 10 years I really don't think he ever got it.


Australian GM's are dim wits more and more often these days - it's become like the common cold...... My work is trying to save money by not doing the pay run so often (I found out it costs $600 just for a pay run) and there is so much time involved in every 2 weeks doing a pay run its more efficient to do monthly pays.



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