Comments on: Paycheck frequency and spending habits

By: Sabrina

Sabrina — Mon, 04 Feb 2008 19:15:14 +0000

After 12 years of getting paid 2x a month (15th and last day of the month), I now get paid every 2 weeks.

I kept my old budget so twice a year I get an “extra” check. I usually try to save some of it and pay extra on the balance of my car or personal loan.

By: True Financial Success, Naughty Financial Advisors, Male Stereotypes @ The Roundup

Sun, 03 Feb 2008 23:05:34 +0000

[...] Paycheck frequency and spending habits @ Sense To Save [...]

By: Tina Kubala

Tina Kubala — Sun, 03 Feb 2008 22:52:04 +0000

I get paid every two weeks. I prefer it to my first seven years of work life when I was paid weekly.

I have a calender set up with pay day dates and labeled with which payday is the “rent” payday. It takes around 4/5 of my biweekly check to keep a roof over our heads.

The “non-rent” payday is where we pay the other bills – car insurance and cable that gives us web, TV and phone.

Sometimes it is very tight even though it is just my husband and I, plus the cats, on one income, but we have made it work.

For the last few months, things are looking up because my husband and I are both earning a modest income from our blogs. These various paydays get logged in the calender so we know when money is coming. It has taken the pressure off our budget.

By: E.C.

E.C. — Sat, 02 Feb 2008 23:57:45 +0000

Most of my income comes from scholarships that are paid once a semester. Since I didn’t get this semester’s housing, grocery, and utility money until January 30, I had to pay both January and February’s rent before I received the money that was supposed to cover them. Having some extra money to draw on is pretty important in that situation. Even though I could have easily moved money out of my savings account to cover these expenses and then replenished it when I got paid, I found myself looking at my dwindling checking account balance and trying to find ways to cut costs.

By: mee mOe

mee mOe — Sat, 02 Feb 2008 18:24:58 +0000

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By: Chris

Chris — Sat, 02 Feb 2008 11:37:37 +0000

We have the same problem. We actually pay one month ahead on our house payment in order to use automatic fund withdrawal because of when we get paid versus the due date of our payment.

By: Jason

Jason — Sat, 02 Feb 2008 10:34:17 +0000

Building an emergency fund is a good thing indeed. It helps one avoid financial troubles. But yes, if you are into saving your money in a fund or into your savings account in the bank or go for flexible pending or retirement plan, you need to cut down the expenses. That was what i asked my wife to do, she had been a shopping freak but i somehow turned her into a savings freak :)

By: A

Sat, 02 Feb 2008 04:39:55 +0000

I could have been paid by my employer biweekly or monthly and over the span of 10 or 12 months.

I went with biweekly, over the 12 months. It just helps to keep things budgeted and it’s easier to get the cushion for the next month built up. With all my payments set on autopilot, biweekly also keeps the balance in my checking account from ever getting too low.

When I full trust my financial habits, I’ll switch over to monthly payments on the 10 month schedule. Then I can be earning interest on my money, not my employer.

By: Michelle

Michelle — Sat, 02 Feb 2008 03:41:19 +0000

When I first started working I got paid a salary in 10 installments (Aug-May, it was a tiny school and they didn’t run pay roll in June or July). That was TOUGH. I would put aside what I needed to save each month to make ends meet in the summer, then deduct all the monthly fixed expenses at once, and then knew what was left for the rest of the month. Very tricky, and no wiggle room.

Now hubby and I are both on 26 pays a year, alternating weeks, so we have a constant income stream, which is really nice. We auto-draft/direct debit all of our fixed expenses out of one bank account just for that.

By: Pam Hoffman

Pam Hoffman — Sat, 02 Feb 2008 03:26:03 +0000

You really need Loral Langemeier’s book: “The Millionaire Maker”

I’m in the process of working thru the things she has her case-study people do and I’m looking forward to never having these kinds of issues ever again.

Please help your family and get this book!

No one should have to live like that.

Pam Hoffman
http://seminarlist.blogspot.com