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Pay Schedule Preferences

1300 Views 24 Replies 22 Participants Last post by  brainyblonde
When I began teaching, I was paid once a month. That really worked well, as bills were once a month, and once those were paid, I knew I could eat on what was left! Later, my husband was still paid once a month and I took a job where I was paid twice a month. We still tried to live like we were paid once a month. I've never been paid weekly, and I don't think I would like it.

It's probably all in what you are used to, but I was curious. What is your preference in your pay schedule, and why?
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Every 2 weeks at my full time job, and every Tuesday at my part time job. The check at the part time job isn't much though, and usually goes into my gas tank.

I'm okay with the every 2 weeks, just wish it were set days (15th & 30th for example) instead of Fridays where the date changes each month.
Ssindi: Congrats on the retirement! Yes, it is a new game to get used to. My husband's pension check comes the week before my Social Security Check. We began taking a monthly income stream from our savings, which is deposited the week after SS. I still prefer monthly (all at once), and this is monthly, but spread out over 3 weeks. But we had no say in when to take the pension and SS. So far, it's working OK, but we had to get used to a different system.
I've nearly always been paid monthly, and love it. It is totally simple.

Bills are the same, or within pennies of standard amounts, and are paid at the beginning of the month or can be calculated in the cash flow and the money is sitting there waiting for the auto draft. I use almost no cash, maybe $5-10 a month. I put everything on two CCs. The billing cycle on one closes on the 1st, the other on the 3rd (want to change that to the 1st). So when I get my check, I know what those will be and I pay them off as soon as they close. By the 3rd of the month, everything is set and I don't have to think about it again until they next month.

I just budget XX amount for expenses, without itemizing by categories, so that's pretty much a no brainer too. I just have to watch the totals on the CCs through the month.
Paycheck preference

Before I retired, I thought a weekly paycheck was the best, but now I really like getting my money on the 1st of the month, EVERY, month. By the time my pension hits my bank account, I have already figured my budget for the whole month. If I have already gotten a bill statement for that month, I go ahead and pay it during the first week, even if it isn't due until later in the month. I estimate the other payments that will come due and write them down in the budget so that the money is already allocated. NOT AVAILABLE FOR OTHER THINGS !! I deduct the total of bills due from my monthly income, which unfortunately never changes, then what is left, I divide by 4 weeks, so that I won't run out of money before I run out of month ! LOL. This may all sound so organized, but I have learned the hard way how to be more organized and frugal with my finances.
If I had been this way before I retired, I would not be soooo deep in
DEBT DOODOO !!!! I need a LOT of prayer! And NO, I will not post anything definitive about my financial situation. LOL !! I am still too ashamed of what I have done to myself. But, I am working on it.
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I liked every two weeks much better than the twice a month I'm paid now.
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