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I am paid weekly, which is nice from a forecasting perspective. I think my favorite gig was the one that paid monthly. I just liked it that way.

My mother used to be a bookkeeper for a small biz who did bi-weekly to spread out the hit from payroll (half the people paid week A, half week B). Her replacement, who had a gambling habit, decided to put herself in both A+B, and went about 18 months before being caught. My mother had to come out of retirement to train her re-replacement and fix the mess/train the owner to be more careful.

Solandri said:    I was also surprised at the number of people who went to those check cashing services (who take about 5%-10%) to cash their paycheck
I noticed that when I ran a small business, so I started offering check cashing to the employees for a fee. It was kind of funny to deposit half the checks back in to the same account they were written from.

fedguy said:   ZenNUTS said:   Solandri said:   
This country badly needs a mandatory home economics course in high school. Not cooking and sewing, but real home econ - how to manage your money.
We're taught to fill out a 1040-EZ. The teacher also taught us to buy whole life insurance, and this somehow will make us millionaires.

Not much you can expect from public school teachers who got lifetime security via their pension plan.


Which school system taught that? I went through the public school system from elementary to senior high and not once was the income tax forms or laws ever mentioned in any class in my school system. They did have courses in home economics and woodworking though.

When I was in fifth grade (public school), my math teacher created a set of fake worker profiles, including SSN, W-2, etc. Every student got a random profile, and the assignment was to go to the library to pick up Form 1040 and its instruction booklet, and fill it out using the tax table in the instructions. We had to mail it to the teacher by April 15, who would then mail us back the refund in the form of class money, which at the end of the year (along with other things like gold stars and unused homework passes) was used in a candy/trinket auction.

Of course, by the time I actually needed to file tax returns for real, TurboTax was readily available. But back then, it gave us kids a taste of our parents' annual tax ritual.

TheDiggler said:   A company I worked for switched their pay periods from twice a month to every other week. They went out of their way to notify employees in advance of the smaller paychecks they would receive each pay period, but that they would receive two additional paychecks per year, so the net affect was a wash. That's bullshit, and here's why:...A prior employer of mine did that switch, but they did it to their benefit that no one realized (until I pointed it out to a number of co-workers). The switch over was done the beginning of February one year. That meant the first month they only had to pay out for 2/26 of the year, not 2/24 like they normally would have. You would only get the missing money at the end of the following January. It was obviously done to keep some cash in their pockets for a year before paying it out.

This place would nickle & dime you whenever they could, even though they were a gov't contractor making excellent money. When a large number of us quit on the same day, they decided to be a little more employee friendly.

JaxFL said:   I prefer to get paid annually, upfront

I prefer to get paid upfront for the next 35 years, and not work, ever.

I like money.

Federal Government pays everybody including department heads every other week, nobody complains about financial dislocations except we are not being compensated for inflation anymore under the "progressive" regime.

I get paid monthly. I like it. Most of my bills are on a monthly basis and I credit card (and pay off) almost everything I can, so it really doesn't matter. I used to like biweekly because it felt like I was going to get a mini bonus, but it always seemed like something came up. It is not all equal though, monthly pay employees do end up taking a huge pay hit on leap years (having to work a day for free). I'm never happy when that happens.

mikemagik said:   Personally, I just hate biweekly paychecks because they screw up my Mint.com budgeting.

I like it because it forces me to save 2 paychecks each year.

Strangely, I used to be paid monthly at a certain Fortune 100 company. And I miss it; fewer deposits to track, easier to determine just how much I'm saving. Of course, I lose February 29th every 4th year...

BingBlangBlaow said:   It actually is not the same, and you should prefer being paid every other week.
That glorious year of 27 bi-weekly paychecks was 2011 for me.

try once a month. my last job was paid the 15th unless that was a weekend. going 30 or 31 days between pay cycles was just brutal. yes, it's the same amount, but accounting was tough.

hebron1427 said:   try once a month. my last job was paid the 15th unless that was a weekend. going 30 or 31 days between pay cycles was just brutal. yes, it's the same amount, but accounting was tough.

Huh. I've been paid monthly, on the 20th, for my entire working career of 10+ years. I've never once considered the accounting to be "tough". Keep your cash flow positive and there are no worries.

I get paid on the 1st of every month, wife gets twice a month, 6th and 21st. Just pay all the bills on the first and don't worry again till the next 1st.

for my business i pay bi weekly but i know plenty of business that pay twice a month..the reason is you have two less pay periods you have to pay your payroll company for so you save some money

vipercon said:   If you just keep a buffer in your checking account it really doesn't matter what frequency you are paid in.
dcwilbur said:   Are there that many people on this board living paycheck to paycheck such that it would matter what day you get paid? Geez, save up a little so that it doesn't matter. If you have to budget to make sure that bills get paid based on when your next paycheck arrives, you're doing something wrong.

For me it was just psychological. Even given plenty of buffer and smaller paychecks, I prefer getting paid more often to less often. I guess I just don't like watching my bank account drain for a month before getting refreshed.

When I worked at a startup company, one of my co-workers said that he preferred bi-weekly. This way, there's a better chance of being paid before the company goes bankrupt.

When I was a summer intern, I got paid weekly on Friday. Now that I am a full time employee of the same company, I get paid monthly on the 25th of the month.

I'm also of the mind that most people here either don't have cashflow considerations or are very good at managing it. Frankly, if your cashflow is so tight that the 26 vs 24 checks creates problems you already have problems and you don't even know it.

If you work at an employer where you have detailed online control over direct deposit and disposition of your paycheck, the cool thing is you can configure the full-check's deposit to go to a particular account on only the 3rd pay period (so happens twice a year). It's a way to force additional savings w/o the money first landing in your account-de-guerre, where you might spend it on something frivolous that you see in FWHD.

mgessford said:   hebron1427 said:   try once a month. my last job was paid the 15th unless that was a weekend. going 30 or 31 days between pay cycles was just brutal. yes, it's the same amount, but accounting was tough.

Huh. I've been paid monthly, on the 20th, for my entire working career of 10+ years. I've never once considered the accounting to be "tough". Keep your cash flow positive and there are no worries.


it was probably exorbitantly complicated more by the variable pay aspect of it than the frequency, but the 1x per month frequency meant a bad pay period would sting a lot longer.

irascible1 said:   It is not all equal though, monthly pay employees do end up taking a huge pay hit on leap years (having to work a day for free). I'm never happy when that happens.

You also make full monthly pay for working only 28 (or 29) days, if you want to analyze it that way.



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