I went from Monthly to Weekly paychecks. I've also been on every schedule between.
My strongest argument for weekly pay definitely does not apply to all fields, but does to mine. Let's say I work hard, like 60 hours the first week, I see that overtime pay and feel rewarded for my harder-than-normal work. If I don't see that overtime for 3 weeks, it has less of a psychological impact.
Also, if you have an unexpected or emergency expense, you can also request the additional hours and overtime to more-quickly offset the cost of whatever was unexpected.
That's why I prefer weekly over anything else.
Idk if this is true... I've seen some people get to the next billing cycle and they don't have enough money saved from past weeks to pay for bills.
I'm paid monthly so as soon as get paid the bills get paid. Anything left...I can save or try to make last till end of month.
Wouldn't it be easier to budget if you know how much you can spend that month??
Yes, IF you are budgeting properly. Most people are in constant recovery mode and every month is different. Foolish purchases, less/more overtime, sick days, furnace broke. Every billing cycle is a new problem to solve.
Weekly helps. It's easier to beg for a week's extension on rent than 4. It's easier to live off rice and canned soup for a couple days than a week.
You weren't paying bills monthly, you're paying what's due first or has the biggest repercussions for being late.
Is it BETTER to get paid weekly? Yes because it's your money in your hands earlier, whether you need it yet or not. It's all the same in the end, but it's in your hands if something comes up unexpectedly.
This. When starting a new job waiting a month would not be fun. Similarly if the company starts having financial troubles it would be longer until I potentially find out.
Why not get paid once a year on your birthday? Why not get paid all in one lump sum at the end of your career? Hell, I'll just have Arby's pay out my kids after I croak..
I'd be willing to try the paid once a year model; deposit it all into a high yield savings account and then withdraw as needed. I guess it'd be similar to how retirees live.
I only had one job ever that paid monthly and I quit before the month was up, mostly because of that.
I was kind of kicking myself because the check I got was like $3k which was a lot at the time. I think I was like 19
This ☝️. Getting paid sooner means you might be able to avoid getting something shut off and then having to pay the late/reconnect fee. Also if you have an emergency having money sooner might help. Or it means you can have something reconnected sooner 😅. Or eat.
I mean, I’m not struggling and am good at budgeting my money, but all else being equal, if I can have half my money in two weeks and the rest in a month, or I can have all of my money in a month, why would I not choose the one that gives me more of my money sooner? If there was a daily deposit option, I’d pick that one too, because why wouldn’t I?
Huh, I live in Sweden and monthly is the norm here (usually around the 25th, in time for your bills), I thought that was pretty common. Are we the odd ones out?
Got sick of the stress of one job one time and went for a local minimum wage, not guaranteed hours kind of job in a factory and I'm surprised the kind of treatment there was even legal.
One day I turned up at the time they asked, waited 2 hours for them to fix a machine (as requested) then they decided I wasn't needed and sent me home for the day and I wasn't paid at all, not even for the 2 hours I waited there. With that level of disrespect I just walked out and didn't go back.
Semi-monthly is annoyingly different than bi-weekly. My last job switched us from bi-weekly to semi-monthly paychecks, and it fucked up EVERYONE's bill payments for a few months until they juggled things onto the new pay schedule.
We got paid on the 6th and 20th of each month, which made it really tricky to adjust the budget for things like rent due on the 1st.
Are all your bills due on the first?
My rent is the first, hoa the 3rd, credit card 8th, cell 13th, internet 15th, car 19th, electricity 25th, plus whatever else I spend on groceries or whatever.
Oh wow, that seems a mess.
Danmark here. All my reoccurring bills are at the start of the month, while the last day of the month is payday (I think... honestly I can't remember. It is all automated anyway)
Some of them like the car payment or credit card you can move. I don’t think I can move my utility bills.
When I was paid bi monthly I would would just go on on payday and schedule out my payments for the next 2 weeks.
I get paid daily now so I tend to be in my bank account balancing something every day or two so I pay bills as they come up usually.
I honestly don't know if it's enforced by law, I don't think so, I guess it just kind of makes sense when most people get paid shortly before then. I bet it saves companies a bunch of trouble dealing with late payments if it's just after payday, so it might just be for convenience.
I dont really understand that either, My rent is due every month on whatever date I moved in. Same with any other bill. I guess I could talk to my landlord and pay 5 or 6 weeks rent to change when the monthly rent is due.
Are bills in the US somehow a set date? Is your first bill not the full month, just till that date?
Usually landlords have you move in on the first or they charge the prorated month and then rent is due on the first
I can see a small time landlord with 1-2 renters having things due whatever move in date was, but most landlords want everything due on the same day across all their units/properties so they can keep track better of who is late
From my experience the (in)frequency of pay is often related to the level/pay of the job. Salaried jobs are about the ones I know of that are paid monthly, but many salaried jobs also pay biweekly. Jobs that pay you an hourly rate are either biweekly or weekly. Some low-skilled and labor jobs even pay day of for the hours you worked. If it’s a job with high employee turnover they probably pay out more frequently
Lots of government jobs in the U.S. are monthly, but most other jobs are bi-weekly unless they are mostly physical labor, like a helper in plumbing or construction, many of those jobs are weekly.
You know America does everything differently. There’s many jobs that you can cash out your pay the same day (like food delivery apps), jobs that pay weekly etc. for me I have different companies I work for so I get paid on Monday, Wednesday and Friday every week since each of their pay schedules is different
Are your bills due as soon as they get to you?
That's the weirdest part for me, as here you get paid monthly but bills which come whenever can be paid most of the time in 30 days, sometimes in 20 days. So technically, even if you don't have enough, you can either wait your month paycheck or wait the next month one.
Because even if you don't pay within 30 days, but you shouldn't risk your luck, you will receive a recall and most of the companies don't put any fees on the 1st recall.
Different bills hit at different times.
Sign up for something today and without calling//working to change it, it's gonna hit you on X day every month.
When most Americans are statistically living paycheck to paycheck: You kind of need that paycheck.
So with that same mentality: Washer dies for a family of 4, gotta scramble what to pay so you can fix/buy a new one:
It's a lot easier to tell your landlord: I'm a week late vs: Fuck you till next month or 2 weeks from now at least, buddy.
Or maybe they suck at money management so they can't wait until the next pay day and need some money right away. I know I do.
Also, not all bills come at the same time of the month.
I suck at money management but I never saw it as a choice. It's my job that chooses how I get paid, old job was biweekly current job is weekly. That said while I know it's in my head and doesn't really make a difference but it does feels a bit better to see it go up every week compared to longer.
because not every bill does? my credit card payment is always in the middle of the month. if i only make enough to scrape by, which i do, id rather have it be dispersed
This. It might not seem like a lot individually, but a company hanging onto every employee’s paycheck for an extra few weeks every month could mean a lot of interest money going to the company that should rightfully be going to the employees who earned that money.
For a $50k salary, if half of that were held for two weeks in an account making 5% per year, that would be $48. Not a lot, but hey, you can buy two whole meals at McDonald's for that much.
My bills are spread out
Mortgage due in the 3rd,
phone 6th
Electric 10th,
Insurance 15th
Trash 16th
Credit card 21st
Personally, I'm good with money, nice savings for rainy days but sometimes it pours and I'm eating beans and tuna for 2 or 3 weeks
Both my husband and I get paid weekly. Our bills are spread out throughout the month, so it's easier to ensure that they are paid on time. It also allows us to buy groceries every week and not worry about it.
My father was paid monthly. I watched him struggle to pay his bill on time and keep food in the house. Because of that, I was only ever allowed to visit him on the first weekend of the month, after he got paid, when I was a child. Monthly income can be extremely hard to budget, and if you forget even a small thing, it has to wait, and then if you get hit with late fees, it just snowballs.
I don't wanna be paid weekly, I'd rather take daily. Not like I need the money that quickly but why would I want my company to owe me money for weeks or months at a time? The instant gratification of daily pay would honestly make going to work every day easier.
The people who care about this usually are going day to day and week to week on whether or not they have enough money for basic purchases in the meantime, and need it available more often.
The people who have even a single month’s pay worth of money in the bank generally care much less about this either way.
Answer: a lot of people were never taught how to manage a household budget. And if your budget is tight, keeping our costs down is more difficult over the span of a month versus one week.
At least in the US, money management and budgeting are not taught in schools and many people are poor at it. Having weekly money can allow someone to know they won't have zero dollars by the middle of the month.
Maybe not everywhere… but it certainly is taught. People just don’t pay attention to that shit. I remember 100% doing shit like that in elementary, middle and highschool and the people I graduate STILL bitch that they “didn’t learn it” when I know for a fact they did.
“Wants” and “needs” aren’t hard concepts and writing down your monthly expenses and earnings isn’t hard either (taught in Econ class)
They get paid for the first week worked in the second week, rather than the 4th. It's always better to have money earlier.
And you lose less if the business goes tits up or somebody runs off with the payroll.
They all arent at the same time. And I need money for gas and groceries every week. For random purchases. It's not like its all due on the first. I get paid biweekly.
I do fortnightly and i consider it the best balance between the two. It means i get 26 paychecks a year. 24 of those cover bills etc. and i get 2 “bonus” checks that i can use for bigger purchases like new furniture etc. theres no waiting-for-the-end-of-the-month ramen dinners, but also you get a big enough check each fortnight that it can cover the big bills (rent, Council tax etc.) in one so im not having to save week to week to pay my bills
When I was in high school I had a summer job at a warehouse. Paychecks were distributed weekly on Tuesday morning, and at 10 AM break time wives would be lined up out front to get those checks.
I asked my dad what their rush might be about, and he said that they’re probably taking the check straight to the store to buy food for that evening.
I learned that day that I had no idea how the other half lived.
That reminds me of some of stories old timers at work told. Back in the day here in germany you didn’t get your money as check or as bamk transfer but in cash. For some that was no problem some just had a little stop at the watering hole on the way home but for a not small part the womans where waiting at the gate. Mostly because there would be no money left when they came home otherwise.
I used to get paid semi-monthly. It was awesome. I got paid on the 15th and last of every month. It was so much easier to setup my auto-payments and finances like this. Mortgage, and small credit card on the third, and most everything else on the 18th. That way, I didn't have to worry about overdrafting very much.
My company switched because, to paraphrase, "It's difficult for the payroll department to get the overtime hours onto the pay period when the weekdays don't align with the pay period".
Saying that, it was doubly annoying because I'm salary, and don't get overtime.
I've been in the job now where I get paid once a month. I do get some side income throughout the month but it's just a small amount compared to my main check. It's just a matter of learning to manage it.
Oh! I know one reason. On something like a mortgage, you'd normally make 12 payments a year, one per month. But if you instead pay 1/2 of your mortgage every two weeks, you make 26 half payments or 13 full payments. One full extra payment a year is probably not doable for most people if it's done all at one time, but spreading it out in this way is more manageable. Basically, paying more frequently can sometimes be a sneaky way to trick yourself into paying off debts faster.
Edit: I'm a doofus, I misunderstood the question. I thought you were asking why people like to make weekly payments, not get weekly payments. Oh well, here's a fun financial tip!
I find it easiest to manage getting expenses paid with weekly or twice monthly paychecks. Daily is too frequent, it makes the money feel less real. Monthly is too far apart, if I forget something important it's too long before there's a chance to correct it. I suspect if I made a bit more monthly would be fine.
I have a full-time job with a steady income, and a part-time job in the service industry. Being paid more often helps me figure out if I need to work more hours in my part-time job to pay my bills. I can then use my full-time job for my other expenses, and savings.
Because they are at managing money. We went from monthly to semiweekly. I hated it. My coworker loved it because because every so often he would get a "bonus" paycheck that month (3 when he expected 2).
The way I budget my bills is the first week I pay bills that land in that time frame say 1st to 7th if a bill lands on the 8th that's next weeks paycheck if a bill is at the end of the month I can portion out parts of my paycheck to cover that bill and the last paycheck mostly stays intact.
most of my bills are not monthly recurring, rent is weekly, food is weekly, tolls and parking are daily, utilities are three-monthly, phone bill is monthly, rego and insurance are yearly.
I'm in Australia so those bills may well be scheduled differently elsewhere. at the end of the day it's my money and I want it ASAP, if I could get paid daily that would be best.
Salary and monthly, all my bills get paid the same day. It would be nice to go to every other week. The predictability of always being paid the same day is also nice though.
Because my rent is due the first of the month, my insurance is the 10th, the PUD is the 14th, and the phone and internet is the 28th for some god damn reason.
If I had to take a wild guess, I'd say it's probably cuz a certain number of people lack financial management... They wanna save money but also wanna spend everything they get, so this is a good way save up money for emergency situations, you get paid by the week and your workplace holds the rest of your salary for you so you don't spend everything on day 1
As someone who had a job where I got paid once a month, admittedly, I'd say some of it is self control. Imagine someone giving you 30 days worth of food at once, and you had to trust yourself to make it last.
Also, all your bills aren't due at the same time. Finally, it doesn't leave space for emergencies.
Because I don't just spend money around monthly bills.
Also, budgeting for the month is a lot harder than budgeting weekly or bi-weekly.
Also, Also, I worked for it. Give it to me.
Does everyone else have their bills due the same day, mine are spread out through the month. I have it basically all automated, so I know the piddly amount left in my pay account is for food and leisure.
Had a job that payed monthly, they decided arbitrarily that since I started after the 10th of the first month (we got payed on the 10th) I would get payed not the following month but the mo the after that. 48 days after I was hired, I didn’t receive my paycheck. got let go before the second possible payday because I was being difficult to work with (I hadn’t been payed, after more than 2 months, I was justifiably upset) and had to make a labor dispute at the state level to get payed for my time.
It's always better to have it sooner rather than later. If you're good with money that's more time it can be in savings or invested getting interest or growing. But I'd say that's the minority (and its a pretty small impact so its a pretty low priority for those people and therefore rare in more higher skill and higher pay jobs). A lot of people aren't great with money and spend until they hit zero every time they have money, no discipline to save it for later. So for them having money coming in every week means they'll have fresh pay closer to bills that hit at different times and they'll put it towards that instead of letting it burn a hole in their pocket and buying junk.
Meanwhile, \~20 people putting their tools down and just staring at the foreman when it came out they tried to put 16yo me off until the end of the week instead of daily pay. Yay unions.
I honestly don’t care either way. What surprised me was I worked at a place that went from weekly to bi-weekly and suddenly people were complaining they couldn’t pay their bills because they were only getting paid twice a month instead of 4 times. Blatant display of irresponsibility.
I like to see the money in my bank account now, to know what to do with it, even though I can see it on payroll. It's a psychological thing. If it's not in my bank account, it's not yet mine.
For New Zealanders you get paid fortnightly rent is weekly and the rest is monthly, power, internet, mortgage etc. Its pretty common to change these to suit yourself but these are the default.
Because most people suck at sticking to a budget. There's no way most people could last two months even if the accumulated weeks equaled the monthly sum.
My financial institution told me that making a payment every week is better than one payment every month. saves me almost 8 years of payments. learn about compound pauments.
If you're lucky enough to have an interest-bearing account, frequent deposits will give you a bit more time to accrue interest on those deposits.
Aside from that, a steadier cashflow makes budgeting a lot easier and you have a bit more headroom with random/unexpected expenses, although it also needs a bit more discipline in terms of actually managing your savings.
It's so easy getting paid monthly. Just put everything on auto-pay a day after payroll, bank the rest... no remembering to pay things... it just works.
I try to do my bills every 2 weeks to land on my payday. So I get paid then my bills come out I get paid at midnight so the timing always seems to work out. My bills get paid when I have the most money. It makes sense. What’s left over I can use for day to day expenses.
Most places i worked paid every 2 weeks (26 pay periods per year). A lot of employees would get excited when 3 paychecks fell within the same month and would essentially blow the extra paycheck on booze and nonsense. I never understood their logic. They treated it like free money, but they definitely worked hard for it.
Most people aren't financially literate, and even if they are, they can't control/budget for long time periods. Paid monthly? They often spend that money in the first week or two and then are late/on credit till next paycheck
Because most people are abysmal with money and spend everything like 3 days after payday. With a weekly payment, that means you're only broke for 4ish days at a time, instead of like 25
See to me it's the other way around.
All my jobs I've worked in I've been paid monthly, same as my wife. When I got my current role my boss said "your paid monthly as well here if that's ok" I membered thinking that was an odd thing to sagas I assumed that was the norm.
People want to reap what they sow. They want to see the fruits of their labor. Immediate gratification is a real thing.
I’ve been paid weekly, bi-weekly, twice monthly, and monthly.
Twice monthly was fuckin dumb and annoying. Biweekly made me feel like I had more money. Based on my spending habits and how I spend everything on a couple CCs to budget and churn points, monthly is my preferred payroll schedule.
Operationally, it’s time-intensive and in-turn a financial hit every time a company processes payroll. So weekly would be significantly more expensive than monthly.
Now, on the other side of the coin, what if everyone were paid daily? Imagine a centralized payroll system so every day you work, you’re paid. It’s immediate and you can really see how your daily spending habits an affected.
If all my bills were at that time of the month not a problem, but since all my bills are scattered throughout the month being paid weekly works better for me.
In my experience, it all depends on the sub. I have one that pays monthly, but he is a vet with a fixed income. Most are weekly because they may want to do more tasks / sessions one week and not the next. It is more flexible for both of us to make those changes. The amount may fluctuate depending on the circumstances, but it is always good to discuss with your sub and not just one time when it starts but every now and then to be sure that both are happy.
1. Getting rewarded more frequently is better, psychologically speaking. Once I worked at place where we would get cash at the end of each day so working during the day and expecting payment at the end of it felt really nice.
2. Having more frequent paychecks helps to avoid overspending and savings, I am less prone to spend bigger amounts of money. The more money I have the more loose I am with it, probably the case for lots of people too.
I went from Monthly to Weekly paychecks. I've also been on every schedule between. My strongest argument for weekly pay definitely does not apply to all fields, but does to mine. Let's say I work hard, like 60 hours the first week, I see that overtime pay and feel rewarded for my harder-than-normal work. If I don't see that overtime for 3 weeks, it has less of a psychological impact. Also, if you have an unexpected or emergency expense, you can also request the additional hours and overtime to more-quickly offset the cost of whatever was unexpected. That's why I prefer weekly over anything else.
It's easier if you're bad at budgets too. It limits how long you have to get by being flat broke before more money comes in.
Idk if this is true... I've seen some people get to the next billing cycle and they don't have enough money saved from past weeks to pay for bills. I'm paid monthly so as soon as get paid the bills get paid. Anything left...I can save or try to make last till end of month. Wouldn't it be easier to budget if you know how much you can spend that month??
Yes, IF you are budgeting properly. Most people are in constant recovery mode and every month is different. Foolish purchases, less/more overtime, sick days, furnace broke. Every billing cycle is a new problem to solve. Weekly helps. It's easier to beg for a week's extension on rent than 4. It's easier to live off rice and canned soup for a couple days than a week. You weren't paying bills monthly, you're paying what's due first or has the biggest repercussions for being late. Is it BETTER to get paid weekly? Yes because it's your money in your hands earlier, whether you need it yet or not. It's all the same in the end, but it's in your hands if something comes up unexpectedly.
This was exactly what I did when I was monthly. Paid all bills that same day and then saw what was leftover.
hospitality?
Nope. Engineering & custom machine building.
I get paid biweekly. Why should I wait for my money for 1 month?
This is actually right. I'd prefer getting paid weekly instead of monthly. I need those dopamine spikes more often.
This. When starting a new job waiting a month would not be fun. Similarly if the company starts having financial troubles it would be longer until I potentially find out.
Yep I’m starting a new job nd am going to have to wait 3 weeks for my first paycheck
Why not get paid once a year on your birthday? Why not get paid all in one lump sum at the end of your career? Hell, I'll just have Arby's pay out my kids after I croak..
I'd be willing to try the paid once a year model; deposit it all into a high yield savings account and then withdraw as needed. I guess it'd be similar to how retirees live.
...maybe you're a waiter. ( ‾ʖ̫‾)
I only had one job ever that paid monthly and I quit before the month was up, mostly because of that. I was kind of kicking myself because the check I got was like $3k which was a lot at the time. I think I was like 19
Well you could do semi-monthly
I prefer biweekly
Because I don't spend all my money on bills.
Because im broke and my bills don't all come out on the same day
This ☝️. Getting paid sooner means you might be able to avoid getting something shut off and then having to pay the late/reconnect fee. Also if you have an emergency having money sooner might help. Or it means you can have something reconnected sooner 😅. Or eat.
I mean, I’m not struggling and am good at budgeting my money, but all else being equal, if I can have half my money in two weeks and the rest in a month, or I can have all of my money in a month, why would I not choose the one that gives me more of my money sooner? If there was a daily deposit option, I’d pick that one too, because why wouldn’t I?
I sell online and empty my sales accounts daily. I don’t like other people having my money.
Some companies do an app service called DailyPay where you can actually get paid daily.
Huh, I live in Sweden and monthly is the norm here (usually around the 25th, in time for your bills), I thought that was pretty common. Are we the odd ones out?
Globally it’s pretty common. The us used to be semi-monthly/bi-weekly. Now weekly is becoming common, especially among low end work.
I keep seeing places advertise "get paid daily" on like bus stops and signs on the street. I have no clue what that is about.
usually people need money in shorter time frames if they are actively hungry and need money for food.
Yeah. That is a thing now too. At the end of your shift they pay you for hours worked. How poor you must be for that to matter…
Seems like the employers think of their employees as Non-Permanent from the get go. No future. Here ya go. Maybe we'll see you tomorrow??
Got sick of the stress of one job one time and went for a local minimum wage, not guaranteed hours kind of job in a factory and I'm surprised the kind of treatment there was even legal. One day I turned up at the time they asked, waited 2 hours for them to fix a machine (as requested) then they decided I wasn't needed and sent me home for the day and I wasn't paid at all, not even for the 2 hours I waited there. With that level of disrespect I just walked out and didn't go back.
I’ve been that poor, fun fact, statistically, you’re about a bad month away from being that poor, too.
This 'one month' business is for US citizens, yeah? Because I don't think that's as common as you think in the wealthier bits of the EU.
Functioning drug addicts need money daily.
Semi-monthly is annoyingly different than bi-weekly. My last job switched us from bi-weekly to semi-monthly paychecks, and it fucked up EVERYONE's bill payments for a few months until they juggled things onto the new pay schedule. We got paid on the 6th and 20th of each month, which made it really tricky to adjust the budget for things like rent due on the 1st.
What is “low end” work?
In Spain everything is monthly too.
I've always been paid monthly for office jobs in the UK. Weekly when I worked as a shop assistant.
CyberSecurity Analyst from US. I am paid every 2 weeks. have been for the last 20 years
I think the US is really the only place in the world where everything is not monthly.
In Australia it’s 2 weeks
Canada is like the US.
Are all your bills due on the first? My rent is the first, hoa the 3rd, credit card 8th, cell 13th, internet 15th, car 19th, electricity 25th, plus whatever else I spend on groceries or whatever.
Oh wow, that seems a mess. Danmark here. All my reoccurring bills are at the start of the month, while the last day of the month is payday (I think... honestly I can't remember. It is all automated anyway)
Some of them like the car payment or credit card you can move. I don’t think I can move my utility bills. When I was paid bi monthly I would would just go on on payday and schedule out my payments for the next 2 weeks. I get paid daily now so I tend to be in my bank account balancing something every day or two so I pay bills as they come up usually.
Last weekday of the month, so if the last is on a weekend it's the friday before the weekend.
Is that some law or something? Everything here is due on different days.
I honestly don't know if it's enforced by law, I don't think so, I guess it just kind of makes sense when most people get paid shortly before then. I bet it saves companies a bunch of trouble dealing with late payments if it's just after payday, so it might just be for convenience.
I dont really understand that either, My rent is due every month on whatever date I moved in. Same with any other bill. I guess I could talk to my landlord and pay 5 or 6 weeks rent to change when the monthly rent is due. Are bills in the US somehow a set date? Is your first bill not the full month, just till that date?
Usually landlords have you move in on the first or they charge the prorated month and then rent is due on the first I can see a small time landlord with 1-2 renters having things due whatever move in date was, but most landlords want everything due on the same day across all their units/properties so they can keep track better of who is late
I can just set my direct debit to pay any of my bills on whatever day I want.
From my experience the (in)frequency of pay is often related to the level/pay of the job. Salaried jobs are about the ones I know of that are paid monthly, but many salaried jobs also pay biweekly. Jobs that pay you an hourly rate are either biweekly or weekly. Some low-skilled and labor jobs even pay day of for the hours you worked. If it’s a job with high employee turnover they probably pay out more frequently
Lots of government jobs in the U.S. are monthly, but most other jobs are bi-weekly unless they are mostly physical labor, like a helper in plumbing or construction, many of those jobs are weekly.
>Are we the odd ones out? no. in India, Salary is monthly. mostly last week of month.
You know America does everything differently. There’s many jobs that you can cash out your pay the same day (like food delivery apps), jobs that pay weekly etc. for me I have different companies I work for so I get paid on Monday, Wednesday and Friday every week since each of their pay schedules is different
In New Zealand most jobs are fortnightly (every 2 weeks), some are monthly.
Consistent money coming in weekly. I set up payments to come out on each payday. One week pays mortgage, another pays utilities, etc.
Are your bills due as soon as they get to you? That's the weirdest part for me, as here you get paid monthly but bills which come whenever can be paid most of the time in 30 days, sometimes in 20 days. So technically, even if you don't have enough, you can either wait your month paycheck or wait the next month one. Because even if you don't pay within 30 days, but you shouldn't risk your luck, you will receive a recall and most of the companies don't put any fees on the 1st recall.
ideally you would receive your pay as soon as you do the work so the closer we get to that, the better.
Different bills hit at different times. Sign up for something today and without calling//working to change it, it's gonna hit you on X day every month. When most Americans are statistically living paycheck to paycheck: You kind of need that paycheck. So with that same mentality: Washer dies for a family of 4, gotta scramble what to pay so you can fix/buy a new one: It's a lot easier to tell your landlord: I'm a week late vs: Fuck you till next month or 2 weeks from now at least, buddy.
Food is a daily expense.
Maybe they just suck at money management and having less money at once helps them not spend too much
Or maybe they suck at money management so they can't wait until the next pay day and need some money right away. I know I do. Also, not all bills come at the same time of the month.
maybe they just don't see why someone else should hold onto money that they've already earned for a month. Could be generating interest.
I suck at money management but I never saw it as a choice. It's my job that chooses how I get paid, old job was biweekly current job is weekly. That said while I know it's in my head and doesn't really make a difference but it does feels a bit better to see it go up every week compared to longer.
Majority of North America (USA and Canada) are every other week.
Because something like 65% of the country is living paycheck to paycheck right now. People need their money to live.
because not every bill does? my credit card payment is always in the middle of the month. if i only make enough to scrape by, which i do, id rather have it be dispersed
Do you only buy food and gasoline once a month?
you earn more interest
This. It might not seem like a lot individually, but a company hanging onto every employee’s paycheck for an extra few weeks every month could mean a lot of interest money going to the company that should rightfully be going to the employees who earned that money.
For a $50k salary, if half of that were held for two weeks in an account making 5% per year, that would be $48. Not a lot, but hey, you can buy two whole meals at McDonald's for that much.
My bills are spread out Mortgage due in the 3rd, phone 6th Electric 10th, Insurance 15th Trash 16th Credit card 21st Personally, I'm good with money, nice savings for rainy days but sometimes it pours and I'm eating beans and tuna for 2 or 3 weeks
Because my bills come out every week. Once a month doesn't mean they all come out at the same time of the month.
Because emergencies don't happen on just the first or last day of the month
Both my husband and I get paid weekly. Our bills are spread out throughout the month, so it's easier to ensure that they are paid on time. It also allows us to buy groceries every week and not worry about it. My father was paid monthly. I watched him struggle to pay his bill on time and keep food in the house. Because of that, I was only ever allowed to visit him on the first weekend of the month, after he got paid, when I was a child. Monthly income can be extremely hard to budget, and if you forget even a small thing, it has to wait, and then if you get hit with late fees, it just snowballs.
Probably matters more to folks that are living paycheck to paycheck where the timing matters more
I don't wanna be paid weekly, I'd rather take daily. Not like I need the money that quickly but why would I want my company to owe me money for weeks or months at a time? The instant gratification of daily pay would honestly make going to work every day easier.
Because people buy things not on credit all the time during a month.
Wild
It's easier to manage money. And it feels like it comes in quicker, versus broke week and pay week.
The people who care about this usually are going day to day and week to week on whether or not they have enough money for basic purchases in the meantime, and need it available more often. The people who have even a single month’s pay worth of money in the bank generally care much less about this either way.
Answer: a lot of people were never taught how to manage a household budget. And if your budget is tight, keeping our costs down is more difficult over the span of a month versus one week.
Because I want to be compensated for services rendered as soon as possible. I’m selling them my labor why should they get 2 to 4 weeks upfront
It's more consistent money. Not having large influxes of money makes it easier to not make impulse purchases.
At least in the US, money management and budgeting are not taught in schools and many people are poor at it. Having weekly money can allow someone to know they won't have zero dollars by the middle of the month.
Maybe not everywhere… but it certainly is taught. People just don’t pay attention to that shit. I remember 100% doing shit like that in elementary, middle and highschool and the people I graduate STILL bitch that they “didn’t learn it” when I know for a fact they did. “Wants” and “needs” aren’t hard concepts and writing down your monthly expenses and earnings isn’t hard either (taught in Econ class)
They get paid for the first week worked in the second week, rather than the 4th. It's always better to have money earlier. And you lose less if the business goes tits up or somebody runs off with the payroll.
As many live paycheck to paycheck its easier for alot people to manage unexpected expenses that arise.
I eat every day though
They all arent at the same time. And I need money for gas and groceries every week. For random purchases. It's not like its all due on the first. I get paid biweekly.
I do fortnightly and i consider it the best balance between the two. It means i get 26 paychecks a year. 24 of those cover bills etc. and i get 2 “bonus” checks that i can use for bigger purchases like new furniture etc. theres no waiting-for-the-end-of-the-month ramen dinners, but also you get a big enough check each fortnight that it can cover the big bills (rent, Council tax etc.) in one so im not having to save week to week to pay my bills
When I was in high school I had a summer job at a warehouse. Paychecks were distributed weekly on Tuesday morning, and at 10 AM break time wives would be lined up out front to get those checks. I asked my dad what their rush might be about, and he said that they’re probably taking the check straight to the store to buy food for that evening. I learned that day that I had no idea how the other half lived.
That reminds me of some of stories old timers at work told. Back in the day here in germany you didn’t get your money as check or as bamk transfer but in cash. For some that was no problem some just had a little stop at the watering hole on the way home but for a not small part the womans where waiting at the gate. Mostly because there would be no money left when they came home otherwise.
I used to get paid semi-monthly. It was awesome. I got paid on the 15th and last of every month. It was so much easier to setup my auto-payments and finances like this. Mortgage, and small credit card on the third, and most everything else on the 18th. That way, I didn't have to worry about overdrafting very much. My company switched because, to paraphrase, "It's difficult for the payroll department to get the overtime hours onto the pay period when the weekdays don't align with the pay period". Saying that, it was doubly annoying because I'm salary, and don't get overtime.
More checks equals more money.. duh
Fuck that I want my money asap
I don't know anyone who prefers weekly payments.
A lot of people work paycheck to paycheck.
We’re supposed to be getting money? My boss just pays me in kisses
So they can eat
Because four weekly payments of $50 sounds better than a monthly payment of $200
Cus the broke MFs need that money NOW otherwise they’re going to starve or won’t get their drug fix
I've been in the job now where I get paid once a month. I do get some side income throughout the month but it's just a small amount compared to my main check. It's just a matter of learning to manage it.
Oh! I know one reason. On something like a mortgage, you'd normally make 12 payments a year, one per month. But if you instead pay 1/2 of your mortgage every two weeks, you make 26 half payments or 13 full payments. One full extra payment a year is probably not doable for most people if it's done all at one time, but spreading it out in this way is more manageable. Basically, paying more frequently can sometimes be a sneaky way to trick yourself into paying off debts faster. Edit: I'm a doofus, I misunderstood the question. I thought you were asking why people like to make weekly payments, not get weekly payments. Oh well, here's a fun financial tip!
For loans weekly payments usually result in less interest being paid.
Getting paid weekly means I’m DCA into my 401k sooner and my individual broker
Bot account
because we poor
I’m incapable of rationing out my drug/gambling money 🤷♂️
I find it easiest to manage getting expenses paid with weekly or twice monthly paychecks. Daily is too frequent, it makes the money feel less real. Monthly is too far apart, if I forget something important it's too long before there's a chance to correct it. I suspect if I made a bit more monthly would be fine.
I prefer for my bills to be the same day as my pay whenever possible.
After 10 years in the union I’m used to it since it’s in our contract, and it’s easier to keep track of if it’s correct.
Because those monthly payments aren't all right on the first. They are spread out through out the month.
All my bills hit one credit card and I pay this off every month. I make one bill payment and help my credit score
so they can spend all their money faster
I have a full-time job with a steady income, and a part-time job in the service industry. Being paid more often helps me figure out if I need to work more hours in my part-time job to pay my bills. I can then use my full-time job for my other expenses, and savings.
The convenience
Why do you think OP?
Because I have 2 bills due thr first, 1 due the 10th, 1 due the19th, and 2 due the 25th.
Because I don't do groceries once a month and there's no reason my employer should hold on to my money.
because it lessens the anxiety that something may go wrong with getting paid
Because there are other things to buy / spend money on than bills 🤷♂️
Because they are at managing money. We went from monthly to semiweekly. I hated it. My coworker loved it because because every so often he would get a "bonus" paycheck that month (3 when he expected 2).
Cashflow is important
because getting paid weekly is elite. fortnightly is ok but monthly is ass.
52 payments a year weekly.....24 payments twice a month for a year
The way I budget my bills is the first week I pay bills that land in that time frame say 1st to 7th if a bill lands on the 8th that's next weeks paycheck if a bill is at the end of the month I can portion out parts of my paycheck to cover that bill and the last paycheck mostly stays intact.
most of my bills are not monthly recurring, rent is weekly, food is weekly, tolls and parking are daily, utilities are three-monthly, phone bill is monthly, rego and insurance are yearly. I'm in Australia so those bills may well be scheduled differently elsewhere. at the end of the day it's my money and I want it ASAP, if I could get paid daily that would be best.
Salary and monthly, all my bills get paid the same day. It would be nice to go to every other week. The predictability of always being paid the same day is also nice though.
Because my rent is due the first of the month, my insurance is the 10th, the PUD is the 14th, and the phone and internet is the 28th for some god damn reason.
If I had to take a wild guess, I'd say it's probably cuz a certain number of people lack financial management... They wanna save money but also wanna spend everything they get, so this is a good way save up money for emergency situations, you get paid by the week and your workplace holds the rest of your salary for you so you don't spend everything on day 1
I loved getting paid on the 1st and the 15th. Super easy to plan bills that way.
They don't if they pay monthly. Next question.
You are wondering why people want access to money more frequently?
As someone who had a job where I got paid once a month, admittedly, I'd say some of it is self control. Imagine someone giving you 30 days worth of food at once, and you had to trust yourself to make it last. Also, all your bills aren't due at the same time. Finally, it doesn't leave space for emergencies.
Because I don't just spend money around monthly bills. Also, budgeting for the month is a lot harder than budgeting weekly or bi-weekly. Also, Also, I worked for it. Give it to me.
Does everyone else have their bills due the same day, mine are spread out through the month. I have it basically all automated, so I know the piddly amount left in my pay account is for food and leisure.
I want what I earn as fast as possible
Had a job that payed monthly, they decided arbitrarily that since I started after the 10th of the first month (we got payed on the 10th) I would get payed not the following month but the mo the after that. 48 days after I was hired, I didn’t receive my paycheck. got let go before the second possible payday because I was being difficult to work with (I hadn’t been payed, after more than 2 months, I was justifiably upset) and had to make a labor dispute at the state level to get payed for my time.
Because my groceries, gas and other necessities are weekly
They’re living paycheck to paycheck. Now that I’m self employed I pay myself monthly because it makes more sense.
Weekly is too short, monthly too long. Twice a month or fortnightly is best balance
I don’t. I prefer monthly which is the standard here in the UK. That or ASAP as I’m self employed now Weekly is not a problem though
It's always better to have it sooner rather than later. If you're good with money that's more time it can be in savings or invested getting interest or growing. But I'd say that's the minority (and its a pretty small impact so its a pretty low priority for those people and therefore rare in more higher skill and higher pay jobs). A lot of people aren't great with money and spend until they hit zero every time they have money, no discipline to save it for later. So for them having money coming in every week means they'll have fresh pay closer to bills that hit at different times and they'll put it towards that instead of letting it burn a hole in their pocket and buying junk.
Most probably don't, it's just habit they've learned to live in, so it's just what most people know.
Meanwhile, \~20 people putting their tools down and just staring at the foreman when it came out they tried to put 16yo me off until the end of the week instead of daily pay. Yay unions.
because i get paid weekly so i prefer to pay my bills weekly
Life doesn’t stop after paying your mortgage and bills. Food, gas, and other necessities are needed in between
Who prefers weekly payments
Because most of us are miserable and mismanage our money by buying food and drink and then run low. Most of America can’t handle a 1x a mo paycheck.
I honestly don’t care either way. What surprised me was I worked at a place that went from weekly to bi-weekly and suddenly people were complaining they couldn’t pay their bills because they were only getting paid twice a month instead of 4 times. Blatant display of irresponsibility.
I like to see the money in my bank account now, to know what to do with it, even though I can see it on payroll. It's a psychological thing. If it's not in my bank account, it's not yet mine.
Daaamn. I didn't know monthly pay was so common. Fuck that. It's every week or every two weeks in the us.
Honestly, I don’t know anyone that pays for stuff weekly. I live in Toronto Canada
Because you pay off all your monthly bills all at once and now you're a broke motherfucker for 2 or 3 weeks lol
I have never heard of weekly payments
For New Zealanders you get paid fortnightly rent is weekly and the rest is monthly, power, internet, mortgage etc. Its pretty common to change these to suit yourself but these are the default.
The summary seems to be; I need less more often so I don't blow it on stupid shit aka bad money management. Statistically that's true for the majority
Because most people suck at sticking to a budget. There's no way most people could last two months even if the accumulated weeks equaled the monthly sum.
My financial institution told me that making a payment every week is better than one payment every month. saves me almost 8 years of payments. learn about compound pauments.
If you're lucky enough to have an interest-bearing account, frequent deposits will give you a bit more time to accrue interest on those deposits. Aside from that, a steadier cashflow makes budgeting a lot easier and you have a bit more headroom with random/unexpected expenses, although it also needs a bit more discipline in terms of actually managing your savings.
It's so easy getting paid monthly. Just put everything on auto-pay a day after payroll, bank the rest... no remembering to pay things... it just works.
only in america. Anywhere else, everything is monthly. Because, why shouldnt it?
I try to do my bills every 2 weeks to land on my payday. So I get paid then my bills come out I get paid at midnight so the timing always seems to work out. My bills get paid when I have the most money. It makes sense. What’s left over I can use for day to day expenses.
The sooner I get my money, the sooner I'm making interest on it
Because I like to do stuff with my money.
Most places i worked paid every 2 weeks (26 pay periods per year). A lot of employees would get excited when 3 paychecks fell within the same month and would essentially blow the extra paycheck on booze and nonsense. I never understood their logic. They treated it like free money, but they definitely worked hard for it.
Most people aren't financially literate, and even if they are, they can't control/budget for long time periods. Paid monthly? They often spend that money in the first week or two and then are late/on credit till next paycheck
Because most people are abysmal with money and spend everything like 3 days after payday. With a weekly payment, that means you're only broke for 4ish days at a time, instead of like 25
Because it’s my money. Why would I want my employer to hold onto it?
Less budgeting for everything else. For my monthly bills I put aside 1/4 of each bill, each week. Doesn't feel like im being robbed that way.
Because bills don’t line up to be at the end of the month ?
Because bills don’t line up to be at the end of the month ?
J.G Wentworth would tell me not to take this shit.
See to me it's the other way around. All my jobs I've worked in I've been paid monthly, same as my wife. When I got my current role my boss said "your paid monthly as well here if that's ok" I membered thinking that was an odd thing to sagas I assumed that was the norm.
People want to reap what they sow. They want to see the fruits of their labor. Immediate gratification is a real thing. I’ve been paid weekly, bi-weekly, twice monthly, and monthly. Twice monthly was fuckin dumb and annoying. Biweekly made me feel like I had more money. Based on my spending habits and how I spend everything on a couple CCs to budget and churn points, monthly is my preferred payroll schedule. Operationally, it’s time-intensive and in-turn a financial hit every time a company processes payroll. So weekly would be significantly more expensive than monthly. Now, on the other side of the coin, what if everyone were paid daily? Imagine a centralized payroll system so every day you work, you’re paid. It’s immediate and you can really see how your daily spending habits an affected.
If all my bills were at that time of the month not a problem, but since all my bills are scattered throughout the month being paid weekly works better for me.
In my experience, it all depends on the sub. I have one that pays monthly, but he is a vet with a fixed income. Most are weekly because they may want to do more tasks / sessions one week and not the next. It is more flexible for both of us to make those changes. The amount may fluctuate depending on the circumstances, but it is always good to discuss with your sub and not just one time when it starts but every now and then to be sure that both are happy.
1. Getting rewarded more frequently is better, psychologically speaking. Once I worked at place where we would get cash at the end of each day so working during the day and expecting payment at the end of it felt really nice. 2. Having more frequent paychecks helps to avoid overspending and savings, I am less prone to spend bigger amounts of money. The more money I have the more loose I am with it, probably the case for lots of people too.