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stylesx 09-09-2013 10:05 PM

is it best to get paid weekly or monthly
 
hey, i just started a new job and my manager is giving me the choice of getting paid monthly or weekly and i can't decide.. i've written up pros and cons for both, but would love to hear some more opinions? thanks in advance :)
(best answer gets full points)

weekly (pros):
- in the long run i would get paid 13 months rather than 12 months (due to some months being 5 weeks long)
- i wouldn't have to stretch my money out as much, could just get out what i need for the week then put the rest in savings

weekly (cons):
- i am more likely to spend my weeks money, knowing that i will have more money in a weeks time
- i won't have it all in one big go, so may not feel as rewarding

monthly (pros):
- it would all come in one day, i would use the money more wisely
- i'm more likely to have more in savings

monthly (cons):
- would have to stretch my money a little more
- i would have to wait 4 weeks for my next pay day

BREANNE 09-09-2013 10:05 PM

is it best to get paid weekly or monthly
 
bi weekly because things come up you may need your money that week.

Charly 09-09-2013 10:05 PM

is it best to get paid weekly or monthly
 
I prefer weekly, even though i have not been/used monthly method.

Ben 09-09-2013 10:05 PM

is it best to get paid weekly or monthly
 
Weekly, as you mention you will get extra because of 5 week months. Also, if a monthly payment is late, you might be desperate for cash, leaving you in a tight situation. Also, there will be more money in your bank between the end of one month and another, earning you more interest.
Additionally it may motivate you more in the short-term, instead of thinking "I've got to work a whole month before I'm payed, how boring!"
Hope this helps :D

Lainie 09-09-2013 10:05 PM

is it best to get paid weekly or monthly
 
Weekly of course!!! 52 weekly paychecks per year. If you choose the monthly option, you are giving your employer at least two checks per year. Plus, with weekly paychecks, you will have one free check a month to save or put on a bill in advance of it's due date.

Jamie 09-09-2013 10:05 PM

is it best to get paid weekly or monthly
 
Weekly payment is much better than monthly payment, it is much more beneficial.

gerald 09-09-2013 10:05 PM

is it best to get paid weekly or monthly
 
the yearly salary will be the same you won't get more or less on either they are not that stupid and it's good to get a wage anyway don't worry about it you juggle your finances to suit either so just pick one

2013 09-09-2013 10:05 PM

is it best to get paid weekly or monthly
 
If you have s choice I don't see why any one would actually choose monthly

BashLimpbuttsOozingCyst 09-09-2013 10:05 PM

is it best to get paid weekly or monthly
 
The amount of money you will be paid over a year is exactly the same either way. You won't be paid for 13 months if you are paid weekly. Say that you're paid $52,000 per year. That would be $4,333.33 per month or $1,000 per week. 12 x $4,333.33 = $52,000. 52 x $1,000 = $52,000.

The only material difference is the steadiness of your cash flow. When I was paid monthly, I paid all of the bills at once shortly after payday. From that point on it was more or less of a coast. I'm paid weekly now so it's a minor juggling act since the mortgage is a little more than 1 week's pay.

As far as savings is concerned, you're going about it the wrong way. Always pay yourself first. If I'm not putting 10% into savings every payday, I'm not doing myself any favors. Then build your budget with what's left.

DRMrsBearsface 09-09-2013 10:05 PM

is it best to get paid weekly or monthly
 
Your first argument for weekly is wrong. You are paid the same amount whether you chose weekly or monthly
To chose a round figure if you earned 100 per week that would be 5200 per year.
5200 per year would be 5200 divided by 12 = 433.33 per calendar month.
Being paid monthly does not mean that you have to withdraw it all at once. You can still withdraw only the amount you need for that week each week.
I prefer monthly.
As you get older you get more responsibilities such as rent,mortgage,insurance policies. These are all paid monthly, the amount due being taken from your bank account. It is much easier to have your wages going into your account on the same day every month. You set up payments for that same date so you know the money is there to pay those bills. If you are paid weekly you have to keep a track of your balance at all times to make sure there is enough in your account on the day bills are due.


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