'Does early pay in December help or hurt?' poll discussion

kags

What about a third option: "I ignore it until the date it usually goes in and budget properly so it doesn't make any difference"?

Gordon_the_Moron

Makes little difference to me as I shop on a credit card to get cashback, oh well if they pay me early the money is in a savings account slightly longer so I guess it helps slightly but that is being pedantic, pennies difference at the most.

If you are financially organised it should not be a problem, you wait 5 or 6 weeks for your wages in January but you should only have waited 2 or 3 between November and December, therefore some of November's wages should still be there in December, meaning you should have more than a month's pay in December when you get paid.

If you budget for Christmas properly it really doesn't make a difference one way or the other.

Gordon_the_Moron

kags wrote: »

What about a third option: "I ignore it until the date it usually goes in and budget properly so it doesn't make any difference"?

Or a 4th, I move it out of my current account into a top paying savings account until the date it normally goes in then transfer it back and budget properly so it doesn't make any difference.

jizadine

The Poll should be scrapped and started again with the 3rd option of "It makes no difference" because I would like to think that this option it would come out on top as we are all sensible MSErs! No vote from me either....

Gordon_the_Moron

Any sensible money saver should vote it helps, technically it does, it makes virtually no difference but you earn a little interest on it being in your account instead of somoene else's.

ixwood

I'm always amazed by the amount of people that rely solely on their next months salary. My company cocked our pay up a few years ago and it was a few days late and loads of people had to claim bank charges for it. Shocking.

pelirocco

tp306 wrote: »

"Many employers pay staff earlier in December so money is in their accounts in time for Christmas"

Companies pay staff early because they don't want to employ people doing payroll over the Christmas period - it's a cost saving exercise and isn't done out of having the staffs interest at heart.

Payroll staff are paid over the Christmas period anyway !! so this doesnt make sense . Some companies shut down over Christmas this would affect the weekly paid staff , but pay can be set up to come out of a company bank account at a future date , so staff dont need to be there on a specific date . Its easier to pay the wages early because of the bank holidays affecting when the money gets credited

JStuart

my solution to december early pay is as follows:

as soon as i am paid (it was on the 18th this year), i put my wages straight into a flexi-saver account and forget about it.

then, when i'm due to be paid (28th december), i transfer it back to my current account, ready for bills to go out, and for me to use.

for this to work for you, the flexi-saver must have no charges for moving money, and you must remember to move money in time, so that direct debits etc are not affected.

oh, and having internet banking makes this really easy!

hope this helps someone!:j

tara747

Gordon_the_Moron wrote: »

Any sensible money saver should vote it helps, technically it does, it makes virtually no difference but you earn a little interest on it being in your account instead of somoene else's.

LOL

Every little helps I suppose!

ixwood wrote: »

I'm always amazed by the amount of people that rely solely on their next months salary. My company cocked our pay up a few years ago and it was a few days late and loads of people had to claim bank charges for it. Shocking.

Yes, this shocks me too. :eek:

Lemon_Tree

i agree, should have had a 'doesn't matter it's all part of the budget' choice on this one. I've ended up with some of the christmas savings unspent this year and we've already done one side of the family's gifts for next year in the boxing day sales, (only braved one shop) but will still continue to save the normal amount.