Monthly pay forcing more into debt. Campaign for weekly pay for lower incomes.

boneofo

I've agree with the opening post as I've always thought people should be paid weekly.
I think legislation should be brought in for those earning around the minimum wage (not average) or below to have a right to request it as a change in employment T&Cs with protection from dismissal(or DWP benefits). I note pensioners aren’t forced to be paid monthly by the DWP ?
Surely if everyone else can manage, so can those who have retired ?

Poor workers are propping up pay day loan companies and keeping large corporations bank balances. That is the single justification as the mere existence of these companies show there is a requirement.
Some of the posters on here just don't get it. Low earners don’t have 'mortgages', energy on credit or such things. Everything is pay as you go and no such thing as 'savings'.
People just accept things the way they are just because that’s how its always been done.
For those thinking of a pay day loan, ask your employer for an advance instead.
For example, why should an employee pay £60 for a bus pass (£100's in London) a month in advance to get to work before being paid.

jaymeskenin

I would agree that weekly pay is much easier to manage on a low wage - I feel that £25,000 isn't a low wage though!
Anything under £15,000 - yes, weekly.
When I worked for Tesco and was on ~£14,500 gross, I was paid four weekly; I really, really struggled by week three.

When I worked for (a company which has a rather negative reputation, as do each and every other company which offer the same "service"), I was earning a fair bit less per hour, however I was paid weekly, and managed a whole lot better! I found I could just sweep in my left over pay into a different account where my DD's were taken from and it generally wasn't a problem.

Now I work for a Police Force/Constabulary, I am paid on a monthly basis, but well over the original £25,000 gross, sure, come the end of the month there's a bit of a struggle but that's due to playing catch up from two months of unemployment between this and the last job with credit cards and loans.

I wouldn't necessarily think that monthly payments are a bad option, however four weekly payments ruin the ability to budget properly, as DD's and any other company just don't work on the four weekly schedule.

geordie_joe

I think those who say they can't manage on a monthly wage, because the money runs out before the end of the month, would be even worse on a weekly wage.

If they can't budget, and keep money aside for the last week of the month, then they are not going to budget and keep money aside for the monthly bills.

They will get to the end of the month then complain they can't pay a months worth of gas. electricity etc. because they only have a weeks wage.

Also, if they can't make a months wage last a month , they won't make a weeks wage last a week. So they will end up with 4 shorter periods of "having no money" per month instead of 1 longer one.

cloey

I found weekly pay to be a nightmare for me personally. Mainly because all my bills seemed to come off at the end of the month and i'd never fully budgeted through so ended up having nothing for the last week.

Eventually set up a separate billing account and put in a set amount each week but i definately find moonthly pay easier. But i understand if you had rent weekly or fortnight it would be really great knowing that you would definately have money week on week!

amb3

Personally I find weekly pay a lot easier to manage especially on a low income, although I really don't think £25000 is a low income.

R_P_W

boneofo wrote: »

I've agree with the opening post as I've always thought people should be paid weekly.
I think legislation should be brought in for those earning around the minimum wage (not average) or below to have a right to request it as a change in employment T&Cs with protection from dismissal(or DWP benefits). I note pensioners aren’t forced to be paid monthly by the DWP ?
Surely if everyone else can manage, so can those who have retired ?

Poor workers are propping up pay day loan companies and keeping large corporations bank balances. That is the single justification as the mere existence of these companies show there is a requirement.
Some of the posters on here just don't get it. Low earners don’t have 'mortgages', energy on credit or such things. Everything is pay as you go and no such thing as 'savings'.
People just accept things the way they are just because that’s how its always been done.
For those thinking of a pay day loan, ask your employer for an advance instead.
For example, why should an employee pay £60 for a bus pass (£100's in London) a month in advance to get to work before being paid.

If you got paid 1000 a month or 250 a week (I know different months have more than 4 weeks) you are still getting paid the same amount.

So applying that to your examples....
Pay as you go energy.....better off monthly?
Bus pass.....better off monthly?
Paying mortgage, rent, council tax etc....better off monthly?

Fail to see how being paid weekly benefits you in anyway. Does it?

molerat

Budgeting is a state of mind, some people don't have it and cannot manage whichever pay period they have. I am paid monthly ....... but with 5 different income streams, 22% comes on the 1st, 63% on the 13th and 15% around 27th. An excel spreadsheet puts everything in front of you, I currently budget 3 months ahead for general spending and a whole year for regular bills and the emergency fund.

The secret is not seeing that pile of cash as free spending money. I always remember many many years ago at work there were 2 of us on the same pay, paid monthly, 2 kids around same age and living in rented at same rate. Around 20th of the month he was always without fail trying to get someone else to sub him for his coffee, scrounging lifts because he had no petrol and complaining that he was living on beans and soup yet the first day after pay day you could see him coming home with his car full to the brim with shopping. All he could see was the balance of his bank account and that it was there to spend.

motorguy

R_P_W wrote: »

If you got paid 1000 a month or 250 a week (I know different months have more than 4 weeks) you are still getting paid the same amount.

So applying that to your examples....
Pay as you go energy.....better off monthly?
Bus pass.....better off monthly?
Paying mortgage, rent, council tax etc....better off monthly?

Fail to see how being paid weekly benefits you in anyway. Does it?

+1

If you're on £250 a week and living on a week by week budget, then the week £300 come out for your rent or mortgage means you're in trouble.

Monthly works better.

Kayalana99

Young people without bills: weekly (would help to avoid pay day loans as they wouldn't be given a lump sum in one go to splash)
Anything above with houses: Monthly, as it would help them budget what they have to go on the monthly bills
Pensioners: Debatable

That said, if people just learnt to manage their money better then monthly or weekly is irrelvant.

mattcanary

lobbyludd wrote: »

in my youth I was paid both weekly as a temp and monthly in a salary on the same annual amount. Except for the first month, weekly was far and away harder: direct debits/utility bills fall at awkward times, it is very difficult to bulk buy in even a small way to save money, or take advantage of deals etc, because it comes in dribs and drabs, and if you lose your job there are a mere few days before you are peniless, with no time to find other work or adjust your budget.

tbh I think weekly wages keep people in poverty, forced to pay higher prices, etc.

To be fair, you can pay your electricity, gas, TV and water bills weekly rather than monthy or quarterly. Just take meter readings for the gas and electric each week and then pay for what you have used (easy to calculate it if you look at your last quarterly bill) using a payment card or on a freephone telephone number (well, it is free for my supplier anyway).
I pay a set amount each week to Anglian Water for my water into Barclays Bank free of charge