Beware the December pay trap!

EssexHebridean

JCS1 said:

EssexHebridean said:

JCS1 said:

In past job, we got paid early December and January to avoid a 6 week month. Never hear of anyone doing that anymore.

There was someone posting on here last winter saying that this was how things were for them IIRC - of course all it does is push the problem down the line to February! 

Just meant Jan and Feb were both 5 week months rather than having a 6 week one; did make things a little easier with budgeting.

But this in itself misses the point - if someone's pay date is the 28th, that is the date their budget should run from. the fact that they get paid on the 20th in the run up to Christmas doesn't miraculously create an additional week, it just means that they need to be aware that they have their following month's income early, and need to ignore it until payday. That was exactly the reason for this thread originally - to remind people that getting paid early doesn't create a "6 week month" for the money to stretch to, unless they want it to. 

stu12345_2

I remember on the dole many years ago at Xmas you got 4 weeks giro instead of 2. we called it the double dunt .think that was a Scottish term.

EssexHebridean

It’s certainly always interesting - and sometimes alarming! - to hear what various employers do, and where the forum can then educate people around why those things may well be being done for the wrong reason, it increases the chance that folk will then realise the problems, and maybe even go back to the employers and point out the issues to them, too. 

pelirocco

MrFrugalFever said:

My company has just made a change to our pay date from the 29th of each month to the last (working/business) day of the month, historically they've always paid on the week before Christmas but it will be interesting to see what they do this year. The cynical side of me thinks they've only changed it to hold the money in their account earning interest for a bit longer.

Either way, I will plan December out as if I was being paid on the last day to ensure I don't fall short for January!

oh yes , hat 2p interest is going to make all the difference

MrFrugalFever

pelirocco said:

MrFrugalFever said:

My company has just made a change to our pay date from the 29th of each month to the last (working/business) day of the month, historically they've always paid on the week before Christmas but it will be interesting to see what they do this year. The cynical side of me thinks they've only changed it to hold the money in their account earning interest for a bit longer.

Either way, I will plan December out as if I was being paid on the last day to ensure I don't fall short for January!

oh yes , hat 2p interest is going to make all the difference

I'm not sure a Billion £ per year business will only generate 2p interest by making this move but I appreciate your input.

kimwp

On recent events on this thread, my thoughts are ...

The internet brings us into contact with all sorts of people, who we may or may not want to associate with in real life and it's up to us how much we allow the comments of others affect us. I often raise an eyebrow at some of the stream of consciousness onslaughts on here, but it's up to the reader to take what's useful and discard the rest - at the end of the day, they are just words on a page. 

sourcrates

This post is an annual, well intentioned reminder to those who need it, to be careful with their Christmas budgeting.

January has traditionally seen a large increase in new posters, to this board in particular, where the proverbial has hit the fan over the Christmas period, and Januarys credit bills are going to go unpaid.

It just tends to be the hair that breaks the camels back for some folk, so if it helps you, that`s great, that`s why it gets re-posted, if it doesn't, you really don`t need to point it out to us. 

Thanks to everyone who contributes to these boards, it is very much appreciated.

EssexHebridean

Thanks Sourcrates - unfortunately it seems that almost every year the thread gets an attempt at derailing and “thread spoiling”, it’ll live to resurface again for more years to come though hopefully! 

And yes - I would be very surprised if we don’t see the usual influx in January - things aren’t getting any easier, let’s be honest. 

sourcrates

EssexHebridean said:

Thanks Sourcrates - unfortunately it seems that almost every year the thread gets an attempt at derailing and “thread spoiling”, it’ll live to resurface again for more years to come though hopefully! 

And yes - I would be very surprised if we don’t see the usual influx in January - things aren’t getting any easier, let’s be honest. 

Debt and bad budgeting is often perceived to be something that an adult should be responsible for controlling, but debt can be an addiction like many other drugs.

Drink/drugs/gambling/debt can all be interlinked, and by far the vast majority of those affected by it are over the age of consent, any addiction is tough to kick, and Christmas time is not the same happy jolly event for everyone, things are not getting any easier out there, which kind of makes this more relevant than usual.

peb

It's happening at my place of work again.

Payment usually on the 28th.

This year November pay 24th and December pay 22nd.  


So we should be paid on Tuesday next week, half of the staff are now going to have a "night out" this weekend. Which they could not have afforded if paid on payday.   So in my eyes they can't afford it.