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Beware the December pay trap!

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
80 replies 20.2K views
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  • EssexHebrideanEssexHebridean Forumite
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    tizerbelle wrote: »
    Those same people that clamour for it to be paid early are then the ones that will be heard in the New Year bemoaning the fact that January is such a long month. Nope, it's not. It's still just 31 days but because they wanted to be paid early in December they have to wait 41 days for their next wage. So the price for a little gain in December is more pain in January.

    Exactly this - I always cringe when I hear people saying that January is a long month in financial terms - amazing how a small change in mindset can make such a big difference!

    In my job we get paid on the 15th every month. Ive only been here four months and struggle as all my bills go out on the 1st. I always think im rich but have to remember not to spend any off it

    I still have half my DD's set for the 15th because I used to be on a mid-month pay date in a previous job. Gradually as things change I'm switching them over!

    My pay will be a little early because I work for a really small company and they do it as a manual bank transfer - chances are they'll pay me Friday as nobody will be in until New Year after that. (But it's also possible I'll get paid on the 2nd - either is fine, budgeting rules OK! ;) )
    MORTGAGE FREE 30/09/2016 :D
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  • My company moved pay day a few years ago from 25th to the 15th so it has smoothed this out a bit (less of a problem for me these days, but has been in the past).

    My old job paid last working day of the month, but in December money would go in really early, maybe the 18th or something. It doesn't really help anyone, and it seemed like about 6 months until the end of January!
  • SncjwSncjw Forumite
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    Can I ask the nhs worker who said January pay is eairler again. What day do you get paid. We get it the 28th but that will be a Monday so won’t be any earlier.
  • December pay is all set aside into a seperate account so I don't have the temptation to spend it.

    It's good to remind everyone though.
    Chandelier.
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  • Deep_In_DebtDeep_In_Debt Forumite
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    I used to get paid on 27th of the month and this month I was paid on 21st which is not too bad. I left this job on 30th November and also received unused holiday pay so received more than I usually would receive.

    However, I started a new job a couple of weeks ago and they pay on 31st December so I will get 3 weeks pay. I'm hoping to be able to put the majority of that into my savings but my car is due for its MOT in January so may need the money for that instead.
    Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free :)
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  • Gothic I'm NHS but our trust doesn't pay January's pay any earlier! Luckily I'm organised and don't use decembers pay when we get it early. January still feels like a long old month tho...
  • determined_new_msdetermined_new_ms Forumite
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    since becoming debt free and after managing my money the way I do it really doesn't make any odds to me when I get paid, except for it's the day I pay my bills and do transfers to various piggies/pots. I spend roughly the same each month without trying too hard. I generally have a small slush fund of a couple of hundred in my main account at any point in the month.
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  • TakmonTakmon Forumite
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    If you have a system and stay on top of your money then early payday should never be an issue.

    Spending money directly from the account you get your wages in is a big no no in my books. I have one account my wages get paid into then have standing orders that transfer a set amount to a bills account, savings account and a weekly amount to a spending account.

    I know that I will always have enough for my bills, always save a good amount of money and can spend what I want from my spending account without having to leave anything in there for any reason.

    I'm pretty good at managing money but I would never have everything come out of one account as it may be manageable it's alot easier to separate it all.
  • OnebrokeladyOnebrokelady Forumite
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    Sncjw wrote: »
    Can I ask the nhs worker who said January pay is eairler again. What day do you get paid. We get it the 28th but that will be a Monday so won’t be any earlier.
    I work for the NHS and our paydate is the 27th of every month,we for paid Decembers pay on the 20th this year,January's pay idndue on the Sunday so well will get paid on the 25th
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £2,653 Total Now Owed = £14,977
    Emergency Fund = £1000 Xmas savings = £100
    General savings = £200
  • OnebrokeladyOnebrokelady Forumite
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    Just wanted to say thanks for this post, I took the advice and for the first time ever I haven't dipped into my December pay check and now have a healthy bank balance for January,I saved for Xmas so won't be getting a massive credit card bill this January either:j
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £2,653 Total Now Owed = £14,977
    Emergency Fund = £1000 Xmas savings = £100
    General savings = £200
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