Beware the December pay trap!

EssexHebridean

haha Thanks PM02 - saved me a job there!

[Deleted User]

EssexHebridean wrote: »

haha Thanks PM02 - saved me a job there!

You're welcome lovely x

chelseablue

Thank you for the reminder

Getting paid on 23rd December (would have been 31st December if it was a normal month)

Will transfer it to my savings account and transfer it back on 31st

pennystretcher

I always empty my main account on payday and leave £100 balance for cash withdrawals (although normally only take out about £40 in a month), usual spend goes on on credit card that gives me cashback (within monthly limit I've set). I've never felt the need to spend the Dec second pay anymore than any other pay, but I guess some people see this as a bonus..even though it's money you've worked hard for.. :rotfl:

EssexHebridean

As it's now the season I'm giving this a shameless bump...

EssexHebridean

*** bump ***

thepurplepixie

I ran a payroll for 20 years and we paid on 21st normally but a few days earlier for Christmas, usually so people had money weekend before Christmas because that's what staff asked for. This year I imagine they are getting paid on the 20th. People had a few days extra to wait for January pay but on average only 3 or 4 days so people preferred to have the money at Christmas and have a few tight days in January.

It wasn't done for my conveniece, made no difference to me, and it wasn't for the businesses convenience as sometimes it was a struggle with cashflow.

EssexHebridean

Thank you TPP - it's interesting to hear it from the other perspective, although in some cases it IS for the business' convenience as they will have no payroll staff in over Christmas to sort out any issues people might have, that much I do know, because I've worked for companies where this was precisely the reason!

One thing that does stand out there in the situation that you mention is that the 21st is already quite early ahead of the end of the month anyway - so I that instance I suspect a few days sooner made less impact than someone who would normally get paid on the 29th, say, getting paid a full 10 days earlier.

Hopefully the message is beginning to get out there that just because the staff might want to be paid early - that is very probably indicative of a very good reason why that shouldn't happen. It's not just "a tight few days in January" for many now, sadly - it's the fact that the pressures and expectations around Christmas spending mean that there is simply no money there to pay - in some cases priority - bills in January.

Anyone out there reading this who's been paid already? What have you done with the cash to make sure it doesn't get dipped into ahead of when it's actually needed?

thepurplepixie

Shouldn't really be a problem with payroll, you can send your figures to the bank with instructions when to pay and staff can get payslips early so if there are any problems they can be sorted. Obviously OT can't be worked out but then it can't if you just pay early.

In my experience it was definitely staff who pushed for it, perhaps a minority but the rest didn't object.

Indout96

EssexHebridean wrote: »

Anyone out there reading this who's been paid already? What have you done with the cash to make sure it doesn't get dipped into ahead of when it's actually needed?

I normally get paid 24th and this December it is 20th so very little change.
We never spend anything from payday until the 1st of the next month anyway so nothing changes for us.