Paid weekly>>>Poor surely !!!!?

Question

Paid weekly>>>Poor surely !!!!

Coming from France where people are paid monthly I am bothered since I am paid weekly like most people in the UK.
I quickly found out that with an equivalent income you are in fact poorer when paid every week !! WHY ?
First of all you have less money at your disposal when you need to have an expensive buy ei. a car, a piece of furniture or just to renew your cooker LOL
You then have to contract a loan of some sort and then of course pay incredible interest (at levels totally ILLEGAL in other countries !!)
It’s a vicious circle and now I understand why UK is the country with the highest individual debt !!
I also understand why so many English find life in France cheaper….In fact it isn’t but you can afford more things being paid monthly.
Some will say it’s impossible to live correctly with only one payment monthly…it’s all a question of habit.
What do YOU think ?

Some very interresting things....I really cant consider myself having a low income but i must admit that it is very difficult for me to budget weekly , perhaps thats why !!!
Concerning taxes my partner nearly fainted when she saw that in France you have about 20% of your gross pay taken away before you then have income taxes to pay on what is left. LOL

Answer 1

How often someone is paid shouldn't make any difference. The issues you talk about have to do with not making enough money, not with how paychecks are distributed.

Answer 2

Not the issue that you get paid weekly or monthly it's the issue that you can't control your spending when you have money in your pocket.

Why should you have less money at your disposal? Don't spend it, put it in the bank. Start a fund for emergencies so you do have money in reserve if you have a big expense come up.

I'm paid bi-weekly and my husband is paid weekly and we can afford all sorts of things without going into debt or taking out loans. It's how you budget and spend what you have coming in, no matter when it arrives.

Answer 3

Many people in the UK are paid monthly, but it is usually thos in lower paid jobs that are paid weekly, and those where staff turnover is going to be relatively high, such as shop assistants, workers on building sites, farm workers. You will get the same amount no matter which way you are paid, however it seesm better being paid monthly as you may get £1,000 in your pay packet, while weekly you only get about £250, but the pay will be exactly the same. The UK interest rates are not ILLEGAL, but are the rates set by the Bank of England, although many credit cards have a much higher rate of interest than others, and you do need to shop aroung. Store cards are, in my opinion, a total no - no, as the interest rates there are diabolical, and often twice what a credit card would be. You comment about the high rates, but you must realise that in other EU countries interest rates may be lower, but then also rates of pay are generally lower, in Spain about 60% of what you would get in the UK, but also cost of living is also lower in other countries.

Answer 4

Regardless of whether you're paid weekly or bi-weekly or semi-monthly or monthly, you get the same amount of money over the long haul.

I would suggest that if you're running out of money, it's not so much because you are paid weekly, but it is because you are budgeting weakly. You're living beyond your means. So you need to find a way to either increase your income, or decrease your expenses.

I do completely agree with you that the contract loans are a sham. I don't know how the people who own the firms that make those loans are able to sleep at night.

Answer 5

Hi you are right, my husband is paid weekly and I am paid monthly. My wages pay the bulk of the bills but does not cover them all so my husband has to use his wages also which always leaves us short every week, being a young married couple (24 & 26) we want to have fun but are unable to becaus of finances plus I think he pays far too much tax, although if we work it out yearly he is actually on more money than me although it seems I am the main earner every month because I have a lump sum. Strange

Answer 6

I hate monthly pay - I always run out before the next pay - when I was on weekly pay I always had money in the bank - I would prefer to be paid weekly - for some reason I could budget better on weekly pay.

Answer 7

I think there are positives and negatives on both sides. If you get paid weekly, its easier to live from day to day, ie: if you are broke one week, you don't have to wait another month until you have money coming in. Although, it is difficult, (as you said) to pay large bills especially by Direct Debit. I think if you are part of a couple, one of you getting paid monthly to cover big bills, and the other getting paid weekly to cover living expenses is probably ideal!

Answer 8

Hi there i get paid monthly and so do most people i know, i dont think personally id like to be paid weekly as i would find it hard to purchase major items or save properly like i am for summer holiday.

Answer 9

I get paid monthly and although it sounds nice to have money coming in every week, I would never be able to cope with all my direct debits and bills etc which come out at the beginning of the month, it would be a knightmare to organise one to come out at the start of each week, I would be left with nothing.
I have all my bills come out on the 1st of the month as I get paid on the last thrurday of every month,
Then what ever i have left over I have to spend for the rest of the month,
it normally lasts me till the 4th or 5th lol x

Answer 10

Actually most people are paid monthly in this country. It tends to be the lower end of the income scale that is paid weekly

Answer 11

I have been working 15 years and I have ALWAYS been paid monthly - so are ALL my family members (parents, brother, uncles, aunts, cousins). Several people I know are in considerable debt, which would be less if they were paid weekly.