Getting Paid Once A Month

[Anonymous]

For my entire career, I have either consulted and been paid every week or been in an every two week or the 15th and last business day of the month pay situation. My new company pays ocne a month - 12 pays a year. So by the time the end of the month nears, I am in the hole for 3 1/2 weeks of work vs. 1 1/2 weeks max. How in the world do I make the transition? I am getting paid for my first eight days next week and then a pay drought until the end of Frebruary.

[Anonymous]

Yikes. This is why it is good to have an emergency fund, at least a small one. I know that doesn't help now.

Can you call your utility/bill companies and see if they will change your due dates to better accommodate your new pay schedule.

Also, any chance your company would give you an advance?

If all else fails, hope you have a credit card for expenses.

[Anonymous]

You really need a budget. My DH has work in Capitol Hill for 17 years. One paycheck a month for 17 years. It will get better once you sit down, do a budget and live within your means.

[Anonymous]

Anonymous wrote:Yikes. This is why it is good to have an emergency fund, at least a small one. I know that doesn't help now.

Can you call your utility/bill companies and see if they will change your due dates to better accommodate your new pay schedule.

Also, any chance your company would give you an advance?

If all else fails, hope you have a credit card for expenses.

I do have a credit card for expense that I pay off in full each month and I might (gasp) have to take a snippet out of the 401(k), but not enough to hurt me.

[Anonymous]

Anonymous wrote:You really need a budget. My DH has work in Capitol Hill for 17 years. One paycheck a month for 17 years. It will get better once you sit down, do a budget and live within your means.

We have a really good budget format in Excel where we list all the major categories and project based on actuals. I sense that once I am on this schedule for a few, complete months, things will get better - it's the initial month that is the killer.

[Anonymous]

Good news if you want to save; bad news for the economy

[Anonymous]

That first month will suck, but I actually miss a monthly paycheck ( as opposed to biweekly). I think monthly is much easier to budget!

[Anonymous]

Yes, it's the first month that is hell. And then it's fine. I was paid every 2 weeks as a teacher in Maryland. Then I moved to Fairfax County in 1998 where we're paid once a month. I can still remember that August and very stressful September when I finally got paid on Sept 30.

[Anonymous]

Both my husband and I have been paid once per month for the past 5+ years. This is how I grew up as well. My father was paid once a month for his whole career. The first month is challenging, but then it is very easy.

[Anonymous]

I agree. The first month is hard, but I really preferred being paid once a month. It makes budgeting and keeping track of bills so easy - everyrhing gets paid on the first.

[Anonymous]

First job I ever had would pay monthly, but you could pick up a draw (like $200) in other weeks-- that was the best system ever.

The transition is the hardest part (another reason we'll never go to individual accounts for SS), but the credit card should help bridge the gap.

[Anonymous]

I had this set up for 7 years. When I was paid at end of month I transferred half of check into an extra account that I set up to "hold" the funds. On the 15th I would transfer it back into my checking.

[Anonymous]

After the first month it will be easier. Surely ALL your regularly expenses are paid monthly? I hate being paid bi-weekly and woudl much prefer a monthly paycheck.