Getting paid is great, no matter how often it happens.
But if you’re used to getting paid bi-weekly or even monthly, getting paid weekly can be a game-changer.
Here are the top ten benefits of being on a weekly pay schedule.
1. You’ll always have cash on hand
This is probably the most obvious benefit of getting paid weekly, but it’s also one of the most important.
Having cash on hand means you’re never stuck in a financial bind or dealing with surprise expenses.
It also makes it easier to stick to a budget since you’re not tempted to use credit cards or other forms of debt to cover your costs.
2. You can save money more easily
The more frequently you’re paid, the easier it is to put aside money for savings.
If you get paid monthly, you might be more likely to blow your whole paycheck on discretionary purchases and then have nothing left over for savings.
But if you’re paid every week, you can set aside money each week until you reach your savings goal.
3. You can take advantage of sales and deals
Paying attention to sales and deals is a great way to save money, but it can be hard to do if you don’t have much cash on hand.
You can take advantage of sales as they come up without having to worry about whether or not you can afford them.
This is especially helpful around holiday shopping time when there are so many good deals to be had.
4. You can avoid fees and interest charges
If you’re constantly struggling to make ends meet, you might be tempted to use credit cards or other forms of debt to cover your expenses.
This can quickly lead to expensive fees and interest charges that add up over time.
But if you’re paid weekly, you can avoid these charges by always having enough cash on hand to cover your costs.
5. You can get paid for overtime
If you work overtime, getting paid weekly means you’ll see that extra money in your account much sooner than if you were paid bi-weekly or monthly.
It is a big help if you’re trying to make ends meet or save up for something specific.
6. You can plan your spending effectively
When you know exactly how much money you have coming in each week, it’s easier to plan your spending accordingly.
You can avoid impulse purchases and stick to a budget more easily.
It can also help you save money by planning ahead for larger purchases instead of buying them on credit.
7. You can get your tax refund sooner
You can file your taxes as soon as you receive your final paycheck of the year.
You’ll get your tax refund much sooner than if you were paid bi-weekly or monthly.
And if you’re expecting a large refund, getting it sooner can be a big help.
8. You can avoid bounced checks and late fees
Getting paid weekly can help you avoid costly bounced check fees and late payments.
This is because you’ll always know exactly how much money you have to work with and when more will be coming in.
9. You can stay on top of your bills
Paying bills can be a challenge, especially if you’re already tight on cash.
But if you’re paid weekly, you can make sure your bill payments are always up to date.
You will be able to avoid late fees and improve your credit score over time.
10. You can enjoy a sense of financial security
You don’t have to worry about whether or not your next paycheck will come on time.
This can give you a sense of financial security that can be hard to come by when you’re living paycheck to paycheck.
Conclusion
Getting paid weekly has a lot of advantages, but it’s not right for everyone.
If you’re not sure if it’s the right choice for you, talk to your employer about other options.
You can also try budgeting on a weekly basis to see if it works better for you than monthly budgeting.
Whatever you do, make sure you’re staying on top of your finances and keeping your long-term financial goals in mind.