Payday?

[riverwed070707]

Making small talk in the break room at work, a co-worker asked me how I was doing. I responded I was well and added "It's Friday; how could I not be?" to which she responded, "Ya, only thing better would be payday, huh?" It was all light conversation and she said it laughing, but it got me thinking...do people really get excited about payday? Mind you I work in a very corporate environment and money isnt a typical topic of conversation. I can't remember ever being excited about payday and most of the time I don't notice when a check is deposited. I especially wouldn't prioritize it over a weekend away from the office!

So, do you get excited about payday? If so, what about it is exciting? Not criticizing, just wondering if my assumptions are off. I would think those who would be most excited would be the ones with very little in the bank who go out and spend money as soon as they get it so it's a big day becuase they once again have money to blow. Am I way off base here?

[disneysteve]

I know exactly what you mean. No, I do not get particularly excited over payday. However, I know MANY people who do. Remember, 60-70% of the population lives paycheck to paycheck. People who work in my office run to the bank at lunch on payday to cash their checks. Where my wife used to work, her coworkers would leave at lunch on payday to cash their checks so that they could afford to eat lunch that day. My wife had direct deposit and most weeks didn't even know it was payday.

So I'd venture to guess that the folks excited about payday are probably living paycheck to paycheck and are pretty much out of money by the time that next check arrives. I guess I'd be excited too if I had nothing and was being handed a check.

[poorgradstudent]

I don't get excited, but it is nice to see. Especially because for me it's just once a month, and it's not very much (grad student). However, I have enough in savings that I don't need payday to come. I just think of payday as another month to add to my savings accounts and automatic investments.

Oh and yes, most of my other grad students are more excited for payday. Sometimes towards the end of a month some will say they can't go do something until after payday. I couldn't imagine living like that.

[maat55]

I haven't had a payday in more than 20 years.

I sometimes get excited when a sizable clients check comes in.

[bjl584]

No excitement here. I get more excited at the first of the month when my money automatically gets transferred into my brokerage account.

[riverwed070707]

Originally Posted by disneysteve

I know exactly what you mean. No, I do not get particularly excited over payday. However, I know MANY people who do. Remember, 60-70% of the population lives paycheck to paycheck. People who work in my office run to the bank at lunch on payday to cash their checks. Where my wife used to work, her coworkers would leave at lunch on payday to cash their checks so that they could afford to eat lunch that day. My wife had direct deposit and most weeks didn't even know it was payday.

So I'd venture to guess that the folks excited about payday are probably living paycheck to paycheck and are pretty much out of money by the time that next check arrives. I guess I'd be excited too if I had nothing and was being handed a check.

Most of my family is this way. I remember my sister complaining about *having* to shop for xmas on xmas eve last year because she couldn't go until she got paid Of course this is the same sister who financed a Disney trip this year and who filed bankruptcy 2 years ago (and bragged about it!) IDK how I fell so far from the tree but boy am I glad I did!

[MonkeyMama]

I think most people get excited about payday?

Me - I usually forget it's pay day and am pleasantly surprised. (I sit down once a month and pay all the bills, and getting the actual paycheck is pretty non-eventful. I don't wait to spend until pay day or anything like that - so it's pretty non-eventful at our house. OF course, we don't have direct deposit, so I try to set all the bills to pay 2 weeks or so after I get paid. Then I don't have to run to the bank, which makes it even less exciting and eventful. Lord knows when I get around to depositing it, sometimes).

[disneysteve]

Originally Posted by riverwed070707

I remember my sister complaining about *having* to shop for xmas on xmas eve last year because she couldn't go until she got paid Of course this is the same sister who financed a Disney trip this year and who filed bankruptcy 2 years ago (and bragged about it!) IDK how I fell so far from the tree but boy am I glad I did!

Heaven forbid she bought xmas gifts throughout the year and set them aside.

As for financing Disney trips, that's a common topic at disboards.com. Many people feel, "My kid will only be young once" so they "must" go into debt to take a trip.

I have a family member who has gone to an all-inclusive in Jamaica 3 or 4 times in recent years. She and her partner freely admit that they charge it and take about a year to repay it. Then they go again and take another year to repay it. It just never occurs to them to save up for a year and then pay cash and then save for another year and pay cash. Their minds don't work that way. They can't save. If they have the money, they'll spend it so it works better for them to charge it and then pay it off. Boggles my mind.

[LuckyRobin]

I get excited about payday right now, but that is mostly because I am excited to be paying off my medical debt at such a fast rate, not because I'm waiting to go out and blow it. If I didn't pay attention to when payday was I wouldn't know when I could send extra to the card. I think I'll still be excited about it next year when the debt is gone, because I'll be watching my down payment savings grow. Maybe those are geeky things to be excited about, but I don't care.

[photo]

I have learned not to shop in grocery stores on the 1st of the month. It's payday for both people with jobs and those on welfare, and the stores are doubly packed.

[disneysteve]

Originally Posted by photo

I have learned not to shop in grocery stores on the 1st of the month. It's payday for both people with jobs and those on welfare, and the stores are doubly packed.

Don't go to the bank those days either as everyone is heading there to cash their checks.

[asmom]

I don't know if I would characterize it as excitement but YES I enjoy it very much. Even though I get paid salary so I get paid the same thing every two weeks. I don't live paycheck to paycheck, I don't carry cash and the only bills I have are recurring bills like utilities. And still, I enjoy payday. Just as I enjoy quitting time (and I don't punch a time clock or have set hours).

[kork13]

Originally Posted by photo

I have learned not to shop in grocery stores on the 1st of the month. It's payday for both people with jobs and those on welfare, and the stores are doubly packed.

Likewise. On the military bases, payday comes on the 1st and 15th... If possible, go nowhere NEAR the grocery store within 72 hours after those days. Crazy.

I don't get 'excited' about payday, but it is nice when it rolls around. I normally take some time each payday to re-look at my accounts to make sure everything is going to plan. I try to keep my checking account balance pretty low ($500-$1000), so it's a bit more comforting to see it jump by a couple thousand for a few days (until all of the savings/expense payments go through). I also pay attention to it hoping that the markets go down for a few days right before payday, because my auto-draft investments make buys on the 1st/15th, so lower markets means more shares.

[krantcents]

The only significance of payday for me is recording it into my check book. Many people are very dependent on their weekly check to pay their bills.

[maat55]

Originally Posted by disneysteve

Heaven forbid she bought xmas gifts throughout the year and set them aside.

As for financing Disney trips, that's a common topic at disboards.com. Many people feel, "My kid will only be young once" so they "must" go into debt to take a trip.

I have a family member who has gone to an all-inclusive in Jamaica 3 or 4 times in recent years. She and her partner freely admit that they charge it and take about a year to repay it. Then they go again and take another year to repay it. It just never occurs to them to save up for a year and then pay cash and then save for another year and pay cash. Their minds don't work that way. They can't save. If they have the money, they'll spend it so it works better for them to charge it and then pay it off. Boggles my mind.

It is this same destructive pattern that makes people acceptable to government safety nets and dependency. This is not the financial habbits of a freedom/independent loving people.

[maat55]

Originally Posted by photo

I have learned not to shop in grocery stores on the 1st of the month. It's payday for both people with jobs and those on welfare, and the stores are doubly packed.

My wife is a bank teller. She dreds certain days of the month due to payrol and government checks.

[am_vanquish]

We keep a pretty big cushion for regular expenses, so payday doesn't affect our spending patterns. We usually move some money into several savings accounts right after payday.

I get paid on the 1st and 15th of every month. DW gets paid bi-weekly on Fridays. It is pretty exciting when we the paydays align because the amounts moved into savings can get pretty big. Saving that much money is exciting.

[greenskeeper]

I get paid bi-weekly which I dislike because I am working on "credit" for 2 weeks. Should be mandatory to get paid weekly.

[jpg7n16]

I am pretty notorious for not knowing when payday is. People would ask if I got my check yet, and my usual response was, "oh... I don't know. when was payday?" If you've got a good enough EF in place, you don't really need the paycheck as much. I've been known to go a couple months without checking my bank account.

So do I get excited about payday? Nope. I still don't even know when I get paid I know it's every 2 weeks, but I'd have to check when the last one was.

[maat55]

Originally Posted by greenskeeper

I get paid bi-weekly which I dislike because I am working on "credit" for 2 weeks. Should be mandatory to get paid weekly.

I'm assuming biweekly is a compromise between weekly and monthly. If I had a large number of workers, it would be costly and time consuming to pay weekly.