August 2021 Early payday

That’s a good idea. If I can stay awake long enough :grinning_face_with_smiling_eyes:

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Use it every week

Don’t get notifications about it until about 4.30. Does everyone else get one at 4?

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I use it every month!

If I get paid during the night, I’d probably forget to update my budget and invest :frowning:

But now every month at 4pm I get to sit down, budget, invest, and save! It’s like self care for me :slight_smile:

Also:

In addition we’ve got all the general “load” on the app and platform during the day,

Nice to see people aren’t forgetting about the coolest kiddos in the room, the infrastructure / platform teams :sunglasses:

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Don’t get notifications about it until about 4.30. Does everyone else get one at 4?

GPE happens at 4pm, it might just be a slow notification :slight_smile:

This is because at 4pm the day before you are paid, Monzo are guaranteed to have the money, see this link for more information on how this works (and why 4pm is the special time :sparkles: )

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I’ve learned not to trust your links :wink:

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Ahh I forgot I did that :sweat_smile:

Here’s the link:

https://monzo.com/blog/2019/08/20/monzo-now-lets-you-get-paid-a-day-early-for-free

The TL;DR is that BACs payments are confirmed on 4pm the day before, most banks wait until the next day but Monzo does not :slight_smile:

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My understanding is very basic though, I imagine it’s a bit like a trampoline, if you get too many people jumping on it at once then it breaks!

So maybe it’s time to change “Early payday” from actually being 11h early into 22 - 24 h early?

I would like to have an option to choose do I want to get paid 24h earlier or not? I obviously would choose yes :grin::pound:

If yes, early pay could be executed night time :night_with_stars::sleeping::pound::pound::pound:

24 hours earlier the money isn’t guaranteed.

This happens to me when my lunar pay falls on the last Friday of the month.

I still don’t get why can’t be paid weekly like a normal company and have this lunar thing.

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Can you explain that in this context?

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I’ve always been wage paid so weekly is more common.

Paying £3k all at once must be worse than just paying £750 a week for cash flow.

I still work weekly when it comes to money from my last job.

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Just to say I worked for an agency that paid every 28 days - thus 13 a year.
It used to mess with my head!

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Luckily, I am paid weekly, so always picking up my salary on Thursday (around) 4 pm :grin:

I hate monthly salaries, but not much choice as it depends on individual company’s payroll system :unamused:

Yes 28 days

It probally just teaches better budgeting being paid weekly or lunar.

We can choose between weekly or monthly at our place. I tried weekly pay for a bit and it was a disaster for me :rofl:

I always had in my head “just buy it, you’ll get paid again in a few days anyway” and it then just concatenates throughout the rest of the month while you play catch up.

For me monthly works best. Get all my direct debits to come out on or around the 1st of each month. Salary comes in > bills go straight out > whatever is left is mine to spend how I wish.

No need to faff around doing calculations, budgets, saving bits of money from each payday or stressing you don’t have enough. All the important stuff is just all sorted in one fell swoop :raised_hands:

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Network Rails pays every 4 weeks. So does the co-op.

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I’ve always been paid every 4 weeks until I joined my current company now it’s the last working day of the month. We get paid through Faster Payments though :dash: which means no Get Paid early :frowning:

Every 4 weeks was always amazing for me because you get the bonus month when you get paid twice but all of your bills have already been paid. Plus there’s no “long” months when you need to wait 34 days to get paid because where the last working day lands.

Until this happens of course: Asda staff hit by unexpected tax bill after payroll "quirk" | News | Retail Week

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The 4 weekly pay really messes up universal credit as well apparently

I think I’d quite like 4 weekly now that I earn a bit more, I’m more organised and my bills pot has a bit of a buffer.

But when I was younger it would have caused me all sorts of problems.

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