Payday Poll

Monzo Ireland
1

It’s FINALLY payday week…well, for some of ye! Which had us debating in the Dublin office; what is the perfect cadence for wages?

  • Daily
  • Weekly
  • Fortnightly
  • Monthly
0 voters
2

Half of me would love Daily Pay but also managing it would be hell

1 Like
3

Agreed! It’d be so much harder to budget :sweat_smile:

1 Like
4

Setup a daily transfer to a savings account or to another account for getting bills paid.

Also I would feel bad for the payroll department :rofl:

1 Like
5

I think both Monthly and Weekly have their pros and cons.

Weekly pay means fresh money each week, but your “commited spend” could drastically affect how much of that money you can actually use each week. Even if you spread them out over the month, each week will vary.

Monthly pay on the other hand means your finances and commited spend each month would be more predictable, but with the longer gap until payday, you need to make sure you budget yourself properly.

As someone who has struggled in the past with budgetting, I used to prefer getting paid MONTHLY from my job, but then pay myself a weekly allowance out of that monthly pay. That way, I knew all my bills are already sorted out, and I have a fixed amount ofr myself.
Now i’m more money conscious, I can quite happily with monthly pay.

3 Likes
6

Monthly works for me.

Salary comes in then

  • mortgage and bills out
  • Long term savings in, joint savings in
  • Money sent to Monzo for the “me budget” for the month, round up turned on.

Repeat

1 Like