has the introduction of monthly wage payments encouraged people to get into debts they cannot afford......????
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I found it difficult when changed from weekly to monthly pay the first time, and was offered a loan to tide me over, I refused the loan as I thought it would be difficult to repay.
But knew plenty people who struggled as they did not know how to budget and spend the months money in about 2 weeks
doing a monthly shop is not always ideal as the food can be eaten quicker or sometimes wasted
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Originally posted by bigby View PostI found it difficult when changed from weekly to monthly pay the first time, and was offered a loan to tide me over, I refused the loan as I thought it would be difficult to repay.
But knew plenty people who struggled as they did not know how to budget and spend the months money in about 2 weeks
doing a monthly shop is not always ideal as the food can be eaten quicker or sometimes wasted
i have never been paid monthly......(until i retired, but i have no outgoing debts).....
i was thinking that as most debts are paid monthly, the amount out of a months pay, would seem small compared to a weekly pay.....Here Rex!!!...Here Rex!!!.....Wuff!!!....... Wuff!!!
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the people who I knew on weekly pay did not have bank accounts, the local shops always changed the cheques, if they did not have enough cash you left the cheque and went back the next day to collect the money
most would then pay off bills weekly at the post office
a fiver off the electricity a tenner off the gas, etc, then money for the paper man and milk man and insurance man
put some off the Christmas Club
so a big change for them when they had to open a bank account, some used the credit union
holiday pay was difficult also, to have a months money was a lot of temptation
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Originally posted by bigby View Postthe people who I knew on weekly pay did not have bank accounts, the local shops always changed the cheques, if they did not have enough cash you left the cheque and went back the next day to collect the money
most would then pay off bills weekly at the post office
a fiver off the electricity a tenner off the gas, etc, then money for the paper man and milk man and insurance man
put some off the Christmas Club
so a big change for them when they had to open a bank account, some used the credit union
holiday pay was difficult also, to have a months money was a lot of temptation
i can see a big change then......
i was thinking more of debts rather than utility bills.......
re holidaypay......we could have it paid all together or paid in weekly.....
i agree it would be a temptation.....especially to spend at the start of a holiday...Here Rex!!!...Here Rex!!!.....Wuff!!!....... Wuff!!!
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Originally posted by quinner View Posthas the introduction of monthly wage payments encouraged people to get into debts they cannot afford......????
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Originally posted by tinky View Postdoubt it and it saves on banking fees.
There are banks here that you dont pay any fees for anything as long as you meet their requirements but they still make money off you as long as your money is in their bank.
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Reminds me of my poor little paul when he was about 5...he wanted his own bank account....so me him and his jar of pennys went to the local bank...and opened an account......he was delighted when the jar of pennies counted out to be $35 he thought he was rich.......his pocket money was $5 a week for little jobs he did.....and the next week off we went to the bank to put $2.50 in ...he was learning responsibility with money right......and to my utter dismay i saw his previous balance of $35 had dropped to $32.....(bank charges) and hes crying..the bank robbed my money mom.....big fight and the bank gave him back his money cos they shouldnt have charged interest on a childs account...but by god did my son learn about banks at an early age......hes very sensible with money....still doesnt believe in banks.....i think he has his cash in his mattress hehehe...
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