I don’t know if it’s so much a scam as it is banks and companies and such being stuck in the past.
You could be getting paid every week or even every day, it’s your money, you already earned it, why should you have to wait for it?
Especially in this day and age where everything is computerized. You punch in, you punch out, the computer knows how long you worked, somewhere in their payroll system they know how much you earned, what needs to be withheld, etc. It takes fractions of a second for a computer to do that math, they could send that transaction the moment you clock out.
When things were more manual, it made sense, you had to have someone adding things up, and doing math, computers were bigger, slower, less user friendly, more expensive, and not all hooked up to the Internet up to the Internet to talk to each other. It used to make a lot of sense to do things in big batches at the end of the day, every week, every 2 weeks, 2 or 3 times a month, whatever.
But now you could put in your 8 hours work, and walk out with your days wages already in your account ready to be used for whatever you need it for immediately, no more being broke until payday, payday is every day. But that’s not how it works because as far as the banks and such are concerned everything is working fine for them, so no real need to update their shit.
Couldn’t this be switched around too? I’m only paying some of my bills every other month or twice a year. Why shouldn’t I be paying those off every week or even every day?
It absolutely could, everyone manages their money in their own way. If that’s something that works for people I think they should have that option.
Personally when possible, I do like to do things that way. If I owe, say, $100/month on my car payment, I will tend to pay $50 with each paycheck instead of $100 once a month, and if I got paid every week, I would probably choose to pay $25 a week instead. For me and how my brain is wired, it’s just easier for me to mentally keep track of things when they’re in smaller, more frequent increments. I don’t know if I would quite break it down to ~$5 a day if I got paid every day, but i’d consider it.
Paying on your mortgage every week can drastically reduce your interest, depending on how your interest is calculated. Even if you pay the same amount at you would per month, paying it every week could save thousands of dollars.
I don’t know if it’s so much a scam as it is banks and companies and such being stuck in the past.
You could be getting paid every week or even every day, it’s your money, you already earned it, why should you have to wait for it?
Especially in this day and age where everything is computerized. You punch in, you punch out, the computer knows how long you worked, somewhere in their payroll system they know how much you earned, what needs to be withheld, etc. It takes fractions of a second for a computer to do that math, they could send that transaction the moment you clock out.
When things were more manual, it made sense, you had to have someone adding things up, and doing math, computers were bigger, slower, less user friendly, more expensive, and not all hooked up to the Internet up to the Internet to talk to each other. It used to make a lot of sense to do things in big batches at the end of the day, every week, every 2 weeks, 2 or 3 times a month, whatever.
But now you could put in your 8 hours work, and walk out with your days wages already in your account ready to be used for whatever you need it for immediately, no more being broke until payday, payday is every day. But that’s not how it works because as far as the banks and such are concerned everything is working fine for them, so no real need to update their shit.
Couldn’t this be switched around too? I’m only paying some of my bills every other month or twice a year. Why shouldn’t I be paying those off every week or even every day?
It absolutely could, everyone manages their money in their own way. If that’s something that works for people I think they should have that option.
Personally when possible, I do like to do things that way. If I owe, say, $100/month on my car payment, I will tend to pay $50 with each paycheck instead of $100 once a month, and if I got paid every week, I would probably choose to pay $25 a week instead. For me and how my brain is wired, it’s just easier for me to mentally keep track of things when they’re in smaller, more frequent increments. I don’t know if I would quite break it down to ~$5 a day if I got paid every day, but i’d consider it.
Paying on your mortgage every week can drastically reduce your interest, depending on how your interest is calculated. Even if you pay the same amount at you would per month, paying it every week could save thousands of dollars.
Wait what??? Explain this like I’m an idiot.