Bi-Weekly Paychecks

Discussion in 'Teacher Time Out' started by futuremathsprof, Sep 15, 2018.

?

Which payment method would you rather have?

  1. Monthly (10-month contract)

    11.1%
  2. Monthly (12-month contract)

    22.2%
  3. Semi-monthly (10-month contract)

    11.1%
  4. Semi-monthly (12-month contract)

    22.2%
  5. Biweekly

    33.3%
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  1. MrsC

    MrsC Multitudinous

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    Sep 15, 2018

    I'm paid every second Friday during the school year; at the end of June, we receive the pay for July and August in a lump sum. I honestly can't imagine that it would have any sort of lasting impact on me if this was changed. I also can't imagine expecting my school to make an exception for me on any decision that had been put to, and decided by, a vote by staff.
     
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  2. Ms.Holyoke

    Ms.Holyoke Connoisseur

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    Sep 15, 2018

    I get paid weekly but we get a lump sum for June, July, and August.
     
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  3. vickilyn

    vickilyn Guru

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    OP, I think it is the height of conceit to think that your school will personalize every pay period for every individual teacher, which is what they will be agreeing to if they bend the rules for you. Be grateful for your lucrative tutoring business, and more gracious in defeat since the majority went another way in the vote. I would also suggest staying out of politics, since you can't always sway the masses no matter how clear the "obvious point" is to you. Be grateful for the income you have. There are posters on this forum who would give almost anything to make anything close to your salary.
     
  4. futuremathsprof

    futuremathsprof Aficionado

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    Sep 15, 2018

    I am not expecting my school to make an exception for me only, but I will try anyway. It can’t hurt. The worse they can say is no and then I’ll just simmer and deal with it.
     
  5. futuremathsprof

    futuremathsprof Aficionado

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    Do you like getting paid weekly? IMO, I would not like getting paid every week because I am so used to being able to spending more than $1,192.31/week ($62,000/52), so that just wouldn’t cut it for me.

    I envy you for the lump sum... Aw, man.
     
  6. vickilyn

    vickilyn Guru

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    After a couple of weeks where you didn't spend it all, and I am reasonably certain that would happen, because of the tutoring, what difference would it make? You would be back to where you are now.
     
  7. futuremathsprof

    futuremathsprof Aficionado

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    I think it’s mainly psychological. Getting $1,192.31 at once is not as great as getting $2,384.62 at once, is not as great as getting $4,769.23 at once.

    My bills are about $1,500-$1,800/month in total. I like paying ALL my bills at once because I hate owing anyone money — my brain keeps excessively thinking about them until they get paid. I don’t know why.

    Next, I put money into savings, retirement (Roth IRA), and stocks and have fun with the rest. Getting paid weekly would not allow me to pay all my bills at once and make me think about them every day until they are paid in the following week. Then, after paying them off in week 2, for example, I wouldn’t be able to do much until weeks 3 and 4, not including tutoring.

    With the system I had before, I would pay off all my bills at once and then use the portion that remained and tutoring money to do the aforementioned things such that my second paycheck was entirely for fun. I don’t like it that I will have to adjust my spending habits.
     
  8. TrademarkTer

    TrademarkTer Groupie

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    Sep 15, 2018

    What in the?!?!? Who still pays bills this way? I have all my bills on autopay. I don't think about them EVER. They just get paid right about of my checking account. You make it sound like you are living pay check to pay check here, but I've seen you paint a very different portrait of your finances in other places.
     
  9. Always__Learning

    Always__Learning Comrade

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    Sep 15, 2018

    Personally, I think asking for a different pay schedule does have a down side. I think where I work, HR and Payroll would think very poorly of me if I approached them with such a question and that memory would hold. I know without asking that the answer from Payroll would be no because I've had a few situations over my career where something has happened with my pay (mine or a colleague) and I know how payroll responded to those requests, so asking them to provide a completely different pay schedule forever would absolutely be a no. So, asking has no upside. Asking has a very big downside when it comes to reputation.

    As for the 400$ less and 2 big checks. What is your actual paycheck? Are the numbers you put up pre or post deductions? Because if those are post-deduction numbers than you are probably making as much as any teacher I've ever met (even with 20+ years experience).

    Either way, the way you talk about money it sounds like you make so much, you don't know what to do with it all. You are constantly sharing how you make a ton and spend none. So why would 400$ less a month (pre or post deductions) matter?

    Wouldn't it make you happy. You can live on 400$ less a month and twice a year you can throw a huge paycheck into your savings?

    I suspect the reason many of your colleagues want this is for exactly that. They won't spend money they don't have so if they take home 400$ less a month, they adjust and then they can use those big checks for big things.
     
  10. vickilyn

    vickilyn Guru

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    Sep 15, 2018

    With that said, I would recommend "rethinking" the way you think of money flow. Again, once you save half or more of the first couple of paychecks, it is a moot point. I would like to think that I am smart enough that I don't have to use tricks to fool my mind about cash flow. From what you have written elsewhere, I believe you pride yourself on your intellect. Simply change the way you look at things and find a way to be content. You can still save for a house, invest, and not be broke with only small changes in the mindset. That will impress more than asking to be the exception to the norm. You are so lucky to have more than one income source, and that makes your arguments about how you are paid sound silly. Just something for you to think about.
     
  11. futuremathsprof

    futuremathsprof Aficionado

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    I didn’t say I was living paycheck to paycheck. I said I would be if I was paid weekly. Did you read my post thoroughly?

    I have auto pay for some bills, but not all because I manually pay the others off early due to my psychological anxiety of not paying things early. Autopay is not fast enough for me.

    To demonstrate how my brain thinks about bills, when I was paying off my car loan this year, I would make multiple payments of $500 to $2,000 within days of each other because I kept thinking, “Well, I could lay a little bit more and be that much closer to finishing.” And now it’s paid off — only took 1.3 years. Woot woot!
     
    Last edited: Sep 15, 2018
  12. futuremathsprof

    futuremathsprof Aficionado

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    The point is that my tutoring business revenue stream is variable and fluctuates, whereas my teaching salary is fixed and constant. I don’t base my purchasing power on my tutoring money because thousands of that go into savings each month for my down payment — I have since decided to save for a 50% down payment and so the additional funds are untouchable. As such, I don’t consider that money as it is “not available.”

    For example, I made over $5,000 last month for tutoring and put $4,000 of that in savings. I only used $700 of the remaining amount for entertainment and $300 for a bill. I don’t consider the majority of tutoring income as regular income. Yes, I will make six figures (~$120k-$130k) this year, but I primarily use the second half of my teaching salary for fun stuff and the first half for bills.

    Lastly, I will be content when my life’s goals are met; that is, when my house is paid in full and my bills are paid for for the entire year.
     
    Last edited: Sep 15, 2018
  13. waterfall

    waterfall Maven

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    Sep 15, 2018

    As a teacher I've always gotten paid once per month, including in the summer. I like it. I pay off all of my bills on the 1st, even the ones that aren't due until the 15th, and then I know what's left for the rest of the month. I wouldn't like having to keep track of paying different bills at different times of the month if I only got paid biweekly. I like having everything done on the 1st. I also would hate to have to calculate everything and set aside money for the summer if I were on a 10 month pay scale. Yes, I'm financially responsible enough to do so, but it would be another big hassle to deal with.

    I've had a couple of mistakes on bills over the years, so I would never sign up for auto-pay. If I'm paying the bill myself, I can make sure they're not getting my money until they fix it. Last year, someone hacked my AT&T account and bought themselves a new i phone. Even after I thought everything was resolved, my next bill from them was almost $200 because they'd already tacked on the taxes and fees for "my" new phone.

    That said, if my district were to suddenly decide that they were going to switch to biweekly payments, it wouldn't even occur to me to go ask for special treatment because I prefer getting paid monthly. That's just asking for problems, IMO. Like a pp said, they won't forget you or the request.
     
    Last edited: Sep 15, 2018
  14. futuremathsprof

    futuremathsprof Aficionado

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    My school wouldn’t hold it against you for asking questions like the one I proposed. I’ve asked many questions that my colleagues did not recommend and nothing has ever happened. If fact, I’ve been told by administrators that they were surprised someone didn’t ask sooner.

    If you never ask, you’ll never know.
     
  15. Always__Learning

    Always__Learning Comrade

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    This thread has been really interesting in understanding your thinking. Honestly, I do not think what you are describing is a healthy relationship with money. I doubt that anything I will say will have any impact on your thinking but for what it is worth:

    - What I've learned about anxiety (from working with many students with anxiety) is that if we do what anxiety wants, we feed it and it gets more powerful. I would encourage you to put your bills on autopay as the paying them off immediately is going to lead to more and more anxiety about money.
    - I do not for a moment believe you will be content when your house is paid off and your bills are paid for the entire year. Lots of research shows that once we are not in poverty, the amount of money we have does not make us happier. The anxiety you are experiencing and your relationship with money will not suddenly be all good once you pay everything off
    - I would argue that your teaching salary is not fixed and constant. You could get sick. You could get fired. I know you believe none of these things will ever happen but there is no such thing as permanent, guaranteed money.
    - While it is great that you have savings for your house, I would suggest that the way you have this structured is creating a ton of extra unnecessary stress. Why do you not have savings for short-term emergencies? You clearly have enough saved. Why not set it aside for that? Moreover, if you are making 50 thousand dollars a year tutoring, surely you could budget 400$ a month ($5000/yr) as guaranteed, surely your $50 000 doesn't fluctuate so much that you can't be certain of $5000 per year?
    - And again, I know nothing I say will change your mind but because your P said that it's a good question doesn't mean that negative viewpoints about you and your potential haven't been created - no one is ever going to say it to you - it just shows up when you try to get promoted - I had a friend - great teacher but some concerns were present - no one has told him but he eventually gave up on applying to be a P because he knew it wasn't going to happen - its subtle - but it happens - and bugging payroll about things that make you look like you can't see the bigger picture is not good for your career - no one will say this - it just is the way it is - actually I would say being told that its a great question often means its a bad question - I had a colleague who was mad they were passed over for a promotion so they said to our P that they were going to apply for something else - the P said - oh don't do that we'd miss you. She thought this was a great response. But what our P normally said when people applied for things was - awesome, good for you, I have your back. Saying don't apply meant he didn't believe they had a shot at the position - but they read it as a compliment - I could name 10 other people who had our Ps support for an application - because Ps prefer that their strong employees apply for things - it makes the P look good
     
    Last edited: Sep 15, 2018
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  16. futuremathsprof

    futuremathsprof Aficionado

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    It certainly is not a healthy relationship with money. I’m not delusional about that. I *know* it’s not healthy, but because I grew up in poverty it has structured my thinking as an adult now that I’m in the upper middle class. I plan to stay there at all costs.

    My goals in life have always been: 1) Get a good education, 2) get a good paying job, 3) never miss a single payment and pay everything off expeditiously, 4) have fun and have many exciting experiences, 5) buy a house and pay it off in 10 years of less, 6) achieve financial independence so that I can have fun with my income every month (that is, pay off yearly bills so I don’t ever have to worry about splurging), and 7) always have significant savings.

    I’ve already done 1-3, a little of 4, and 7 mostly, so I’m well on my way.

    I’m not saying that my income is guaranteed. When I say my teaching salary is fixed I mean that I’m on a salaried contract and I have full backing by my admin (Head of School, school board members, P and VP’s) as they frequently tell me not to leave the school. I know I am lucky to work where I am.
     
  17. Always__Learning

    Always__Learning Comrade

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    Well it is interesting to me that you recognize that it is not a healthy relationship because they way you've spoken about money on every thread I've read up to this one has come across (to me at least) like you think you know better than everyone else how to deal with money and that we all should do what you do in terms of money. So it is honestly surprising to me that you are saying that you realize this isn't healthy.
     
  18. futuremathsprof

    futuremathsprof Aficionado

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    Concerning your last point, the $45,000 I have saved right now is for down payment/emergencies only. It is not to be used for any other uses.
     
  19. futuremathsprof

    futuremathsprof Aficionado

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    I still think my methods are better than others because nearly all of my other friends have huge student loan payments, car payments, and credit card bills, plus else, that sap most of their income. I don’t have any of those, can basically do what I want each month, and am much farther ahead of them at this stage in life and I’m only 26. I would not be where I am without my obsession with money and desire to pay things off quickly.
     
  20. Always__Learning

    Always__Learning Comrade

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    Well I don't think it can be both "the best way" and "unhealthy." At this point, you are in a good financial position. You now get to decide - are you going to continue to let money run your life or are you going to take a more moderate approach.

    As for the specific issue, if you have 45,000 saved and no debt then I think you could solve this really easily - set aside $500 from your tutoring business each month to pay for the things you are spending money on and take those 2 big pay checks and put them in the bank.

    But my sense is you don't want a solution. You want to complain about how all your non-math colleagues made the wrong decision. I actually think the decision makes sense - it makes it far easier to save money for the average person.
     
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