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. futuremathsprof

    futuremathsprof Aficionado

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    Sep 15, 2018

    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
  2. 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
  3. waterfall

    waterfall Maven

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    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
  4. 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.
     
  5. Always__Learning

    Always__Learning Comrade

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    Sep 15, 2018

    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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  6. 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.
     
  7. 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.
     
  8. 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.
     
  9. 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.
     
  10. 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.
     
  11. futuremathsprof

    futuremathsprof Aficionado

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    I didn’t say “best way”. I said better way. There is a difference. Yes, money runs my life as money makes the world go round, figuratively.

    Many of my colleagues make more than I do as they have been teaching longer than I have at the school. The median teaching salary is about $85k.

    Is 26 paychecks really that much better for people than 24? How is it easier to save money when you have less of it for 10 months out of 12?

    Again, I try to avoid touching my tutoring money at all costs because of goals 5, 6, and 7. Now I will have to and I don’t like that.
     
  12. ChildWhisperer

    ChildWhisperer Devotee

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    We get paid every 2 weeks and none over the summer, and I like it.
    I make way less than you and money/budgeting is never an issue for me.
     
  13. vickilyn

    vickilyn Magnifico

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    Sep 15, 2018

    Or, you can live very frugally for a month or two, build up a cushion that would take the place of touching your tutoring money, and soon you will be no worse off than if your payroll spacing hadn't changed at all. That's a mind game we play with ourselves, too.
     
  14. Missy

    Missy Aficionado

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    Also, future, please do not assume that your non-math colleagues do not understand the math. Opinions can vary, even among those who know the facts. I also grew up in relative poverty, but money does not govern my life.
     
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  15. Ima Teacher

    Ima Teacher Maven

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    Mine are all on autopay, too . . . but I still like knowing they are paid. They are all paid the same week every month. We don’t live paycheck to paycheck. DH always checks them as paid in our Excel file once they post to our account. I did the same thing when I lived alone. Never thinking about bills seems irresponsible to me.

    I’ve had bills fail to post or get paid twice. It always pays to watch.
     
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