Ms Macbeth Posted September 20, 2012 Share Posted September 20, 2012 Isn't this a basic part of budgeting and financial management? If you get paid monthly and want to spend weekly, then divide it by 4 when it's paid and keep track of what you spend each week. (Take into account that some months have 5 weeks and some have <4). That is fine if you get your first month's pay/income a week after the last weekly payment. However, if you have to wait a full month and have no savings, it could be really difficult. That's why companies often offer loans to staff moving from weekly pay to monthly salaries, to tide them over til they have organised their finances. Link to comment Share on other sites More sharing options...
Cyclone Posted September 20, 2012 Share Posted September 20, 2012 That is fine if you get your first month's pay/income a week after the last weekly payment. However, if you have to wait a full month and have no savings, it could be really difficult. That's why companies often offer loans to staff moving from weekly pay to monthly salaries, to tide them over til they have organised their finances. That wasn't the problem that was suggested though was it. There is no way I will be able to manage monthly pay. Not, "I hope that there it doesn't change from a week in arrears to a month in arrears". Link to comment Share on other sites More sharing options...
missflirtuk Posted September 20, 2012 Share Posted September 20, 2012 I'm able to pay my rent weekly on time, the amount that needs paying on time Friday mornings. Why must the govt always mess around with things? If it gets changed I have no idea how the rent etc will work out. Link to comment Share on other sites More sharing options...
chem1st Posted September 20, 2012 Share Posted September 20, 2012 Why don't you think that you'll end up better off, that's the entire point of the universal credit, to ensure that working pays. Many working people claim more n benefits than the unemployed claim. Universal credit, may result in increased work incentives, but some will lose out, those whom are playing the current system rationally, work just enough to claim tax credits... Link to comment Share on other sites More sharing options...
gaze1981 Posted September 20, 2012 Share Posted September 20, 2012 Firstly, there are the initial problems when the timing switches from weekly or fortnightly to monthly - how to minimise hardship when making someone wait an extra two to four weeks for their money when the new payment cycle is bought in. Secondly, some of those on very low incomes have a very hand to mouth subsistence living and can go into debt very easily. It can be hard for some benefit claimants to manage to pay their basic living expenses and if they incurr an emergency, perhaps a travel expense to visit a sick relative, a plumbers bill to fix a leaking pipe or broken cooker, then it is really much more tricky for them. Lastly - mindset. Those who receive weekly or fortnightly benefits, especially long term claimants, simply don't have the planning or budgeting skills or knowledge to make their money last over a longer period. They've never had to before so haven't any experience of making money last so they get into a cycle of feast or famine. Logic says 'make your money last and be sensible with it' but human behaviour isn't logical. Link to comment Share on other sites More sharing options...
Cyclone Posted September 21, 2012 Share Posted September 21, 2012 I'm able to pay my rent weekly on time, the amount that needs paying on time Friday mornings. Why must the govt always mess around with things? If it gets changed I have no idea how the rent etc will work out. Why would it alter anything? You will still pay it weekly on Friday morning, just don't spend the money for rent which you receive for an entire month... Link to comment Share on other sites More sharing options...
Cyclone Posted September 21, 2012 Share Posted September 21, 2012 Firstly, there are the initial problems when the timing switches from weekly or fortnightly to monthly - how to minimise hardship when making someone wait an extra two to four weeks for their money when the new payment cycle is bought in. True, but that wasn't the concern that was raised. Secondly, some of those on very low incomes have a very hand to mouth subsistence living and can go into debt very easily. It can be hard for some benefit claimants to manage to pay their basic living expenses and if they incurr an emergency, perhaps a travel expense to visit a sick relative, a plumbers bill to fix a leaking pipe or broken cooker, then it is really much more tricky for them. It's no more tricky being paid monthly than weekly, either way an emergency expense would either put them in debt or be unaffordable. Lastly - mindset. Those who receive weekly or fortnightly benefits, especially long term claimants, simply don't have the planning or budgeting skills or knowledge to make their money last over a longer period. Maybe learning some new skills will be useful for them then. They've never had to before so haven't any experience of making money last so they get into a cycle of feast or famine. Logic says 'make your money last and be sensible with it' but human behaviour isn't logical. Time to learn or go hungry for the last week of the month I suppose. Link to comment Share on other sites More sharing options...
gaze1981 Posted September 21, 2012 Share Posted September 21, 2012 To play devil's advocate..... let's say someone is currently paid their benefits fortnightly, then it goes to monthly. So basically doubling the amount of time they wait for money coming in. Say.... someone on a monthly wage then had to go to being paid every two months.... again, doubling the amount of time they wait for money. Would people see this as a problem, or would they budget their money to last 2 months? (A bit of a flawed argument, but if you leave aside the being paid in advance / in arrears issue and just think of the budgeting side of things) Link to comment Share on other sites More sharing options...
Bonjon Posted September 21, 2012 Share Posted September 21, 2012 To play devil's advocate..... let's say someone is currently paid their benefits fortnightly, then it goes to monthly. So basically doubling the amount of time they wait for money coming in. Say.... someone on a monthly wage then had to go to being paid every two months.... again, doubling the amount of time they wait for money. Would people see this as a problem, or would they budget their money to last 2 months? (A bit of a flawed argument, but if you leave aside the being paid in advance / in arrears issue and just think of the budgeting side of things) Generally when you start work you have to wait a month before receiving your first wage, hows this any different. As I have already said if people don't like it they don't have to accept it. Link to comment Share on other sites More sharing options...
juniee Posted September 21, 2012 Share Posted September 21, 2012 the promblem with this benefit is 1) It has to be done online who is to stop the hackers and not everyone is computer savvy and if you are on a low income how do you pay for an internet connection? 2) it will only go to one person per household this would be fine and dandy if we all lived in paradise, what if the person it goes to is an abusive controlling freak, god how much more power they will have, what if they are alcos, druggies, compulsive gamblers what does the other part of the realtionship do, as they will be told sorry you have had your whack thats it and goverment and IT systems do not go together, a wonderful idea if we lived in utopia Link to comment Share on other sites More sharing options...
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