What do you think about switching from a bi-weekly paycheck to a monthly paycheck?

2016-08-29T21:09:13-04:00

Response by SPC Private RallyPoint Member made Aug 29 at 2016 9:18 PM

2016-08-29T21:18:41-04:00

I like bi-weekly, helps spread the money out in case something dumb happens. However the monthly checks will seem be bigger but it can cause stress if you're running low on cash before pay day.

So I guess it all comes down to spending habits.

Response by SFC Private RallyPoint Member made Aug 29 at 2016 9:36 PM

2016-08-29T21:36:26-04:00

I switched mine from bi-weekly to monthly the last 6 yrs before I retired. It worked well for me, but I also had a pretty solid plan on what I was wanting to do.

Response by SGT Private RallyPoint Member made Aug 29 at 2016 10:18 PM

2016-08-29T22:18:34-04:00

This would be great but federal Govt has a different system

Response by CPT Catherine R. made Aug 29 at 2016 10:38 PM

2016-08-29T22:38:15-04:00

I'd prefer it actually, especially since all my bills are paid on the 1st so it would be easier. Alas, we're paid the 10th and 25th so we actually have to plan!

When we were both active duty, I was paid once a month, my husband was paid twice a month. We loved it, I paid the bills on the first and then his check was play money.

Response by MSG Private RallyPoint Member made Aug 29 at 2016 10:47 PM

2016-08-29T22:47:00-04:00

Regular Army, Active Duty Component Soldier, have the option of being on a bi-weekly pay schedule by default or on a monthly schedule by choice. If you want to be on a monthly schedule, and only be paid on the first of each month, all you need to do is request it through your finance office. However, all Reserve Component Soldiers, both Reserve and National Guard on active duty orders, only have the option of being paid on a bi-weekly pay schedule.

Personally, I prefer a monthly pay schedule, that way you can pay off all your monthly obligations at once, and save what you plan to save and know how much you have to spend on other things for that month. This does require a bit more financial discipline and if you plan serve 20 years and earn a military pension or if your medically retried and earn a pension, your only option for retirement pay, is a monthly pay schedule.

Response by 1SG Mike Case made Aug 30 at 2016 9:53 AM

2016-08-30T09:53:54-04:00

I am in agreement with MSG Quintero, I like getting paid once a month. I invest my money, pay my bills, and I know ho much I have left each month. I have had it like that since I came in the Army. Definitely makes you more financially disciplined. When I was a PVT, you definitely learned to make a dollar last.

Response by Lt Col John (Jack) Christensen made Aug 30 at 2016 9:55 AM

2016-08-30T09:55:51-04:00

Well, better get used to monthly because that's the way you'll get paid when you retire! Can understand bi-weekly for younger service members because it can be difficult to manage your finances over a whole month. Don't have any statistics, but think bi-weekly is also the most common way to get paid in the civilian sector as well. I'm sure there have been studies somewhere that correlate age and maturity with the ability to manage personal finances, so IMO there is probably some pay grade at which you could be given the ability to switch to a monthly paycheck if you wanted. As I mentioned, your Military Retirement Pay will be monthly and so will Social Security when you get to that point, so learning how to budget over a monthly period sure can't hurt.

Response by SPC Elijah J. Henry, MBA made Aug 30 at 2016 5:50 PM

2016-08-30T17:50:57-04:00

Bi-weekly gives you your money sooner, thus allowing you to be making interest off of it instead of the government. Over time, that two week difference adds up.
Same goes for banking with USAA. Getting paid a day early (or a few days early on a weekend or holiday weekend) adds up over time.

Response by Sgt Christopher Wenzel made Aug 30 at 2016 8:11 PM

2016-08-30T20:11:52-04:00

As someone who switched from military to civilian government service, consider it like this: you'll get paid a bit less, but get paid more frequently. for ten months out of the year, you still get paid twice a month, so you're working with less to pay your bills. But for two months (June and December this year), you get paid three times. That's a whole paycheck you can spend on whatever the hell you want. I kinda like it better, but it does take a bit of patience and discipline because you'll be losing out on almost 20% of your check.

Response by SSG Carlos Madden made Sep 1 at 2016 11:01 AM

2016-09-01T11:01:33-04:00

I used to be paid once a month and it was great. Just set up all your bills for the month to be paid on the 1st and everything leftover is yours to spend. I'd take anything I had remaining on the 31st and put it into savings.

Response by SFC George Smith made Sep 1 at 2016 3:41 PM

2016-09-01T15:41:00-04:00

well it was that way toll 1974 and when you retire it is again...

Response by CPT Jack Durish made Sep 1 at 2016 7:21 PM

2016-09-01T19:21:47-04:00

Getting your pay once a month creates the illusion that you're getting more. Imagination if I had received $44.50 bimonthly when I was and E-1. It would have seemed paltry compared to the $89 I received monthly.

Response by MAJ Judd Clemens made Sep 8 at 2016 3:50 PM

2016-09-08T15:50:03-04:00

When I retired in 1981 and later went to work for the State of Alaska I was asked if I wanted my paycheck once a month or bi-weekly. I opted for once a month and was asked "Are you sure? Most people who do that soon find that it doesn't work for them and want a bi-weekly check." I said "It's worked for me for 25 years." I've been getting paid once a month for the last 54 years. When I made the initial adjustment from not getting a weekly or bi-weekly check everything fell into place.

Response by SFC Private RallyPoint Member made Aug 11 at 2022 9:09 PM

2022-08-11T21:09:22-04:00

Lol of course you will want a biweekly because you will get 26 pay periods rather than 24

Response by SFC Private RallyPoint Member made Aug 11 at 2022 9:10 PM

2022-08-11T21:10:18-04:00

Lol miss read