If you had the option to get paid at the end of each day - would you take it? More and more companies are considering letting workers choose to be paid after each daily shift. But, before you daydream about getting your dough on the daily, there are a few things you've got to know; so, Jimmy Rhoades talked to Financial Analyst Greg McBride to find out what 3 things paid-daily workers have got to keep in mind.
1. Daily Pay Can Change How You Save
While it can be encouraging to see your bank account increase day by day, it can also lead to some reckless spending - since you know you'll make up some of your purchases today, tomorrow. So, make sure you keep on top of your healthy budgeting and saving habits.
If you do decide to get paid at the end of every shift, make sure you're still saving some of that money for later. Take a portion of your pay at the end of the day, and put it into your savings account. That way, you'll have money to spend, now, and still have money for surprise expenses later.
2. Daily Pay and Seedy Loans
We all know to stay away from predatory payday loans, but sometimes, you might end up in a financial bind that makes it feel like a tiny loan can go a long way. Luckily, one of the positive benefits of getting paid every day is that you won't feel as much of a strain on your wallet when it comes to making big purchases.
Since you'll always have daily access to your earned income, you'll feel more in control of your money, which leads to making better financial decisions. And when you feel more in control of your own funds, you won't feel the need to seek elsewhere for extra money.
3. Daily Pay and Work Ethic
Research done at companies that offer day-of pay shows that employees with the option are usually happier. They see the money they make every day, at the end of their day, which provides a form of immediate, positive feedback that motivates employees to keep working where they do.
And when you get to see how much money you've made in one day, you might even find yourself inspired to pick up an extra shift, or, really focus on getting the most money out of your time at work.
Would you consider signing up for an instant paycheck if your workplace offered it? Or, would you rather keep your budgeting to two weeks at a time? Tell us your thoughts on our Facebook page, @TheListShowTV.
