Weekly and Bi-Weekly Pay
In today’s article, we’re going to discuss which is better, weekly and bi-weekly Pay. who likes to get paid weekly who likes to get paid Bi-weekly,
which one really tickles your fancy which one is actually better, so let’s start
First of all, we’re going to talk about which is better to be paid weekly at a job or getting paid Bi-weekly as a job.
now I have my own opinion on this and maybe it varies from person to person but I don’t know what you guys think so, let’s just jump right into it
weekly pay is when getting paid weekly you will receive a check every week off course and bi-weekly is when you are paid every two weeks.
Now when you get paid bi-weekly you will get actually paid 26 times a year
and when you get paid weekly of course you get paid like 52 times a year.
Now which is actually better, which one do you prefer which one would you look to get?
I’m gonna be straight up with you guys it’s a useless preference to compare between the two.
just see whatever suits you best you opt for it.
but to me, I do have my own opinion about this so let me tell you about it me personally I prefer bi-weekly
now I know a lot of people like to get paid a week I need money
yeah it’s right
but check this out let me grab you for a second
all right and we talk about an average person who has average bills average bill rent average bill utility
average bill cell phone right this is three average bills there since it’s 2020 yeah I’m
saying average bill but these just three bills right here just three and I mean just be truthful a
a lot of people do have cardinals insurances you have to feed yourself and your family
then get back and forth to work so we’re just going to take these right here.
if you got paid weekly
weekly then just imagine what’s the situation
let’s just take an example of Amazon.
Amazon pays their employees 15 dollars an hour that is 1200 dollars a month if I’m not mistaken so if
you break that down to four was it like 400 dollars might even lower than that wow
let’s check the exact figure
with my handy-dandy calculator with math yeah bi-weekly you would get paid twice
which would be 1200 dollars and of course that sums up 2400 dollar
a month and with weekly of course you should know to divide that by four because no typical month about
four weeks that’s 600 dollars.
let’s just say standard rent some standard rent and go running about 800 dollars and that’s on the low side you can even go lower than that you’re going to go to
some of the bad areas but let’s just say 800 dollars is your rent. if you get paid 600 a week take out taxes you talk about probably five hundred dollars
so with one week pay, you can’t pay your rent so by default it’s going to take you two weeks boom so
let’s say you get 600 after taxes it’s five now two weeks have passed because you know you can pay your rent the first one-two
weeks pass now you can pay your rent you got a thousand dollars 800 you got 200 left
if you roughly use about they could be nice about it fifty
dollars a week no no, we’re gonna go shorter forty dollars a week to get to work those two weeks they just passed there’s 40 40 there’s 80.
if you just spent 800 on no rent anytime I spent another 80 just to get back and forth to work and then you turn around and spend the rest of that.
So I think out of Weekly and Bi-Weekly Pay Bi-weekly is the best option you should go for.
Difference between monthly payments and bi-weekly payments on your mortgage
let’s discuss the difference between doing monthly payments and bi-weekly payments on your mortgage there is some misinformation out there
so really the difference between the month between doing monthly payments and bi-weekly payments in terms of paying off your mortgage quicker
there is no difference between monthly and bi-weekly, let me just explain that there is a difference but not in the monthly versus bi-weekly
so let’s just say for example somebody has a monthly mortgage payment of $1,000 a month just to make it easy so if it’s $1,000 a month then over
a 12-month period then they’re going to pay $12,000 towards their mortgage payments over the year so that would be if they’re doing monthly payments
now if you’re doing bi-weekly payments what bi-weekly means is you just take what the amount is that somebody would typically pay in a year
and you divide them by 26 bi-weekly periods and that gives you your bi-weekly payment so $12,000 over the
a year divided by 26 bi-weekly periods gives you a biweekly payment of about four hundred and sixty-one dollars bi-weekly
now you’ll notice that whether you’re making payments of 461 bi-weekly or monthly payments of $1000 per month you’re still paying $12,000 per year at
the end of the year whether you’re doing monthly payments or bi-weekly payments so there’s no difference between doing a
monthly payment and bi-weekly payment. The difference is where if you decide to do accelerated bi-weekly payments then
that’s where the difference happens so an accelerated bi-weekly payment is when you take the thousand dollars per
and you divide that by two then that gives you $500 which is an accelerated bi-weekly payment so accelerated bi-weekly is when you take the monthly
payment to payment and you divide it by two which is, in this case, $500 bi-weekly and of course $500 as an accelerated
bi-weekly payment is more than 461 bi-weekly so the difference is that you pay more money towards the principal on your mortgage
when you’re doing an accelerated bi-weekly payment versus if you’re just doing a bi-weekly payment or if you’re just doing a monthly payment
and the difference can be substantial over time you can pay your mortgage off a lot quicker by doing accelerated bi-weekly payments versus
monthly or just bi-weekly same thing goes for weekly by the way if you’re doing accelerated weekly payments is the exact it has the same impact as
doing accelerated bi-weekly payments. so if you have any questions leave them in the comment below
Thanks and have a great day