[CJ22]

haven't seen this covered before. It seems like a trivial issue, but actually it will require a profound mental shift.

As is generally the custom in the UK, we live on a monthly financial cycle (that is, a calendar month). We get paid monthly, pay rent monthly, and all our direct debits are monthly.

From our investigations it seems Kiwis prefer to deal in 2-week cycles (do Kiwis use the word "fortnight"? What else is it, 'bi-weekly'?). We'll be getting paid fortnightly and it's more than likely that we'll pay rent/mortgage fortnightly because of that.

How come people prefer that 2-week cycle, and how have people found making the transition?

[ndheah]

You're not alone in this boat, I am wondering the same exact thing. America pays most bills monthly, but generally, are paid bi-weekly, so we are able to catch the odd bills that fall in the middle of the month too.

[shakyle2906]

haven't seen this covered before. It seems like a trivial issue, but actually it will require a profound mental shift.

As is generally the custom in the UK, we live on a monthly financial cycle (that is, a calendar month). We get paid monthly, pay rent monthly, and all our direct debits are monthly.

From our investigations it seems Kiwis prefer to deal in 2-week cycles (do Kiwis use the word "fortnight"? What else is it, 'bi-weekly'?). We'll be getting paid fortnightly and it's more than likely that we'll pay rent/mortgage fortnightly because of that.

How come people prefer that 2-week cycle, and how have people found making the transition?



Hi, yes i get paid fortnightly, and our mortgage and other certain bills get paid fortnightly. Hubby still gets paid weekly. We also have weekly bills ad monthly bills too.

TBH i have found it ok, and the transition ok, suppose its something you have to get used to!

Sharon

[pinkpiggy]

I also get paid fortnightly, with OH being paid monthly. Most people I know get paid fortnightly. As Sharon said, we pay rent weekly but utility bills tend to be monthly.

I actually prefer this as pay day never seems too far away!

[wiki]

About 80% where I work are still paid weekly!

OH works there part time and is paid weekly and I'm paid fortnightly. Rent is paid 2-weekly and bills monthly. So far it's working for us :)

[CJ22]

Jeez, it's even more confused than I thought lol

[Smiler]

CJ

When it comes to it, pay your mortgage fortnightly. It saves you $$$$$ on the whole of the loan.

Don't ask me how it works as I am severely mathmatically challenged :o but if you have a read of Av's sticky munny thread, she explains it all.

[KerryS]

CJ

When it comes to it, pay your mortgage fortnightly. It saves you $$$$$ on the whole of the loan.

Don't ask me how it works as I am severely mathmatically challenged :o but if you have a read of Av's sticky munny thread, she explains it all.


It's beacuse you effectively make an extra payment each year, by making 26 fortnightly payments rather than 12 monthly ones. Hence the loan reduces faster as the sum is reduced and so you pay less interest.

[Smiler]

It's beacuse you effectively make an extra payment each year, by making 26 fortnightly payments rather than 12 monthly ones. Hence the loan reduces faster as the sum is reduced and so you pay less interest.

Thanks Kerry! :nice1

[Moorf]

I actually prefer this as pay day never seems too far away!

Us too!

And if you're both on alternate weeks it's brill :D

[shakyle2906]

Us too!

And if you're both on alternate weeks it's brill :D

I'll second that!
Sharon
x

[CJ22]

When it comes to it, pay your mortgage fortnightly. It saves you $$$$$ on the whole of the loan.
Ah ha! Brilliant! Of course it would!

[jubjub]

I dont think OH has ever been paid fortnightly, but we have been caught out with the system of companies paying a monthly salary, but 2 weeks in advance and 2 weeks in arrears, it kind of hits when you leave and go to a job with normal monthly pay in arrears, 6 weeks without money is a heck of a long time!

I am soo glad we have MS money, it tracks all the bills etc, as we pay mortgage every 2 weeks, some things monthly, other things quarterly, and now we have kindy fees which are term time only! At least I know when we are going to be short in advance and can try and divert funds where needed!

[aberdian]

I work for a US company here in the UK (for 2 more weeks anyway :) ) and have been paid biweekly for the last couple of years. After 20 years of monthly pay I still find it a bit weird, but hey, as long as the money goes in round about the same day of the month, what's not to like?