I hate monthly pay


#1

I hate monthly pay. I’ve never been good at managing money but no matter what I do my pay never makes it the month. When I do my budget everything is fine, but I just always end up over spending. I’ve tried things like splitting it up into different accounts etc but nothing works if I have access to it.
I’ve always dreamed of a bank that would allow me to deposit my salary each month and have it convert/deposit a weekly or fortnightly amount in to a transaction account for me. This way if I stuff up, I only hurt myself for a week and not a month (maybe put a 30day limit on any changes to stop someone from just cancelling or changing it to suit there immediate needs).

Here’s hoping a internet bank can solve this issue.


#2

That sounds like a great idea!

I could imagine this being part of a very personalised budgeting sub platform.

Something we all need help with at times.

Most future debt can be accounted, and budgeted for.

It wouldn’t take much of an imagination to develop a method to protect our future from ourselves, given that we all have similar issues to contend with.

I will watch with much interest :ninja_emojis_blue_01:


#3

We’re jamming on this Gary! @UserInterface :_ninja_emojis_lilac_01:


#4

This is actually a really good concept @UserInterface - be very keen to see what can be done in this regard.

I get paid fortnightly but know of several friends who get paid monthly and I don’t think I could ever hold out so long between “paydays” - I’d have the same issue. I suck at self imposed budgeting.

Having my money go into a net which only releases ‘X’ amount each week/fortnight would be a great tool for those who just love to buy new and shiny things.

Here is to smarter banking? :crossed_fingers:t2:


#5

I’m surprised that more people don’t think so (or at least haven’t commented). It’s the most common complaint at every company I work at. Even more so for the party goers as we usually get paid on the 15th, which means that if the 15th falls on a fri/sat/sun/mon then you get paid on a Friday. This is where everyone goes wrong on this first day by spending too much before paying all there bills. Then they have to deal with the consequences for the rest of the month.
For me personally, I hate when a month with 5 weekends comes up. I can never, ever, make it through a month like that. Not once in over 15 years of monthly pays. Sad but true. :frowning:


#6

Hi @UserInterface Gary - agreed - therefore would you find it handy to have an account that automatically ringfenced your commitments on payday? Not a series of separate accounts but in one account - so rent/homeloan and whatever you need to set aside for known expenses is set aside - so you can see your disposable income not your whole income? Virtual accounts or ‘stashes’ or ‘jars’. Does the maths for you…BTW do fill in our survey - we’re looking to prioritise features for the bank account and app so asking for what people think/expect/feel - it’s quite long as we’re asking 20 questions - but would love to know what you think! https://goo.gl/forms/nGFuELtUijGWTNN12


#7

Depends. If I can still access that income then I probably still stuff it up.
Plus I would like to still put aside desposable income for the following week. I.e if I have $100 a week to spend on what ever then it would be no help to me if I had $500 in one account as I’d just end up spending it. However if in the first week I only had access to $100 and couldn’t access the rest then I can’t over spend and would have to wait for the next block to be available (same as waiting for payday). Hope that makes sense.
I know I should have more will power, but it’s easy at the start of the month to just spend a little bit on something I need, but that all adds up by the last week or two.


#8

Yes - @UserInterface Gary- knowing your true disposable income at any time would be bloody handy. This is how a lot of people have used the Xinja card or used to use cash - just load it with the disposable and then you know how fast you’re burning thru it, but you could do all of this with virtual accounts. Brett King sets a sort of neobank goal which is we should be able to walk into our home and say “Alexa/OK Google (or whoever) can I afford to go to dinner tonight? If so, WHERE can I afford to go to dinner tonight?” .