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Post by ziyia on Apr 13, 2011 8:08:53 GMT -5
I'm moving to a new job next week, and I went in yesterday to get some of the HR paperwork started early. Paydates are the last day of the month, and if they don't get the paperwork processed by the April 15th cutoff date, I won't get paid for the remainder of April at all. It's a large university, and HR is ridiculously slow, so it could easily happen. I told my new boss that if for some reason they couldn't get it processed, I'd be okay, because "that's what emergency savings funds are for". He looked at me and said "You actually have one of those??" Sigh....
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Deleted
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Post by Deleted on Apr 13, 2011 8:14:49 GMT -5
I guess that makes two of us that actually have one of those
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Post by Savoir Faire-Demogague in NJ on Apr 13, 2011 8:22:01 GMT -5
He looked at me and said "You actually have one of those??" Sigh....
I have two observations. The first one is, the above quote is from someone who one would think is highly educated...but I digress.
The other one is a question. You say you will not be paid at all for the second half of April?
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Deleted
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Post by Deleted on Apr 13, 2011 8:30:19 GMT -5
I absolutely LOVE having an emergency fund and living off last month's income. It takes so much of the stress out of life.
Before we went to direct deposit at work there would always be a few times every year when the checks wouldn't show up on time. It always amazed me how much chaos the checks being ONE DAY late could inflict on some of my coworkers.
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Post by Savoir Faire-Demogague in NJ on Apr 13, 2011 8:32:00 GMT -5
I absolutely LOVE having an emergency fund and living off last month's income. It takes so much of the stress out of life.Before we went to direct deposit at work there would always be a few times every year when the checks wouldn't show up on time. It always amazed me how much chaos the checks being ONE DAY late could inflict on some of my coworkers. Amusing, ain't it?
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daisylu
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Post by daisylu on Apr 13, 2011 9:08:37 GMT -5
I absolutely LOVE having an emergency fund and living off last month's income. It takes so much of the stress out of life. Before we went to direct deposit at work there would always be a few times every year when the checks wouldn't show up on time. It always amazed me how much chaos the checks being ONE DAY late could inflict on some of my coworkers. We now use an outside company for payroll, and a few weeks ago they royally screwed up the checks. A coworker stopped me in the hall to warn me. He was shocked when I just shrugged it off - I knew it would be fixed by Friday (payday is WED). He went on to tell me that his check was "shorted $300, making it only $709 - and I have a truck payment of $700, how am I supposed to make it til next week." My reply of "if you cannot cover a truck payment with your check being 2 days late, maybe you should not have a $700 truck payment" did not go over well.
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MN-Investor
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Post by MN-Investor on Apr 13, 2011 9:12:12 GMT -5
He went on to tell me that his check was "shorted $300, making it only $709 - and I have a truck payment of $700, how am I supposed to make it til next week." My reply of "if you cannot cover a truck payment with your check being 2 days late, maybe you should not have a $700 truck payment" did not go over well. Excellent point! Karma for you.
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Post by ziyia on Apr 13, 2011 9:13:33 GMT -5
SF - I wouldn't be paid for the second half of April until the end of May. My current job (which I'm leaving today) pays semi-monthly, so we'll have to do some rearranging of bills. If I've calculated correctly, the final paycheck here should cover everything, and we shouldn't have to dip into the EF at all, even if the paperwork doesn't go through, but it's there just in case. And yes, the new boss is highly educated, at least in theory!!
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Waffle
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Post by Waffle on Apr 13, 2011 9:54:06 GMT -5
There have been a couple of times our direct deposit pay checks have been a couple of days late. Some people always complain about being hit with late fees because of it and the company always sends out a letter saying they will pay the late fees.
My EF currently isn't that large - but I still don't have to worry when my pay is a day or two late.
The last time it happened I was sitting in a conference room before a meeting and people were talking about how they were going to be overdrawn, etc. I didn't say anything and my boss looked at me and said "you don't keep track of it that closely, do you? I just shrugged didn't really want to get into it with them, but it's nice to know you've got even a little cushion so you don't have to worry about every little hiccup.
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Post by Deleted on Apr 13, 2011 10:04:13 GMT -5
"if you cannot cover a truck payment with your check being 2 days late, maybe you should not have a $700 truck payment" A little OT but I'm shocked at how much people spend on trucks. I had no clue until DH priced out his dream one. BMW's are cheaper.
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Tiny
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Post by Tiny on Apr 13, 2011 10:07:51 GMT -5
I don't keep a cushion in Checking... I just set up any payments to go out the Monday (or Tuesday) after Payday... I've experienced 2 'late' pay checks (deposits hit on Saturday versus 12:01am on Friday) in the last 20 years. I wasn't overly concerned or inconvenienced. I remember co-workers being stressed by the 24 hour delay in pay. Even back in the dark ages when I got an actual pay check I could get by for a week or two without cashing it. I like living as Drama Free a life as possible.
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dividend
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Post by dividend on Apr 13, 2011 10:09:41 GMT -5
I that exact conversation, only it was about not getting paid for holiday days off when I was in my contract-to-hire phase here (our office closes 2 days for Thanksgiving, 2 for Christmas, and 2 for New Year's). My manager was like, legitimately concerned, that I would not be ok missing those days of pay, and was offering to get special permission to allow me to get some hours in on Thanksgiving. I shrugged and said, "Eh. That's what an emergency fund is for." He was incredulous that I would rather spend Thanksgiving cooking and eating with my family than bill 8 hours. After that, he'd ask me things like, "So, do you just not like money?" How do you explain that, while you like money, your budget is not dependent on 100% of every paycheck? I guess for a while, he was worried that I wasn't serious about working here because I wasn't desperate for hours.
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Firebird
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Post by Firebird on Apr 13, 2011 10:11:34 GMT -5
It's funny that he's clearly familiar with the concept and yet doesn't seem to appreciate that it's a good idea. Most of the time when I run into people who don't have emergency savings and this somehow comes up in conversation, I mention an emergency fund and it's obviously news to them. They say things like, "Wow, that's a really smart idea!"
Most of the time, if someone doesn't have an EF it seems mostly due to the fact that it's never occurred to them to have one beyond a small cushion in their checking account.
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skubikky
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Post by skubikky on Apr 13, 2011 10:17:31 GMT -5
"He looked at me and said "You actually have one of those??" Sigh.... "
Not to be insulting, but maybe he was just surprised that you personally had one, and wasn't implying that he didn't have one himself.
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Firebird
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Post by Firebird on Apr 13, 2011 10:22:09 GMT -5
How is that not insulting? I would be very surprised to find out that certain people had an EF, but I'd never be rude enough to comment on my surprise.
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lynnerself
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Post by lynnerself on Apr 13, 2011 10:23:59 GMT -5
We get paid every two weeks. It drives me crazy that I can never go out with co-workers or plan activities in the middle of the pay period. We always have to have out parties, nights out etc on payday Friday because that is the only time anyone has money. This is true for multiple staff and has been for years. You think people would get a clue.
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souldoubt
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Post by souldoubt on Apr 13, 2011 10:24:07 GMT -5
"He looked at me and said "You actually have one of those??" Sigh.... " Not to be insulting, but maybe he was just surprised that you personally had one, and wasn't implying that he didn't have one himself. That's kind of what I was thinking too. You're starting a new job and maybe he thought like quite a few people these days you are just trying to make ends meet.
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skubikky
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Post by skubikky on Apr 13, 2011 10:33:50 GMT -5
"How is that not insulting? I would be very surprised to find out that certain people had an EF, but I'd never be rude enough to comment on my surprise. "
Take a breath girl.... I was referring to myself insulting the OP.
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thyme4change
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Post by thyme4change on Apr 13, 2011 10:38:47 GMT -5
One day is amazing, but my life was changed forever when I met a girl who had to bank right across the street from work because she didn't have enough gas to get to the bank that was a couple miles away, so she could cash her paycheck, so she could fill up with gas. If paychecks weren't there before lunch, she couldn't eat either. She couldn't even wait 2 hours - much less an entire day.
I like this "cushion" thing a lot better. Seriously - what did she buy with that extra $10 that made that sort of stress worth it?
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Post by ziyia on Apr 13, 2011 10:39:01 GMT -5
Possibly, but as Firebird said, in that case it's rather rude to comment on your surprise. He knows I'm currently employed, and leaving this job to move over to the university at a pay cut (but no more travel and way better benefits), so it shouldn't be a complete shock that my financial situation isn't exactly critical.
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Apr 13, 2011 10:39:04 GMT -5
Maybe HE has one and has yet to come across an employee that also has one? I am sure as a boss he gets to hear his fair share of bitching from employees who won't be able to make it till their paycheck comes.
Just because he was surprised doesn't mean he doesn't grasp the concept or that he doesn't have one.
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thyme4change
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Post by thyme4change on Apr 13, 2011 10:41:00 GMT -5
It is possible the guy has tons of savings and investing, but doesn't use the term "Emergency Fund." It really sounds like something some lame marketing team would think up. I think most people just call it "savings."
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souldoubt
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Post by souldoubt on Apr 13, 2011 10:42:02 GMT -5
Generally it's a surprise because it takes you off guard. That's usually when someone says something they normally wouldn't and it's not intended to always insult. I agree with drama as far as the fact that as an employer or someone in a management position he's probably more used to people who are hanging on by their fingertips waiting for that next check.
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thyme4change
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Post by thyme4change on Apr 13, 2011 10:44:27 GMT -5
I'm always surprised when I find out my employees and co-workers do NOT have savings, or investing. My god people - we are in finance.
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Firebird
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Post by Firebird on Apr 13, 2011 10:47:24 GMT -5
I'm always surprised when I find out my employees and co-workers do NOT have savings, or investing. My god people - we are in finance.
Yeeeeah.... bout that.... ;D
They say doctors make their own worst patients!
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cael
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Post by cael on Apr 13, 2011 10:50:36 GMT -5
This makes me think of my dear brother. Kid gets paid every two weeks, I'd say between $650-$700 per check. His rent is $375 a month, their electricity & gas bills might be $50 monthly (that's a high estimate and he has a roommate), he has a $100/month credit card payment, a student loan payment somewhere below $100, and this recent pay period, ONE WEEK after his check he was broke enough to not have money for gas. his roommate's even driving him to work for this week until he gets paid again. Makes me crazy but I don't know how receptive he'd be to budget analysis. He puts absolutely no money away, and even though we've had casual talks about finances and money managing, nothing sinks in.
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Post by ziyia on Apr 13, 2011 10:54:04 GMT -5
Just to be clear - I wasn't insulted. Just rather taken aback that he would blurt out something like that to a brand new employee. Could be that he was surprised and it just slipped out.
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Post by Deleted on Apr 13, 2011 10:56:01 GMT -5
I posted the details in an earlier thread, but I got paid 1.5 weeks late because I changed Bank info in the payroll system. They didn't bother telling me that my next check would be a paper check while they verified the info, and then the paper check arrived while I was out of town on business.
I guess it's a good thing I have healthy cash flow. I can't imagine living so close to the bone that a one-day delay would be cause for panic.
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Post by Deleted on Apr 13, 2011 10:57:41 GMT -5
Maybe HE has one and has yet to come across an employee that also has one? I am sure as a boss he gets to hear his fair share of bitching from employees who won't be able to make it till their paycheck comes. Just because he was surprised doesn't mean he doesn't grasp the concept or that he doesn't have one. This is what I thought too. When I worked in payroll, it seemed like everyones finances were a mess. That was because it was the messy people who came into my office. I am sure there were people who had EF, but I never saw them. On another note, I was shocked by how many people were in the hole in their checking account. A couple of times payroll got screwed up and we had to reverse the direct deposits. You can't reverse something once the funds have been used to cover overdraft fees.
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Post by ziyia on Apr 13, 2011 11:00:02 GMT -5
Pooks - out of curiousity, what do you do in that situation? Did you just garnish the next paycheck to make up for it?
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