Paycheck to paycheck - its everywhere

So... I volunteered to sell raffle tickets, our group (FinOps) raises money to provide food hampers to not well off families at Christmas for Wesley Mission. So far, so good.

The raffle prizes are great, some Big TV, an Apple iPhone 7, an ipad Mini, Johnny Walker Blue label, a stay at a great hotel, $100 credits on a mastercard debit card and something else I can't remember. Raffle tickets are $5 each or 3 for $10 or 8 for $20.

Anyway, the organiser in the email in the callout for helpers said it's best to do it Thursday or a Friday but it was ok to do anytime in the week.

I was allocated a partner to do it with and my partner and I did it this morning (as today fit in his schedule better rather than Thursday). So we go and do it, we were allocated to sell to staff members such as those who review your loan documents etc, people who assess your loans, the people who coach the lenders, coach other staff etc. Found it very interesting.

The first guy we approached to buy said it's better to come back tomorrow as tomorrow's payday. My partner and I gave that consideration but decided to continue.

We push on. But In our quest, I noticed maybe 20% of responses said, sorry, can you come back tomorrow? I have no money today and tomorrow's payday. I even had people take my contact details so they can buy tomorrow.

I had no idea so many people would have that response....

Anyway, we had 3 areas to cover and we decided to leave the final area till tomorrow....

 

ALL my staff live week to week. Its just the way it is. After drugs, booze and smokes, theres only enough for 2 minute noodles for the whole week.

pinkboy

 

Maybe you'd have had more success if you had a "paypass" facility?
Some people draw a bit of cash out each pay cycle, just for spending money..

I don't. I hardly ever have cash in my wallet.

 

I would imagine that the majority of workers live paycheck to paycheck.
I work with guys who clear (after tax) $200k+ pa. If we pay them late by a few days they are in a panic as they dont have enough to pay the mortgage that month.
Its certainly more common than uncommon in my industry (o&g).

I used to work in a bank, and yeah, it was not a lot better there.

Blacky

 

Where I used to work I'd say 90% of people lived paycheck to paycheck based on their conversations. Then you have credit card to credit card folks. Many if not most of them are on 150k plus incomes.. The majority of them are between 22- 45 years old. The money goes mostly on eat out, booz, cigs, toys, clothes and holidays .

I'd probably do the same as them if I had no dream to work towards . I know many of them have no dreams because i used to ask them. They kinda looked at me like I was weird or something even at the suggestion of a greater dream.

 

If there is a positive, my FinOps colleague and I do not live paycheck to paycheck. I suspect most of our FinOps colleagues don't... (most in our area have a uni qualification in Accounting or IT).

Going to other areas was a real eye opener.

 

I love no doubt that a lot of people live pay cheque to pay cheque. However some of the replies you are getting may be an easier response that outright saying no - they hope you won't come back tomorrow.

 

Same in my work! Hell, same with me! But all of it goes into paying off my house quickly.

I only am left with a teensy bit at the end of each pay cycle...saves me from spending it on crap....

 

There were a good number who didn't want to buy, and thats fine. But at the same time, there were serious, "Can you come back tomorrow?"
I even had one gal who had no money and so she asked another colleague for $5. (And she had it). But then she asked if she had brought lunch with her today. No.
And that $5 was needed for lunch!

 

It's a good thing you don't work in a major Australian financial institution!

 

Lol. I think it helps some staff members be committed to their jobs.

 

2 minute noodles should be changed to 10minute noodles. I've never made noddles in 2 minutes. Thanks for listening, I feel I had to get that out.

 

One guy was consuming cup noodles for a snack/lunch when I approached him... he bought a ticket.

 

Same!

I'm in 'accumulation' stage atm but 6 months ago I bought a PPOR so I've got **** all buffer. If I became unemployed tomorrow I'd be screwed. I can see how people on double my salary would be in the same boat as they'd live in better suburbs and have higher mortgages etc. I know my situation sounds terrible, but the alternative is renting and putting money in the bank earning 3% interest...

 

I wonder if it was a polite excuse to get away with not buying a ticket/s? I know I sometimes do the "sorry I don't have any cash/change on me" excuse

But yes, I definitely think many have that habit. I remember a case at my previous work where a woman was crying on the phone trying to get through to her manager (a colleague spoke to her). She changed her bank account and some glitch meant she wasn't paid right on pay day. She didn't have any money to put petrol in her car to get to work. Big eye opener.

 

Bingo.

Some of it would be this. They don't want to give a flat out no.

 

Let's see what happens today when we try the other level we were allocated. I'll report back.

 

I was about to say that too. that's my experience when the mortgage rate was like 8-9% and I was holding 2 properties (one good one bad). now, life's a bit easier.

Slow to judge because some may be committed to helping out families etc. people still need to need to live a little. of course if a wage earner constantly living beyond his or her means that's no excuse. I know high earners who really live day to day...instaglamour...cruise, night outs, trips, new cars...plus mortgage. pretty risky.

 

Could well be. I don't know these staff members at all, and so I wouldn't quiz them into their spending habits.

Me personally... yes I used to be particularly overjoyed seeing my pay hit my bank account, sometimes I'd post something on FB about it.

But now that I have all these other incomes coming in, it's really a case of ensuring there's enough to pay all the loans from the account they come out of. Now logically I'd use the PPOR Offset which would have heaps of money to not worry about any direct debits.

But because that was a joint loan and my partner and I have separate finances, he didn't want me to use the PPOR offset like I'd use my own personal account. So my loan repayments all come out of an IP's offset account all on different schedules. Some fortnightly, some monthly. Bit of juggling because you'd normally try to keep the highest debt against the IP's....