What if your pay was late ...

[super_e]

Recently there was a small glitch in my employer's payroll system, and the majority of employees got several hundred dollars less deposited into their accounts then they should have. This glitched was noticed the day before the pays were scheduled to be deposited, and my employer promised to have the missing money deposited within 48-hours (I believe that is the law in Quebec).

Luckily I was not affected by this glitch, but it got me wondering about how I would have handled the situation. I probably would have had to transfer some money from a savings account to cover any upcoming bills, but it would not have been a big deal for me.

How about you, would you be able to manage if your pay was a few days late? Or would you be late paying your bills? Would you go hungry?

[FallenPixels]

It wouldnt bother me if it was just a few days, I still get a paper cheque and it often sits in my purse for a while until I can be bothered to go to the bank. and certainly 100% of my pay doesn't go to bills within days of my paydate. If it was to be added at the next paydate or something I might transfer funds from another account

[ashedfc]

unless you get a NSF on your automatic pre-authorized bills, in that case NSF fee's are charged by both institution in the range of $30 to $45 so you are looking at a $60 to $90 debit per missed bill payment. If this is the case, than either they should reverse it, or your employer should cover it......

[jayne_a]

DH's pay comes in a paper check. we always take his pay to the bank right away. but last week he used the atm and there was a hold on it for 5 days, he was also sick during that pay period, so he check was half what it normally is. It didn't bother us b/c we have money set aside in case something happens. And with my checks I usually take a week before i make my way to the bank. I also have an overdraft so that my automatic withdrawals wont go nsf. My overdraft is big enough to cover one mortgage payment. Luckly I've never had to use my overdraft ever.

[ashedfc]

Yes, overdraft is a good facility to have. Just make sure not to use it (as its an important tool to prevent NSF charges)..

[CrazyQT]

It wouldn't affect much. I would just not transfer money to savings from that pay until the funds were forwarded back to me.

I am fortunate enough to not have to live paycheck to paycheck anymore. Trust me I did that for a LONG time and years ago, shorting my pay would have sent me into all kinds of financial hardship but I had a family member who is a financial planner sit down with me and show me exactly where to save, how to save and how much to save. It saved my life. I live much more comfortably now. My bills are always paid on time and my savings account is healthy and growing. I have bonds and RRSP automatically withdrawn.

It wasn't easy but it sure paid off. Literally.

[ashedfc]

I have bonds and RRSP automatically withdrawn.

Bonds & RRSP
Bond is an investment & RRSP is an account.. (lot of people still think RRSP is an investment)...

[roseofblack25]

I would probably have to transfer money from my savings account but hopefully that won't have to happen because I'm having a hard time trying to save a bit as it is!

[kanewtz]

I probably wouldn't notice it for a week or at least a couple of weeks. I get paid once a month with a mid-month advance.
Always money in the account and the fact I put everything on CC until the bill is due...that's when I would notice.

[Shwa Girl]

How about you, would you be able to manage if your pay was a few days late? Or would you be late paying your bills? Would you go hungry?

With all the great help from fellow SCers, we have learned a lot.
So we are not living from pay day to pay day.
I think that we could pay our bills if our employer was a little late with the pay roll.

[CrazyQT]

Bonds & RRSP
Bond is an investment & RRSP is an account.. (lot of people still think RRSP is an investment)...

Regardless of the specifics, I'm still saving money and that's all that matters

[sweet sparrow]

My pay has been late twice already, so I always keep twice as much as I think I'll need in my chequing account. (2 x automatic bill payments + $buffer)

[matrix82]

I could not pay all my bills if my pay were late. I get paid biweekly, if the mid month pay were late, it wouldn't be too bad, but the end of the month pay was late, it would not be good, a few things would possibly be overdue until the pay went in. I try to keep about $1000 bumper in my account, but bill payments and loan payments are way more than that.

[Brad]

I wonder if it's worth getting overdraft protection for cases like this? My bank recently offered me overdraft protection on my chequing account without me even asking for it, it's free unless you actually use it.