Thoughts on getting paid
What if, rather than getting paid every two weeks, every time you clocked out, the clock would take wage * hours - taxes and deposit it to your account. Implementation and fraud issues aside, how would people spend their money differently?
At first, it seems to me like a bad idea. It seems like people would be more inclined to spend all their money right as they got it. I feel like people would bounce checks a lot more because they would send out checks and say "well, by the time it gets there, the money will be in the account"
But at the same time, they would know that bills were coming up and so they would have to start putting money aside in order to pay for them. Rather than getting a big fat check and feeling like they've got a bunch of money to use, would it instead help people save and track where their money goes? And it could help people make better purchasing decisions when they realize that it might not be a good idea to spent an entire day's pay on one item of clothing.
Just a random thought from my day. Any thoughts to add?
At first, it seems to me like a bad idea. It seems like people would be more inclined to spend all their money right as they got it. I feel like people would bounce checks a lot more because they would send out checks and say "well, by the time it gets there, the money will be in the account"
But at the same time, they would know that bills were coming up and so they would have to start putting money aside in order to pay for them. Rather than getting a big fat check and feeling like they've got a bunch of money to use, would it instead help people save and track where their money goes? And it could help people make better purchasing decisions when they realize that it might not be a good idea to spent an entire day's pay on one item of clothing.
Just a random thought from my day. Any thoughts to add?