What are the advantages and disadvantages of the monthly salary system?

[astutimeliana723]

The advantages of the monthly salary system: Money is easier to collect, We can save more, We are not easily tempted to buy things that are not important.

Disadvantages of the monthly salary system: We have to wait quite a long time to get the money. We have to have other reserves of money to make ends meet for a month. If the company doesn't provide a bill, then it can't be used for urgent needs.

Add yours.

 

[cherry123]

I think I go more with the monthly payment Money is coming in, in bulk here and it is a lot easier to save bulk money More. one is not tempted to buy things

 

[astutimeliana723]

I think I go more with the monthly payment Money is coming in, in bulk here and it is a lot easier to save bulk money More. one is not tempted to buy things

Yes, you are right, with a monthly system salary we can save more, because we keep thinking that the money we hold must be enough until the end of the month when we get our salary back, so indirectly we inevitably have to save money.

 

[cherry123]

Yeah it's inevitable to have to save money with monthly salary. you can't spend it like when you have a daily pay that you always want to spend and make money again the next day

 

[Heatman]

The only way that you can pick out a disadvantage of monthly salary pay in system is when you don't know how to make use of your money and your money spent everything that you have before you are getting paid by the month-end.

 

[cherry123]

if you are the wasteful type or you are an extravagantly spender it is good to go for one that you wouldn't be having money all the time or you would spend all

 

[Hate2Wait]

The advantage is you can plan your monthly budget and spend and the disadvantage is you need to wait for a month to get salary

 

[Etini Willie]

The disadvantage of the monthly salary system is that it can leave a person in debts when trying to meet daily needs. The advantage is that it allows for proper financial planning.

 

[Springtime]

Getting a salary on a monthly basis enables you to budget your spending properly. You can schedule your payment of bills at the end of the month when you receive your salary. You can put a portion of your monthly salary into a fixed deposit account or make some investments. The only disadvantage is that you have to work for 30 days before you get paid. If the company is not in good financial condition, there's a risk that you don't get paid from your work.

 

[Etini Willie]

The Advan of daily income is that a person would be more motivated to work. That's because he or she knows that he would get the reward as soon as he or she completes the job.

 

[astutimeliana723]

The advantage is you can plan your monthly budget and spend and the disadvantage is you need to wait for a month to get salary

That's right, I agree with you. A monthly salary is also not suitable for people who are extravagant, can't manage income, and can't set a budget to keep enough money until the end of the month and when it's paid back.

 

[eldavis]

For me, one major advantage is that it would help you save and actually gather something reasonable at the end up the month but this could also be a disadvantage for does who tend to borrow a lot.

 

[SHAHID987]

Monthly salary system has many advantages as a person get handsome money after end of every month or in start of month so he can easily meet his necessities, the disadvantages are employee don't know whether he will get salary on time or not sometime he just wait and wait.

 

[astutimeliana723]

For me, one major advantage is that it would help you save and actually gather something reasonable at the end up the month but this could also be a disadvantage for does who tend to borrow a lot.

That's right, people who borrow a lot usually don't have enough monthly money until the end of the month, maybe because they were too extravagant at the beginning of the month when they just received payday, and couldn't manage their money properly.

 

[Sophie]

I once worked as a teacher an received monthly salary, the I hated the most about salaries is that before the money is actually received you already know what you want to use it for

 

[Heatman]

I think I go more with the monthly payment Money is coming in, in bulk here and it is a lot easier to save bulk money More. one is not tempted to buy things

A lot of people who are getting paid their salary of monthly basis are usually out of money before the day they are going to receive their salary which is a very big disadvantage to them.

 

[Bisolami]

Yes, you are right, with a monthly system salary we can save more, because we keep thinking that the money we hold must be enough until the end of the month when we get our salary back, so indirectly we inevitably have to save money.

Some people will even be owing other people money before the salary comes in so they will pay immediately with the salary and they will not have any savings at the end of the day

 

[astutimeliana723]

Some people will even be owing other people money before the salary comes in so they will pay immediately with the salary and they will not have any savings at the end of the day

Yes, that's it, the same thing happened here. Either because the salary is not enough, or their lifestyle is too extravagant so that the money runs out before the salary returns.

 

[Johnson2468]

One of the disadvantages of the monthly salary system is that the money can get finished before the suppose time for someone who does not have a good financial budget

 

[Bisolami]

Yes, that's it, the same thing happened here. Either because the salary is not enough, or their lifestyle is too extravagant so that the money runs out before the salary returns.

Some people are not good at calculating and that is why they cannot tell when their transport fare is more than the salary they collect. Do you know that things like this happen too?