user 57473736

iTrader: (1)

So, starting in January 2014, my company HR dept has decided to switch our payroll schedule from monthly checks to bi-weekly.

With there being 52 weeks in a year, that gives me 26 paychecks. And because this breaks down unevenly (two months will receive three paychecks), it equates to me missing around $380 per month from my current pay. I know that overall, I make the same each year, but I don't pay bills annually (don't know anyone that does).

So...since the V is costing me roughly $500 a month, and besides the house, it is the largest single monthly expense, it has to go.

So...as it grows closer to January, I will be selling off my highflow cats and Pisnuoff short throw shifter and maybe the magna flow catback (no plans to ship the exhaust) or possibly trading out for stock minus shipping. We will have to see...

C'est la vie

jcollege

iTrader: (2)

When I switched corporations I went from the monthly to the 26 checks per year. Just do some planning and you will be fine. It is an adjustment for sure, but with planning you can make it work.

DMM

I'm sorry for your situation, although I'm a little puzzled.

GXP25

iTrader: (3)

If someone can budget with a single, monthly, paycheck, I'm sure budgeting with one check every two weeks cannot be all that difficult.

cgroh89

iTrader: (15)

Uhhhh just ask an accountant what your budget should be?. Unless you have no savings to back up the off month and put it back time to sell the car amd put the 500 away?

NIKDSC5

iTrader: (10)

Yeah, I'm so lost right now. People usually bitch going from weekly to bi-weekly as they will be taxed more. So.....if you are going from monthly to bi-weekly doesn't that essentially put some money back into your checks? Also, where is the 380$ a month loss coming from? 4560$? Continuing on, you pay 500$ a month for the V!? That sucks, I think I pay like 300$......trying to pay it off so that 300$ can go towards mods At any rate, good luck!

voodoochikin04

iTrader: (3)

how is switching to bi-weekly affecting your pay at all? same hours of work being paid out.. just twice a month instead of once.. save the middle of the month check untill the second one comes and pretend youre still on monthly..???

garrettg

iTrader: (1)

Getting paid bi-weekly means you get 27 checks every so many years because of how leap year adds a day to the year every 4 years otherwise the pay is the same just 2 months a year you get a 3rd pay check so over a 6 month period the pay is the same. If that change is affecting your ability make a car payment then probably need to downsize payments. Depending on what day they switch you could get 3 pay checks that very first month or it could take 6 months to get that 3 check month. As others have stated you getting the same amount of money over a 6 month period and unless you company does something about leap year days you will be getting an extra check every 11-14 years. Taxes are the same regardless of how often you are paid. Its not like somebody pays more taxes in a year because they were paid more frequently. The year you get 27 checks instead of 26 you pay more taxes because you made more money that year.

guitar333

If you're selling it for financial reasons, that's one thing but selling it because of the frequency you get paid, is silly in my opinion. Especially if you love the car. Good luck either way

kyle242gt

This thread is funny.

ravenls6v

I'm guessing this isn't NASA's HR dept we're talking about for some reason.

JD03Cobra

You will have 3 pay periods in January 2014. Take the extra money from the 3rd paycheck and use it each month for the shortage until August 2014 when you receive that extra 3rd paycheck again for the rest of the year's payments. It all works out the same.

For those confused he's switching from monthly to bi-weekly paychecks. When paid bi-weekly there are 26 pay periods which means 2 months out of the year there will be 3 pay checks in 1 month vs 2. When your paid monthly they take those two extra paychecks and spread it out evenly each month meaning a higher amount. His monthly paycheck will be smaller bi-weekly but he catches up when paid those extra paychecks during the two months of 3 pay periods.

ravenls6v

If changing a pay schedule for the same amount of pay makes the car unaffordable you probably shouldn't have had it in the first place.

NIKDSC5

iTrader: (10)

What!? I mean, DUH. 60,000 monthly = 5,000$ a month. 60,000 bi-weekly =2307.69 x 2= 4615.38

So now I know where you are getting that 380$# from. It's actually 385$. But what the OP is not realizing 12 x 4615.38=55384.56 is still minus two paychecks = 4615.38= 59999.94 he lost 6 cents (when I don't factor in more decimals).

Yup! Sell the V!!!

But I do get, that you will be making 385$ less a month (until the two months allow it to catch up) but you're making the same amount. So like someone else already said Jan (3 paycheck month) done. Then aug? I think. you will need to save 2310$ now (or before jan) to have the money needed to spread out your same payment schedule. Then, in August you should be ahead of the game.

In all honesty, I would prolly.... do the same in your position. But for me it is because I have the modding disease that is uncurable without selling the car.

Again, good luck!

ryridesmotox

Why not talk to the bank. Usually they can set up biweekly payments. Mine does on the V. It's nice because it saves you a little interest in the end. That way you pay smaller payments every paycheck. So it's kind of the same thing you pay now. Usually the biweekly payments are less than half of one monthly payment... Again less interest... Or at least that's what my bank told me. I have a credit Union by the way. A large bank may not do this, but most credit unions will. And they are always really easy to work with. The ones near me have car loans as low as 1.9% right now. I'd check around.

alexus6798

iTrader: (24)

If your budget does not allow it, sell it and get something more affordable..

user 57473736

iTrader: (1)

$380 a month is hard to miss...so after careful consideration with Mrs Destruction, we decided to let the car to for now and get one in a few more years. She bought the car for me when I got promoted at work 3 yrs ago, since I had been wanting one for a few years. Unfortunately, the payment took up most of the promo money...but it has been and awesome time having it.

For those that may be confused about the math...
I make just shy of $83k a year
Approx 28% of that goes to taxes/medical/401k/etc
So monthly take home is roughly $4990 ((83000 x .72) / 12)
That's 12 paychecks a year, one for each month.

Now, there are 52 weeks in a year, which in a bi-weekly pay period is 26 paychecks
So now the math is (((83000 x .72) / 26) x 2), which takes my monthly pay to about $4600
$4990-$4600=$390 that I will no longer have each month
Instead, I will receive 2 extra paychecks throughout the year (2 months will have 3 paychecks instead of 2).

Now, including the other dynamics of life (1 pvtdestruction, 1 pfcdestruction, 1 lance corporaldestruction, and 1 corporaldestruction), it make sense to get rid of the biggest monthly expense so that we do not scrape by.

Clearly unlike most if you, I am unworthy of this car as I am not putting my all into keeping it . Either way, I am glad that I was one of the few that was able to at least partake in owning a piece of history for a great American company. Also thankful to each of you that helped me along the way.

If anyone is interested, I would still like to help a few people out by selling them parts for cheap.
So...
PISNUOFF Short throw shifter: $100 plus your core & shipping
Magnaflow high flow cats: $125 plus shipping (I still have the oem cats)
Magnaflow catback exhaust w/ X pipe: $300 plus your stock catback exhaust, local buyers only (Nashville, TN)

PM if interested.

cgroh89

iTrader: (15)

Well ****, Im driving through nashville next week and have a stock catback lol.

user 57473736

iTrader: (1)

Stop by for a few hours and $300 and you can have a new sound.

cgroh89

iTrader: (15)

Ill have to think about it. Been thinking about just tossing cutouts in. Car is so quiet for cruising which is all it really gets since when it gets driven its generally for over 1k miles Did you have long tubes? much drone with them?