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      01-09-2019, 06:10 PM   #1
Matticus91
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Question New job, Net 30 pay schedule? Any experience?

Looking for input on something I haven't dealt with in the past. I work in IT and just got a new job in IT security, they follow a Net 30 pay schedule since they're a client-based company, which basically means you get payed on the last biz day for the previous month's work.

Ex: You work through January, you get paid on February 28th.

So I started this month (Jan) and will get my first paycheck on the 28th of February. After my eventual departure I'll get that "first" paycheck a month later.

I'm used to bi-weekly from every other job I've had so this is a massive change for me, I'm essentially going without any pay for the first month. Anyone ever dealt with this and have any budgeting tips/advice?
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      01-09-2019, 06:18 PM   #2
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No experience with this. You are working two months before seeing any pay, so I would want to know the company’s financial position - you are loaning them your salary, interest free, unsecured (although there should be legal protections). You might check out your state’s labor laws - where I am an employee that leaves has to be paid any wages, etc within a few days. It I don’t recall a requirement to pay regular wages in any specific timeframe.
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      01-09-2019, 06:31 PM   #3
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In D.C. don't set the email password to "Password"

I've always been bi (weekly, that is)
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      01-09-2019, 07:51 PM   #4
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I get usually get paid by clients on a regular basis but every once in a while there is a hiccup / delay. Just keep enough liquid savings available to cover living expenses and emergencies. Timing shouldn't really be a problem.

As noted earlier, I'd want to be sure you are dealing with a financially secure employer. You don't want to be stuck without a month or two's pay if they go under.
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      01-09-2019, 09:37 PM   #5
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All my customers are net 30, one of my major ones is net 45. Just don’t start a new job broke and you will be fine
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      01-09-2019, 09:37 PM   #6
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It doesn’t sound too bad after the first two months. Never heard of that before though.
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      01-09-2019, 10:19 PM   #7
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I work for a large corporation and we get paid monthly. NBD IMHO.

Budgeting shouldn't matter if it's every 2 weeks or 4.

Not getting paid for 2 months would suck though.
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      01-09-2019, 10:47 PM   #8
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Not sure if they're still this way but Booz Hamilton paid their employees once a month. One of the guys at a former job was a Booz employee. We messed with him one day when we put out a collection tray, threw some spare change in it, and called it the Booz Hamilton employee assistance fund.
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      01-09-2019, 11:03 PM   #9
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Contact work?
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      01-10-2019, 12:53 AM   #10
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I've been paid monthly before, it kinda sucks. Never been paid with that sort of delay, but as long as you've got enough money to get through the first two months I wouldn't be concerned.

As for how to manage, I can suggest a strategy I use. I really struggled with shared finances because my wife would look at the bank account after I'd been paid and go "great, we've got 2 grand, I can spend..." then we'd be broke well before next pay.

I get paid into a bank account that we never spend from, and frankly, almost never access. I then have an automated, weekly payment that transfers my calculated weekly salary into our main account. That way, it doesn't matter what frequency my employer pays me, our family gets paid weekly.
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      01-10-2019, 01:02 AM   #11
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I’ve been paid monthly before. You just need to balance things out and set bills potentially based on pay frequency. First few months were interesting but you learn to adapt quickly.
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      01-10-2019, 01:05 AM   #12
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Are you sending invoices? Challenges are with accounting not getting invoices process at times, i have had net 30 but rarely see checks issued till end of quarter, etc. I could push a little harder but they are a great client of mine and have other business to keep me in a good place.
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      01-10-2019, 05:54 AM   #13
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I had worked once for a net 45 company, was a hiring ppl one. Was a hard time the first 6 weeks after last paycheck w/o money. If you're be able to foresee that, save some money before, what else to say?
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      01-10-2019, 08:52 AM   #14
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The company I have been with for 7 years is monthly. When I first started my career back in the mid 90's it was a weekly check! Then every 2 weeks. By the time I retire I suspect I'll be only getting paid annually. Ha!

Anyway, it's a shock at first but like anything you get used to it quickly. I actually like it now as it really forces me to budget more closely and think twice before making big purchases. I too get paid the last business day of the month. Out of sheer luck, most of my bills arrive around the 20th to the 25th of the month. So every month I get paid, the mortgage gets pulled out a couple days later, then it's crickets for weeks until the last week of the month. I basically just sit on this pile of cash waiting for the end of month bills. The whole system works just fine for me, however, I'm dual income, no kids, and we save like crazy so there's never any feeling angst over how long it will be until the next check. I do feel for our entry level employees pulling in ~$40k in an expensive city like Seattle. A month is a long stretch when you are barely making it.

One thing to check into, if your situation warrants it, is whether your new company will give you a draw on your pending first check after 2 weeks. We do that for new employees to help smooth the transition.
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      01-10-2019, 09:35 AM   #15
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Quote:
Originally Posted by Matticus91 View Post
Looking for input on something I haven't dealt with in the past. I work in IT and just got a new job in IT security, they follow a Net 30 pay schedule since they're a client-based company, which basically means you get payed on the last biz day for the previous month's work.

Ex: You work through January, you get paid on February 28th.

So I started this month (Jan) and will get my first paycheck on the 28th of February. After my eventual departure I'll get that "first" paycheck a month later.

I'm used to bi-weekly from every other job I've had so this is a massive change for me, I'm essentially going without any pay for the first month. Anyone ever dealt with this and have any budgeting tips/advice?
Are you a contractor or full time employee?

You are in DC so this company may be in violation of some minimum pay period regulations.
https://www.dol.gov/whd/state/payday.htm

The company's ability to collect on the work you have done should not impact the payment you are owed for your work. Sounds like a shitty company. I can see this being applicable for commissions on sales but not IT work.

Last edited by MrRoboto; 01-10-2019 at 09:42 AM.
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      01-10-2019, 10:09 AM   #16
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Monthly is one thing, not ideal but i'd live with it, but a 30 day delay??? No fucking way jose, no way. I'd be polite about it but suggest that i'd be happy to do it if they front me a month's pay first as a signing bonus.
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      01-10-2019, 11:20 AM   #17
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I would seriously consider another job. That's some bullshit. I understand that a handful of companies do it but that doesn't mean it's acceptable.
Life Happens!
Good luck.
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      01-10-2019, 11:56 AM   #18
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Quote:
Originally Posted by DETRoadster View Post
I'm dual income, no kids,
DINK!
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      01-10-2019, 06:03 PM   #19
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Lightbulb

This is 100% normal and common.

I pay my contractor staff on net45 which is still usually leaving me to float their fees for most projects.

The only issue could be for someone who is cash-poor or has poorly managed expenses if they transition from a weekly/fortnightly pay schedule to net30.
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      01-11-2019, 08:18 AM   #20
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Quote:
Originally Posted by Angry Ketchup View Post
This is 100% normal and common.

I pay my contractor staff on net45 which is still usually leaving me to float their fees for most projects.

The only issue could be for someone who is cash-poor or has poorly managed expenses if they transition from a weekly/fortnightly pay schedule to net30.
100% normal and common for contractors, not full time employees. At least not in this part of the world.
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      01-11-2019, 09:17 AM   #21
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Quote:
Originally Posted by Matticus91 View Post
Looking for input on something I haven't dealt with in the past. I work in IT and just got a new job in IT security, they follow a Net 30 pay schedule since they're a client-based company, which basically means you get payed on the last biz day for the previous month's work.

Ex: You work through January, you get paid on February 28th.

So I started this month (Jan) and will get my first paycheck on the 28th of February. After my eventual departure I'll get that "first" paycheck a month later.

I'm used to bi-weekly from every other job I've had so this is a massive change for me, I'm essentially going without any pay for the first month. Anyone ever dealt with this and have any budgeting tips/advice?
Did you know of this before you accepted the position? The University of Miami pays its employees once a month, though not sure if it’s the exact same structure as your current employer. My aunt only lasted a year working for them as she had a hard time budgeting.
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      01-11-2019, 12:42 PM   #22
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i dont get why it would be so hard to budget getting paid once a month. most bills are once a month. pay all your bills at the start of the pay period, set aside however much you are plan to put into savings, set aside your monthly spending money. it isnt rocket science. if you cant budget your spending for each month you probably arent living within your means anyways.
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