You’ve worked hard, and you want your paycheck. But the rule of thumb is that you won’t receive your payroll check until the end of the pay period. It’s understandable that you want to get a paycheck early, but there are some reasons why requesting an early check is not advisable. Here’s what you need to find out about requesting an early paycheck and when it might be a good idea to do so:
Keep your money in a credit union or bank
There are a few ways you can receive your paycheck early. One option is to have your employer deposit it into a credit union or bank, rather than the business where you work.
Banks and Credit unions are usually federally insured, so if something happens to the company where you work, this money will still be safe. In addition, most credit unions offer higher interest rates on savings accounts than financial institutions do.
Experts like SoFi noted, “Your money will start to earn interest as soon as it is posted to your account.”
Sign up for direct deposit
Direct deposit is the smartest and fastest way to get your paycheck. Once you’ve been hired, contact your employer directly and ask them to set up a direct deposit. If they don’t offer you this option, you can sign up for a payroll card that will allow you to receive your paychecks via checkless transactions.
Sign up for a payroll card
One of the easiest ways to receive your paycheck early is by signing up for a payroll card. A payroll card is an alternate form of payment that you can use instead of receiving your money directly from your employer. With this option, you will be able to access your funds immediately after they are deposited into your bank account and have the option of withdrawing cash from an ATM or making purchases with a PIN-based system.
Negotiate with your employer
The easiest way to get your paycheck early is to negotiate with your employer. If you’re unhappy with the amount of money you’re making or simply need some extra cash for an emergency, then a pay increase could be the solution!
If you’ve been working at your current job for a while and have proven yourself as a valuable employee, then it’s time to ask for a raise. Not only will this help improve the quality of life in general, but it should also make it easier when it comes time to pay bills.
Crowdfund your paycheck
Crowdfunding is a way to raise money for a project or cause. It’s a way for people to pool their money together to help someone else achieve something. Many different types of online crowdfunding platforms allow you to set up your profile and ask people to donate money towards your paycheck.
You’ll first need an account with one of these platforms. You can set up an account with Indiegogo and Kickstarter, but there are many others out there too! Once you have an account, it’s time to think about how much money it will take for you to get paid early through crowdfunding.
Getting your paycheck early can be a great way to get ahead financially. It’s important not to overextend yourself with debt though so that you can avoid paying interest on borrowed money and keep yourself out of financial trouble down the road.