389 – Getting Paid Earlier Might Not Help Your Budget

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Debt Free in 30

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We know how hard it can be to live paycheque to paycheque or not have money available when a bill payment is due. Fintech is also recognizing this issue and developers have now created what’s called ‘early wage access’ or ‘pay advance’ apps. But are these apps really a good idea? Will getting paid sooner fix a cashflow problem or will it create more budgeting issues? How should you actually deal with a lack of income? Tune in to today’s podcast as Doug Hoyes and Ted Michalos discuss these apps, their risks, and what to do instead to budget successfully. Links: Hoyes Michalos Joe Debtor Bankruptcy Study  https://www.hoyes.com/press/joe-debtor/         Dayforce Wallet: https://www.dayforcewallet.com/ca/faq Dayforce Prepaid Mastercard Fee Agreement https://www.dayforcewallet.com/dayforcewallet/media/wallet/documents/cha.pdf Earnin App https://www.earnin.com/ Dave App https://dave.com/