Thursday, June 24, 2021

I'm going to rag on DailyPay a little more now.


This is such an obvious disaster in the making, I just can't stop thinking about it.

I mean, let's just consider this for a moment:  When you get a job, the first thing you learn is how to budget your money so you can get to your next paycheck.  As your salary expands, so does your budget.  You learn how to manage your money because you learn what money is actually worth.  If you're smart about it, you don't go through a period of youthful foolishness (like many of my fellow Boomers assume all kids go through when they first go to college.)  If you're like most people, you eventually figure out how to use your paychecks to get your bills taken care of, plus save for something special (like vacation, or retirement.)  But no matter what, you figure out how you are going to use your paycheck- and just as importantly, how you are going to manage between paychecks.

Besides the little "convenience fees" you are going to get sucked out of your earnings if you use this stupid App, I think the biggest reason this sends up red flags with me is because it's encouraging you to just Spend as you Go.  Never mind budgeting between paychecks- just spend your money as it comes in, Because You Can.  And if you go a little overboard, well, just read my previous post on the same product- it's just so easy to get an "advance" on your NEXT paycheck, for that "convenient," "small" fee.  

There's nothing fiscally sensible about any of this.  Nobody encourages their kids to spend their money as they make it, and certainly nobody encourages their kids to spend money BEFORE THEY HAVE IT.  Only people who are facing eviction should be using BS "services" like Rapid Refunds (pretending to get their tax refunds "faster" but actually just getting a loan using their anticipated refund as security.)  Only people in desperate straits- or people who just don't know how to budget, aren't interested in learning, and want to live day to day because paycheck to paycheck is too slow and besides remember that stuff about budgeting- will be using DailyPay.  And getting themselves in deep, deep trouble.

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