389 – Getting Paid Earlier Might Not Help Your Budget
Debt Free in 30 · Doug Hoyes
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Show Notes
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/