The Pros and Cons of Monthly Pay as a Trucker
Monthly pay has both pros and cons. On one hand, the large sum of money at one time looks nice but on the other hand, it tends to go fast. Budgeting in a weekly or bi-weekly pay scenario is much easier. The most common situation for monthly pay is for truckers that are owner-operators.
Owner-operators often bill their customers once per month. The overhead must be paid out first with the fuel expenses and maintenance funds be taken out next. Their personal bills are paid out last in most cases. Some owner-operators may receive funds more than once per month if they have more than one customer.
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Companies such as Knight Transportation do offer monthly pay. Their drivers average $2,708 per month in salary. This does not include any bonuses or reimbursements that need to be paid. They do have nationwide positions with openings in several states. Each position pays differently.
The cons of monthly pay strictly go along with going through the funds too fast. It can also be inconvenient in the respect that it may not come early enough in the month for larger bills such as rent, mortgages and vehicle payments. Another down side of monthly pay is that a driver may need to pay a bill in person, the funds may not arrive while they are on down time to do so. For a driver that is just starting out with a company, the waiting period may not be ideal on a monthly pay schedule. Going weeks without a paycheck can leave them and their family without funds to eat or pay bills.
Some of the pros of being paid monthly as a truck driver are that it helps them to be more responsible in budgeting. All of the household bills can be paid at once instead of having to be spread out over several weekly paychecks. For many truckers, this is a lot easier since they are gone for days or a week at a time. Another positive about monthly pay is not having to worry about checking pay stubs every week. If you do not have direct deposit, it saves several trips to the bank each month.
In the truck driving industry, being paid monthly can be a blessing or a blunder. Pay schedules are important to inquire about during the interview process so that you and your family can budget accordingly while waiting for your first paycheck. Monthly pay schedules do not work for everyone but many truck drivers have found that it is much more convenient for bill paying purposes.