This was the text I received from my daughter Eliza in the summer of 2017 after she had moved out for college. She was living off campus with some friends and was earning enough at her job working at a nursing home to pay for her expenses. As any 18 year old would be, she was equal parts excited and proud about her new life. It must’ve been a stressful realization for her and an incredibly uncomfortable experience as she pushed the send button on the text that followed, which read, “and I don’t have enough money and I don’t get paid until later in the week”. Text messages like this kept coming in the months that followed…
Luckily, I was able to help. Each time this happened, I transferred money to her, and she paid me back as soon as she got her paycheck. To this day she doesn’t like me sharing this experience. She feels ashamed and embarrassed by it — as if she did something wrong. Really, however, she was struggling with the same issue far too many Americans deal with.
Like my daughter, many people live paycheck to paycheck and have to manage with the mismatch in timing of when bills are due and when their paycheck arrives. Some people try and pay their bills and misjudge the timing of their paycheck and get dinged with overdraft fees. Others utilize credit cards to manage this mismatch in timing or turn to other options. The fees and interest that people can incur as they navigate living paycheck to paycheck create unnecessary headwinds. The negative impact on being able to save and get ahead leaves them more vulnerable to setbacks when unforeseen expenses arise. It’s no surprise that more and more workers are stressed about financial concerns, which decreases their productivity and focus at work.
This is why we created Everee
At Everee we are passionate about every employee’s experience. Everyday employees create value for their employers. With traditional payroll cycles those employees have to wait weeks to see any kind of result (pay) for their work. I want to help the 78% of Americans, like Eliza, who struggle to make it from paycheck to paycheck by giving them the opportunity to be paid in an accelerated way and be in control of the value they have created through their work.