5 Things You Need a Pay Stub For
By Jaden Miller , February 17 2020
After a long week at work, it's easy to toss aside any pay stub you may have picked up on your way out the door. However, pay stubs can actually prove to be quite useful and often necessary in certain situations. Simple tasks can grind to a halt simply because one doesn't have pay stubs to prove their income or employer information.
If you're wondering in which situations you may need a pay stub, check out our guide below!
Saving Pay Stubs To Rent A Property
If you are planning on applying to rent a property, make sure you have some recent pay stubs handy. Many landlords require that their tenants make about 2.5 x the cost of rent, so having a collection of pay stubs to verify your monthly income is crucial. There's no baseline for how many pay stubs a landlord will ask for.
It could only be your most recent two pay stubs or it could be three months worth of pay stubs that they ask for. Having a collection of pay stubs that extend over a long period of time will also show that you are consistent and have a secure, reliable income and that you are responsible enough to hold a job and pay your rent.
Pay Stubs To Ensure Accuracy
Taking a quick glance at your pay stubs each pay period and confirming it lines up with what is being loaded into your bank account is very important. If there is a discrepancy between the two, your pay stub will serve as evidence that there is either a problem on the part of your employer or your bank.
This is important to do no matter what to make sure you are being compensated fairly and that your employer isn't taking advantage of you.
To Apply For A Loan, You Need A Pay Stub
When you apply for a loan, a lender will want to see proof of income and specifics regarding your work experience. A lender wants to confirm that a potential borrower is making enough to be able to pay back any loan they may take out. A collection of pay stubs can help lenders validate financial stability.
Pay Stubs To Settle A Divorce
Divorces are rarely easy, but having some pay stubs handy during the divorce can make the process a little easier. Your income will be required knowledge in order to determine how much of a share of child support you may have to pay following the divorce. Furthermore, your lawyer and your spouse's lawyer will go through an exchange called discovery.
They trade and pore over financial information about each other's clients in order to come to a settlement for both parties without having to take it to a pricey trial. Judges and attorneys can't take your income claim by word alone, so having pay stubs to verify it will make the divorce simpler.
Applying For Health Insurance With Pay Stubs
If you are applying for health insurance through your state's government, you will need a pay stub in order to provide them with recent financial history. To determine how much government aid you'll receive, you will need to provide proof of income. It is beneficial to have at least three or four pay stubs handy to scan and send them in this case.
Start Your Pay Stub Collection
So, obviously, pay stubs can come in handy quite often when you're navigating any legal fronts or submitting various applications. Build your own collection of pay stubs and keep them organized to simply access to them. You never know when a situation may arise and you will need a pay stub, but now you will have the resources to be prepared! Create your own paystubs through our paystub generator.