5 important life situations when you will need a paystub

A pay stub is a crucial financial document that details your net earnings, benefits and deductions. It is usually issued by your employer every week or month (depending on your pay cycle). If you are a work-from-home professional, contractor or freelancer, you will still need to create pay stubs. While you don’t need to stock all your stubs from the previous years, keeping the required documents for at least 3–6 months is advised.

WHEN WILL YOU NEED A PAYSTUB?

Here are five important life occasions that warrant the need for a payment stub. If you have been treating check stubs as just another piece of junk, this will make you reconsider!

1. RENTING A HOUSE OR APARTMENT

If you need to rent a home for your family, there is one document the landlord will not do without: your pay stubs. It is imperative for prospective tenants to show their proof of income for the last several months (usually 2–3). This assures the landlord that you are capable of paying the rent month on month. In fact, it even helps to display older documents to prove that you have had a steady flow of income for quite some time. This allays the fears of particularly paranoid landlords!

2. SEEKING COMPENSATION FOR ACCIDENTS

Life is unpredictable, catching us unaware just when we thought we had it sorted. If you suffer from an accident that leaves you unable to work for a period, you will want to seek compensation from your employer. At this time, a check stub is essential to reflect your earnings and the amount of compensation you are seeking. Not having the required documents can delay or stall the receipt of this compensation, putting you under further financial stress during this already stressful time. Now, thanks to online tools, you can even create pay stubs for free or at a small cost.

3. Applying for a Loan/Mortgage

From time to time, you might need to apply for loans/mortgages to help you fund various life events. For example, you might require an auto loan to purchase a vehicle or a personal loan for a medical emergency. Most banks or other financial institutions demand paycheck stubs for loan applications. This confirms that you are a worthy candidate for receiving the loan—one who will repay with interest when the time arrives. It is not uncommon for banks to demand records dating back several months.

4. Applying for a New Job

Have you decided to switch jobs, perhaps for a raise or to escape a toxic work environment? Your new potential employer is sure to ask for records showcasing your current/previous earnings. It will be on these grounds that he/she will decide your new salary and the benefits for which you are eligible. Not being able to furnish pay stubs can seriously thin your chances of securing the job.

5. Filing your Taxes

When it is tax season, having your financial data sorted can be a blessing. Your check stubs will display your net earnings, benefits and deductions, thereby simplifying the paperwork and calculations you need to make for filing your taxes. Some check stub makers also offer services to fill your W-2 forms, primarily because the two are so closely connected. At StubCheck.com, you can create both regular- and enhanced pay stubs and use them to complethttps://stubcheck.com/enhanced-pay-stube your tax-related documentation.

Now that you are up to speed with just how important pay stubs are in day-to-day life, go ahead and ensure that yours are in place. If your employer doesn’t issue them periodically, it is time to talk to them about it. StubCheck.com is a dependable pay stubs generator that can come in handy to instantly build professional pay stubs and print them out for all the requirements listed above. It costs only $3.99 a paystub and takes only a few minutes.

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Mr. Max is a professional blogger and digital marketing expert who has 10 years experience in finance.