![]() ![]() To learn more about creating a budget that works for you, call us today for free coaching on how to take control of your financial freedom.Starbreeze Studios has revealed the first artwork from Payday 3. ![]() Whether you pay down debt or save it for the future, extra monthly paychecks can have a positive impact on your financial situation. Not using that extra cash today could cover costs you may face in retirement. These account types are designed to help you financially later in life. If you’ve got your emergency savings fund in place and feel okay about the status of your debts, consider investing extra income towards your future. Whether your goals are smaller responsibilities or oriented around things you want, they are great ways to spend any extra cash you may not already be included in your budget. There are a variety of financial goals you may set for yourself that are also worthy of your extra cash, including: Save for Financial GoalsĮxtra paychecks aren’t solely reserved for responsibilities. Plus, if you can pay off your car, it will be worth more when you find the right time to sell or trade it in. An extra mortgage or auto loan payment per year can shave 2-3 years off of a typical loan, saving you thousands of dollars in interest expenses and potential fees. Generally, it’s a good idea to make an extra payment every year if you can afford it. Those extra funds will help you get out of debt faster and save you money in interest and fees down the road. Though your annual salary remains the same, your take-home income changes with the third paycheck. If you’re working to pay down debt, using an extra paycheck is a no-brainer. If you don’t already have an emergency savings fund put aside, putting your extra paycheck towards starting one is your best option. Because your budget is already accustomed to 2-paycheck months, the extra paycheck can help ease the burden of building savings. Saving 9 months of income can be tricky when your plate is already filled with bills. This fund can cover any surprising financial situations, including: Build Your Emergency Savings FundĮxperts advise consumers to have at least 9 months’ worth of income saved in case of an emergency or a period of unemployment. Here are 5 suggestions for getting the most out of those 3 paycheck months: 1. However, you should consider using that money to help bring your personal finances into balance. Best Ways to Use Your Extra PaycheckĪn extra paycheck can be tempting to squander away. ![]() Be sure to check out your company’s bi-weekly pay period calendar to which month you can expect an extra paycheck. An employee who is paid on a Friday will not have the same 3 paycheck months as a person who gets paid on a Wednesday. These months may vary based on the day that you get paid. If you’re paid bi-weekly, news about receiving an extra paycheck twice a year can be exciting. With that math, this means that 2 months a year you can expect 3 paychecks. To make up for the months with more than 4 weeks, you can get a couple of extra paychecks in there. If you multiply those 4 weeks by the number of months in a year, you fall short two paychecks: However, there are usually only 4 full weeks a month. If you are paid bi-weekly you’ll have 26 pay periods a year. For those who get paid every other week, this could lead to a total of 3 paychecks over the period of one month rather than the usual two. What is a 3-Paycheck Month?Įvery year there are 2 months that have 5 weeks. And for many of us, it’s like winning a small lottery jackpot. While you do have to wait longer for your next paycheck, bi-weekly workers also have two 3-paycheck months a year. For many employees, payday only comes every other week, or, bi-weekly.īeing paid bi-weekly has both ups and downs. Payday is easily one of everyone’s favorite days. 5 Money Saving Tips for the 3 Paycheck Months This Year ![]()
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