If your employer pays you every other week, there are 26 pay periods per year. Ten months are boring two-paycheck months, in which every penny of your meager paycheck is most likely accounted for. But two months, including — for many wage slaves, this one — are wondrous, three-paycheck extravaganzas, creating the illusion that you’ve got a whole extra paycheck to blow on whatever you like, unencumbered by the usual bills.
Money Maus notes the nearing of this unofficial holiday at the end of next week, and says she’s using her “extra” dough to save for retirement, prop up her holiday gift fund and treat herself to a little shopping spree.
If you’re getting a third paycheck this month, what are you doing with the money?
Three Paycheck Month [Money Maus]
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I get paid on Thursdays so last month was my 3 paycheck month..
Survive.
Paying down the credit card. I know, I know. But at least I have a plan and I’m sticking to it. All cards but one are already paid off. I have an emergency fund and am contributing to my 401K. Have owned my car for over a decade. Debt-free in 3 years (or even sooner at the current rate)! Financial security means more to me than any splurge I can think of.
There’s no “extra” paycheck for biweekly-paid employees. You’ll have to go the first 13 days of November before getting paid again.
I just bought a $1,000 Zeiss lens to use for backpacking around Italy for a week.
BTW, I hate bi-weekly pays. It’s hard to get used to even though I’ve been getting paid like that for years. Just as soon as your pay syncs with the billing period, it messes it up again for another 5 months of smaller paychecks. Not only does taxes eat up 31% of my monthly income, another 8% goes to this bi-weekly ‘tax’.
this depends on what biweekly schedule you are on…
I’m glad the post pointed out the illusion of this. Your employer is only giving you the money it should have given you weeks or months ago. Pretending it’s a third paycheck is as dumb as arranging your withholding to get a large refund instead of keeping the money and earning interest.
Woohoo! I love the three-paycheck months, they are my favorite.
Alas, I budget out two years (!) at a time, so the money is technically already spent (or, in this case, thankfully saved).
Far more welcome this time of the year is hitting the Social Security cap. ‘Tis nice to have a couple extra hundred in the paychecks for a few months.*
*Before jealousy kicks in, while I am comfortable, I live in one of the most expensive cities in the country, and get raped on my cost of living. Even over six figures, every extra dollar counts (especially while raising a family).
That’s the way to do it. Your budget should be for at least the longest length of time between recurring bills, and most of us have at least a few things that are due yearly. Ever since moving to a year-based (instead of paycheck based) budget I’ve never been stuck waiting for the next paycheck to come–it really takes a lot of stress out of life.
I’m taking my dogs to the vet finally and paying bills as usual.
As the SO gets paid twice monthly, no matter what, there won’t be too much “extra” money coming into my household.
I get paid every week and as fast as it comes in, out it goes again. Mostly toward bills.
I got paid on the 8th and 22nd, so much for that ‘extra paycheck’ consumerist. Depends on your employer’s pay period. My extra check was July.
I usually hate “extra money” because it’s an excuse for the bad luck fairy to drain my wallet dry by making my car break down, or my kid requiring extra money for some school function. Fifty extra bucks means eighty extra bucks worth of “surprise expenses.”
I only get 2 paychecks this month
Pay period ends on the 1st and the 16th for me, and its a 2 day delay if you have direct deposit and 1 week if you get a paycheck. and if its Friday, you wait til Monday, and if its Saturday or Sunday you wait til Monday for the payroll to process then get paid accordingly.
Extra paychecks a couple times a year would be nice, but tell my employer to make paying me a priority.
I’m paid on the 15th and the last day of the month. If the last day of the month falls over a weekend, I get that the Friday before.
Anyway, my budget is so set in stone that getting another check during the month wouldn’t change anything. I pay my rent on the 1st and everything else on the 15th. The balance of each check goes to savings. Once I move into my new house in December, I suspect I’ll have a lot less money that falls into that “the rest goes into savings” category.
Paid once a month and October has fewer hours than some other months, so the check will be smaller
Uncle Sam enjoys sending my checks on the 1st and 15th, no bonus monies for me.
Putting a fresh head in my Jeep.
Giving my hubby an all expense trip for a week fishing in the carolinas
Can we re-title this to…”What will all of you people that live from paycheck to paycheck do with October’s extra paycheck?” It isn’t really extra money to anyone else.
I moved just in time for my three-check month. So, now I’m actually more broke than I was before.
Except those of us paid only 24 times a year. I’m paid on the 15th and the last day of the month…so I did get a paycheck on my birthday, but I didn’t get an “extra” one. FUUUUUUUUUUUU!
I try to maintain a buffer, so incoming paycheques don’t affect me at all. Keeping any less cash on hand would mean that you’re living from paycheque to paycheque, which isn’t very fun situation to be in.
As such, a third paycheque in one month just bumps the buffer up higher than usual, which means I’ll probably put a bit extra into long-term savings.
I only get paid once a month. Poo on you all.
I put it in the bank with the other paychecks.