Workers who are paid every other week will have extra money in their bank accounts in May due to a calendar quirk.
One of the year’s two triple-payday months is quickly approaching.
Because a year is 52 weeks long, these months have three pay periods for workers who are paid bi-weekly, or every two weeks.
This means there are 26 biweekly pay periods.
Because 26 checks must be distributed over 12 months, two months will include three paychecks to account for the extra pay periods.
One of these months is May.
Americans who received their last paycheck just before Easter should expect three payments next month on May 2, 16, and 30, or the days before if paid on Thursdays.
Those who are paid biweekly and received their last paycheck on Thursday, April 24, or Friday, April 25, will not receive three paychecks in May.
Employees who are paid weekly will receive five paychecks next month.
CHECK YOUR CALENDAR
Your next triple-payday month is determined by when your first triple-payday month occurred.
Employees who are scheduled to receive a third paycheck in May will also receive an additional check in October.
Those who received three paychecks in January but only two in May will have their next triple-pay month in August.
Finally, employees paid on Thursdays who received a third check in January will receive an additional payment in July.
WATCH YOUR WALLET
Americans paid biweekly are accustomed to receiving and budgeting for two paychecks per month.
While a third check may feel like a nice bonus, money experts advise consumers not to consider it “extra.”
How to cut the cost of your grocery shop
BELOW are some tips on how to reduce the amount you spend on groceries.
- Write yourself a list – Only buy items that you need. If it isn’t on your list, don’t put it in the trolley
- Create a budget – Work out a weekly budget for your food shopping
- Never shop hungry – You are far more likely to buy more food if your tummy is rumbling
- Don’t buy pre-chopped veggies or fruit – The extra they’ll charge for chopping can be eye watering
- Use social media – Follow your favourite retailers to find out about the latest deals
- Be disloyal – You may want to go to different stores to find the best bargains
- Check the small print – It’s always worth checking the price per kg/lb/litre when comparing offers so you’re making a like for like decision as a bigger box won’t necessarily mean you get more
- Use your loyalty cards – Don’t be afraid to sign up to them all. They all work slightly differently – work out what bonus suits you better and remember to trade in your points for additional rewards
Instead, they advise workers to consider the extra check as just another part of their annual income.
As a result, many professionals recommend allocating funds to areas that align with their financial objectives.
Americans should first assess their budget to ensure that they can cover their expenses with their usual two paychecks.
If this is the case, employees should consider investing the funds in assets like a high-yield savings account or a CD.
Americans could also use the money to pay down high-interest debt or to build an emergency fund.
Approximately 80% of Americans have some form of debt, which can build up quickly if not addressed.
One person owed $12,000 on 27 different credit cards, and an expert said three steps would get them out of their “broke guy” status in months.
A “late bloomer” retiree had $200,000 in student loans, and a financial expert said their “hiding” move was adding to their debt.