What could be more enticing than receiving payment twice a month? receiving three payments, of course.
Three monthly payments are sweeter than twice a month. Receiving September’s Extra Paychecks Months 2023 is a great deal. (Photo: Deposit Photos)
When there are five Fridays in a few months, Americans who receive biweekly paychecks on Fridays will receive three paychecks. This is an advantage for receiving extra paychecks months 2023: September.
“So if you’re getting paid on the first, third, and fifth Fridays, that means you have a bonus paycheck, which you still earned, but is potentially outside of your regular budget and kind of like a mini windfall or a mini bonus,” Chanelle Bessette, banking expert with NerdWallet, told Nexstar.
However, not every worker who receives biweekly checks will also receive an “extra” check during the same months.
According to Alliant Credit Union, three payment months will fall on March and September for workers who received their first check on January 6. Your three paycheck months would be June and December if you had to wait until Jan. 13.
So what’s behind the financial phenomenon?
Since payments are made every two weeks, dividing 52 by two equals 26 checks for the entire year. However, you would only get 24 if you simply multiplied the number of months in a year by two. Consequently, a third paycheck will be issued a few times throughout the year, usually very early in the month.
A bonus check, perhaps?
An honest evaluation of your spending plan and any outstanding debts should come first when determining what to do with your third paycheck.
According to Alliant, if everything goes according to plan with two paychecks per month, a third check can be used twice a year for investing or other financial objectives.
Bessette suggested that you compare the third paycheck to a tax refund. The funds could be used to settle a lingering bill, make an additional mortgage payment, or fund an emergency fund depending on one’s financial situation.
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