For those who get paid bi-weekly does getting 3 paychecks a month make a difference. October is that month for me. My wife and I have been going back and forth on this. I think short term it does make a difference.
Does 3 paychecks a month make a difference?
- Thread starter GrayerClone
- Start date
Well it obviously does since you are getting more money that month.
My cash flow changes because most of my bills are during the first 2 weeks.
It helps if you budget by "month". We budget by "month" so the 2 months where my wife gets a third paycheck is basically 100% money not accounted for that goes directly into our savings.
Must be nice, my last teaching job we got paid once a month on the 20th. Totally sucked for the single new teachers living on one income.
Yes, I live like I only get 2 from everything down to how much I put in my 401k. The 3 in August this year was perfect timing for Ireland. The net from 1 extra paycheck more than covered all of my expenses.
Ours gets saved but quickly eaten up when annual/semi-annual expenses come due like our auto insurance.
In addition to the occasional extra 2 week paycheck due to the calendar I also get a big check in the first quarter for my unused sick leave buy out. This gets parsed into savings and extra retirement investment.
In addition to the occasional extra 2 week paycheck due to the calendar I also get a big check in the first quarter for my unused sick leave buy out. This gets parsed into savings and extra retirement investment.
I haven't really felt a difference. Since it's still 2 weeks apart, it doesn't "feel" like more money.
I wish I was in the position to save the whole thing. Maybe someday soon.
I wish I was in the position to save the whole thing. Maybe someday soon.
I have always treated those 3 paycheck months as extra money to put towards debt. We generally always pay extra each month towards any debt and in those 3 paycheck months it's just that much more to put towards it.
Insurance and other benefits aren't pulled on the 3rd paycheck, so that part is nice, makes it feel like I am making more money.
Of course it doesn't make any difference. If it makes a difference at your house, you are living beyond your means.
I’ve worked at companies that paid biweekly the past 10-11 years, and I haven’t heard of this. For us, they do a “per paycheck” calculation assuming 26 pay periods then the premiums are paid that way. Plus the usual 401k, HSA, etc
This is strange but would be nice. All our benefits are calculated bi-weekly so all 26 paychecks are the same.
My district does this and I just budget weekly to keep things lined up.
I have a side hustle stocking shelves that pays every week and even if it's like $50 it's kind of fun to see that bump in my account every week.
I have 3 kids in college. That money's gone before it gets deposited!!
It was difficult going from two paychecks a month back to one, but we adjusted. Made it much easier when both of us were working. I do feel sorry for the young teachers that are trying to get by only getting paid once a month. Money can get scarce that last week or so.
I love the extra paycheck months. It increases the fees I charge to my payroll clients in those months!!
I look at it as I'm living below my means. Budget for 24 paychecks and get 26.
My 1st job was once a month, and we got all three Summer Paychecks in June. I was hurting come September!
