Most W-2 workers get paid twice a month or biweekly.
Most W-2 workers get paid twice a month or biweekly. If you, like many others, are getting paid biweekly, there are two or three months in 2021 in which you will get three paychecks and it all depends on when you get your first paycheck of the year.
If you are getting paid semi monthly, usually on or around the 15th and 30th of each month, that's 24 paychecks every single year.
However, if you are getting paid on a biweekly schedule, like every other Friday, that would end up being 26 paychecks in a year.
If you are getting 26 paychecks a year that would mean there will be two months every single year that you would get three paychecks instead of two.
What months are the three paycheck months in 2021? Good question, this year that depends on the day you received your first paycheck of the year.
January 1st of 2021 is a Friday, but it is also a Holiday. That means you may receive 3 paychecks in January 2021. You may also get paid on Thursday, December 31st of 2020, it all depends on how your employer handles payroll. If you end up getting paid on the 31st, that would make December 2020 a three paycheck month, instead of January 2021.
If you get your first paycheck of 2021 on January 1st, your 2021 three paycheck months are July and December. January could possibly be a three paycheck month as well, it all depends on if you actually receive your check on January 1st.
If you get your first paycheck of 2021 on January 8th, your three paycheck months will be April and October.
If you get paid every other week (biweekly), but not on Fridays you can easily figure it out on your own. Grab a calendar and your favorite marker and start circling the first day you got a paycheck in 2021 and then circle every two weeks until you find your 3 paycheck months!
Unfortunately your boss doesn't just hand out "extra" paychecks. Here's a simple tip to help you make your third paycheck feel like a bonus: budget as if you were only getting two paychecks every month.
It sounds easy doesn't it? However, if you do that, all your expenses for the month will be budgeted for based on a normal two paycheck month. When you get that "extra" third paycheck, you'll find a lot of extra cash in your pocket. If you haven't started a budget yet, a three paycheck month is the perfect excuse to get started.
You should treat that money as a bonus. You can do whatever you would like with it, but here are some good ideas to help you on your way:
Three paycheck months provide you with many opportunities to improve your financial position. You can make your future a little more secure, pay off some outstanding debt, or take care of a large expense.
No matter how you plan on using those third checks make sure to be intentional with your money. You won't regret it!