I’m getting three paychecks in December so it feels like Christmas is coming TWICE. Although I am a full time employee, and on salary, we do get paid every two weeks. This means that at some point in the year we get an extra paycheck one month. This year it falls in December!
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I’m not really a fan of getting paid every two weeks. I prefer to do everything on a monthly basis. This actually isn’t an issue for me because of the way I set up my payments. I just prefer monthly pay because I pay my bills monthly. We will be getting three paychecks this December because of the way the pay dates fall this year.
https://www.howisavemoney.net/save-money/saving-50-of-my-income/This third paycheck will go directly into savings for the month. I am working on saving half of my income for six months. I already managed to save half of my income in the month of November.
Because of the third paycheck I will be able to save a FULL MONTH of income in December! This will put me well on the way to beefing up my emergency fund. It has been easy for me to save half of a month’s income starting in November because of the way my budget is set up. It has also helped that I am working from home. This has saved me from buying clothing for work and I also use less in gas.
What do you do with an ‘extra’ paycheck if you get paid every two weeks? Do you have a specific use for the extra money or do you just add it to savings?
Unfortunately one of my bad habits when I was younger was to load up credit cards throughout the year and pay down the balances with the 2 extra paychecks. I’ve sense learned I was doing that and corrected it by getting budget under control and spending within my means.
Now I get paid twice a month, on the 1st and the 15th which came at a great time allowing me to save more money each month and move into paying for a higher tier of health insurance. Keep doing great things with your money and thank you for the great read! Very inspiring.
It is always good to learn from our mistakes and then apply better financial decisions moving forward. Good luck on your great credit journey!