(NEXSTAR) — On paper, August is one other lengthy month, supplying you with additional time to benefit from the summer time solar earlier than fall begins to creep in. It’s possible you’ll even get an additional paycheck that will help you fund some late-summer enjoyable.
For the final time this year, choose staff paid bi-weekly (or weekly) will obtain one further paycheck in August. Nonetheless, even in case you are paid bi-weekly, you is probably not amongst this fortunate group.
Here is what to know.
Who will get an “additional” paycheck in August?
The quickest option to inform whether or not you’ll or is not going to get three (or 5, when you’re paid weekly) paychecks in August is to have a look at the final time you obtained a paycheck.
When you’re paid each different week and didn’t obtain a examine on Friday, you’ll obtain three paychecks subsequent month. For these paid on Fridays, your paydays will fall on August 1, 15, and 29.
As a result of August 1 falls on Friday, these paid on Thursdays is not going to, technically, get an additional paycheck subsequent month. Your subsequent triple-payday month will are available in 2026.
In the meantime, those that have been simply paid on July 24 or 25 must wait a bit longer for a three-payday month (extra on that in a second).
If you’re paid each Thursday or Friday, you needn’t examine your final pay stub — you will get 5 paychecks in August.
When is my subsequent three-payday month?
When you receives a commission thrice in August, you will have to attend till 2026 for the following bonus paycheck month. Extra particularly, your subsequent triple-payday month can be January. The identical is true for these paid on Thursdays.
Those that obtain simply two paychecks in August will see one other three-check month in October. After that, you will want to attend till Could for a “bonus” paycheck.
Why are there triple-payday months?
Thank the 52-week calendars we use. As a result of 52 does not evenly unfold out throughout the 12 months of the 12 months, some months have greater than 4 seven-day weeks — like August and October this 12 months.
Which means, so as so that you can obtain your 26 bi-weekly paychecks, you’ll obtain three paychecks in two months of the 12 months.
This additionally means the paychecks aren’t actually “additional,” and monetary specialists warn in opposition to viewing them as such. As an alternative, they need to be handled as simply one other a part of your revenue you obtain yearly.
When you’re on monitor together with your price range, specialists say you should utilize that third paycheck for different monetary targets, like paying down debt or contributing to an emergency fund. When you’re off monitor, you should utilize the funds to catch up, they counsel.