(NEXSTAR) — August is right around the corner, meaning you only have a few more weeks to squeeze in summer fun. And, if you’re within a certain group of workers, you may get some extra funds to fund the fun.
Twice a year, workers paid every other week have a month in which they receive three paychecks.
It’s all about the math. Since there are 52 weeks in a year, those paid bi-weekly get 26 paychecks annually. That works out to two paychecks a month with two left over, which are paid out a few months apart.
August happens to be one of those months, at least for some workers.
If you are paid bi-weekly, and were just paid this past week, we have some sad news: you won’t get an extra paycheck in August.
If you are set to be paid this coming Thursday, August 1, or Friday, August 2, you will get a bonus check. This is true for workers paid weekly and bi-weekly.
For those paid bi-weekly on Thursdays, your next paychecks will come on August 15 and 29. If you’re paid on Fridays, you’ll see funds on August 16 and August 30.
If you’re getting three paychecks in August, you also received an extra paycheck in March. That also means you aren’t going to have another three payday month until January 2025.
Workers who are paid weekly don’t have to wait nearly as long. Come November, we’ll have another bonus paycheck month. That’s also when workers paid bi-weekly who saw an extra check in May but not August will receive additional funds.
As exciting as it is to see bonus money in your account, financial experts say it’s important to remember it isn’t really “extra” — it’s just another part of the income you should expect to receive in a year.
Alliant Credit Union recommends reviewing your budget: if you’re on track with your two usual paychecks (or four, depending on how frequently you’re paid), it may be best to invest the funds or put them toward other financial goals, like paying down debt or contributing to an emergency fund.
“Where interest rates stand today, there’s a lot of variable rate debt that’s actually been priced extremely highly, so anything that families and individuals can do to chip away at, that is going to be helpful for them,” Arijit Roy, head of consumer segment & solutions at U.S. Bank, previously told Nexstar.
If you’re already looking ahead to 2025, January, May, August, and October will be bonus paycheck months (remember, if you’re paid bi-weekly, you’ll only see extra income in two of those months).