AMERICANS can get their hands on an extra paycheck next month from work if they meet certain criteria.
Workers who are paid every other week will see extra money hit their bank account in May due to a calendar quirk.
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One of two triple-payday months this year is right around the corner.
These months have three pay periods for workers who are paid bi-weekly, or every two weeks, because there are 52 weeks in a year.
This means that there are 26 bi-weekly pay periods.
Because 26 checks need to distributed across 12 months, two months will see three paychecks to account for the extra pay periods.
One of these months is May.
Americans who received their last paycheck right before Easter should see three payments next month on May 2, 16, and 30, or the days prior if they are paid on Thursdays.
On the other hand, those paid bi-weekly who received their last paycheck on Thursday, April 24, or Friday, April 25, will not see three paydays in May.
Employees who receive a weekly paycheck will be paid five times next month.
CHECK YOUR CALENDAR
Your next triple-payday month is based on when your first triple-payday month takes place.
Employees set to receive a third check in May will also see an extra check hit their bank accounts in October.
Those who saw three paychecks in January but only two in May will see experience their next triple-payday month in August.
And finally, employees paid on Thursdays who received a third check in January will see an extra check in July.
WATCH YOUR WALLET
Americans paid bi-weekly are used to receiving and budgeting for two paychecks per month.
While a third check can feel like a nice bonus, money experts have warned consumers to not view it as “extra.”
How to cut the cost of your grocery shop
BELOW are some tips on how to reduce the amount you spend on groceries.
- Write yourself a list – Only buy items that you need. If it isn’t on your list, don’t put it in the trolley
- Create a budget – Work out a weekly budget for your food shopping
- Never shop hungry – You are far more likely to buy more food if your tummy is rumbling
- Don’t buy pre-chopped veggies or fruit – The extra they’ll charge for chopping can be eye watering
- Use social media – Follow your favourite retailers to find out about the latest deals
- Be disloyal – You may want to go to different stores to find the best bargains
- Check the small print – It’s always worth checking the price per kg/lb/litre when comparing offers so you’re making a like for like decision as a bigger box won’t necessarily mean you get more
- Use your loyalty cards – Don’t be afraid to sign up to them all. They all work slightly differently – work out what bonus suits you better and remember to trade in your points for additional rewards
They instead advise workers to think of the extra check as just another part of their income they should expect to receive each year.
For this reason, many professionals suggest allocating the funds towards areas aligned with their financial goals.
Americans should first assess their budget to see if they are on track to cover their expenses with their usual two paychecks.
If that is the case, then workers should consider investing the funds into assets such as a high-yield savings account or a CD.
Americans could also put the money to good use by paying off any debt charging a high interest rate or contributing to an emergency fund.
Roughly 80% of Americans have some form of debt, which can stack up quickly if you do not address it.
One person owed $12,000 on 27 different credit cards – an expert said three steps would save them from their “broke guy” status in months.
Plus, a “late bloomer” retiree had $200,000 in student loans – a financial guru said their “hiding” move was creating more debt.
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