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Why November’s Extra Paycheck Won’t Mean Much for Some of Us

November is a special month this year–that’s right, it’s “extra paycheck month.” Whether you’re on a biweekly or weekly system (if you get it twice a month, sorry), you’ll be getting a third/fifth check this month.

Yay! Whee! But before you enlarge your budget, there a few things some of us need to consider. Well, some of us who aren’t salaried and don’t get paid vacations need to consider.

I’m excited I’m getting an extra paycheck this month, but it’s only going to be for an extra 2 days worth of work. That comes out to something like $150-175 after taxes.

Now that’s great. But it’s significantly less than the $432 I get on average each week. It should cover the extra week’s worth of living just fine and leave some money for savings.

This isn’t some deep personal finance insight, I hope that’s not what you were expecting. It’s just a friendly reminder for those of us who aren’t fortunate enough to be salaried.

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Mr. Micah November 1, 2007 at 8:10 pm

Kind of like reminders to spring ahead and fall back?

Patrick November 2, 2007 at 7:57 am

Not all biweekly paid employees will be getting two paychecks this month. I am paid biweekly and my 3 paycheck months were March and August of this year. It depends on which set of weeks your pay system is based on.

Patrick November 2, 2007 at 7:58 am

Oh and I am a salaried employee too…

mrsmicah November 3, 2007 at 10:02 am

Interesting, Patrick, I didn’t know that–it seems weird, but I guess it would depend on which weeks, you’re right!

Yay for salaries. I’ve never yet been salaried, but it seems nice (unless they want you to do lots of unpaid overtime). If I were staying until I got hired at the place where I am now, I’d be not-quite-but-almost salaried. And paid for certain vacation.

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