![]() “The first thing I usually tell my clients is to get rid of high-rate debt, which is usually credit card debt,” Deane says.īefore paying off debt with your new budget with an extra paycheck, make a list of all of your debts organized by balance and annual percentage rate (APR). Once you’re done jumping for joy at the realization of the third paycheck, consider how your budget with an extra paycheck could help you pay down debt. How can I budget for an extra paycheck? Consider these 5 budgeting hacks if you’re paid biweekly: 1. You could decide to give yourself some extra room in your budget throughout the year, for example, or use the extra money for something specific. Samuel Deane, a founding partner of a New York City-based wealth management firm, says there isn’t one correct way to budget with an extra paycheck, but that it should depend on your personal situation and financial goals. The extra paychecks will fall on different days every year, so tracking them in advance is key. Maybe even put calendar reminders in your phone so you can track when the additional funds will hit your account. Grab a calendar and write down your paydays for every month in a given year and highlight the two extras. The first budgeting trick to saving two paychecks is to find out when they will hit your account. ![]() But without a plan in mind, they can also disappear. Those two extra paychecks can go a long way. That means two months out of the year, you end up getting three paychecks instead of your regular two. Products not available in all states.Why does this happen in the first place? If you’re paid biweekly, you get 26 paychecks throughout the 52-week year. JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. Insurance products are made available through Chase Insurance Agency, Inc. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Past performance is not a guarantee of future results. Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. "Chase Private Client" is the brand name for a banking and investment product and service offering, requiring a Chase Private Client Checking℠ account. is a wholly-owned subsidiary of JPMorgan Chase & Co. “Chase,” “JPMorgan,” “JPMorgan Chase,” the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A. Whether for one-time or ongoing payments, an online bill pay service may be a more convenient option for paying bills. ![]() If you're looking for an alternative solution to pay bills, rather than sending paper checks through the mail, consider using an online bill pay service. Learn more about how you can set up your bill pay service if you already have a checking account. These typically include one-time and recurring payment options. With a bill pay service, you’ll most likely have a few payment options to pick from. Rather than sending a check to your electric company by mail, for example, you can have your payment deducted electronically in the form of a one-time or recurring payment.
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