PennyGem’s Elizabeth Keatinge tells us how to budget for three paycheck months.
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LearningTranscript
00:00W-2 employees have some months where they get not two paychecks, but three.
00:08They're exciting, and you can really use them to your advantage.
00:11Credit.org suggests using the extra check to grow your emergency fund.
00:16If the pandemic taught us anything, it's that we should expect the unexpected.
00:20You should have nine months of income saved in an emergency fund.
00:24Grow by Acorns suggests scheduling an extra mortgage payment.
00:28This can help you pay off the debt faster and pay less overall interest.
00:32Credit.org suggests you could also make an additional car payment.
00:36Invest for your future by putting the extra check towards a Roth IRA,
00:40mutual fund, or 401k retirement account.
00:43Self-care is also a valid form of spending extra funds, if you've budgeted for it.
00:49Maybe you need a weekend away to clear your head and come back even stronger.