For many employees, October will be a “3rd check month”. What I mean by that is employees who are paid bi-weekly on Friday get paid three times in two of the twelve calendar months each year.
Does this include you? If so, what are you going to do with the 3rd check?
Here are a few examples of what we see happening most often:
Many people discover they are getting a 3rd check the week, or day of, receiving the check. This gives them a sudden jolt of excitement that “free money” is coming their way. WHAT A BONUS! Then they go out and buy something.
Some people don’t realize they were paid three times that month. They don’t even get the thrill of knowing they have increased their monthly take-home pay to do something fun, smart, or necessary. They may leave it sitting in their checking account, but it doesn’t stay there long before it goes to Costco or Home Depot.
Lots of people live paycheck to paycheck, so a 3rd check is a blessing from the heavens to get them through another 14 days. The money is gone as soon as they get it and the process is repeated on day 15.
For those who use a budget or spending plan, this is the time they can make a big stride towards a goal. The goals are most likely paying off/down a debt, putting an extra cushion into savings, or maybe getting closer to purchasing an item they had already been saving for. The money may not stay in the account long, but it is used to accomplish something – and it should.
Have a plan – don’t let it get away from you! Whether you plan on using it to pay down credit card debt, use it for savings, or even use it towards a big-screen TV – GIVE THE MONEY A PURPOSE and use it only for that purpose.
Six months from now, will you remember what happened to that 3rd Check?