Massachusetts Residents Can Expect An Extra Paycheck For May

As a new month begins, many of us could use some extra cash along with our tax refunds. For those who are paid biweekly, like myself, this month is particularly exciting because we will receive our paychecks more frequently. This special occurrence happens only four times a year.

Unfortunately, those who get paid on Thursdays are not qualified. However, if you're one of those who get paid on Fridays, you're in luck.

"Extra" Paycheck For May

According to News10ABC, if your last paycheck was issued before Easter, you will receive your paychecks for May on two occasions. Specifically, you will be paid three times on the 2nd, 16th, and 30th. If you are someone who gets paid weekly, this will mean you will receive a total of five paychecks for the month of May.

Why The "Extra" Paycheck For May?

The reason for your bi-annual bonus paycheck is the 52-week year. Since 52 weeks do not evenly divide into 12 months, some months have slightly more than four full weeks. This results in certain months having an additional payday.

However, these extra paychecks are not truly "extra." If you are paid bi-weekly, you receive 26 paychecks each year, which means you are paid twice a month, except for two months when you receive three paychecks.

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Warnings And Risks

Financial experts advise against considering this income as "extra"; instead, it should be viewed as a regular part of your annual earnings. Alliant Credit Union suggests that you review your budget.

If you are managing well with your usual paychecks, whether that's two or four, depending on your pay frequency, it might be wise to invest the funds or allocate them towards other financial goals, such as paying down debt or contributing to an emergency fund.