If you're paid bi-weekly, then you're probably familiar with the 3 paycheck months. Twice per year you should receive an "extra paycheck" (which is great when trying to make some progress on your debt).
How does this work? Simply put, if you received 2 checks per month you'd get 24 checks total in a year (12 months multiplied by 2). When paid every other week, you get 26 paychecks in the year (52 weeks divided by 2). So, at two different times in the year you'll receive an "extra paycheck."
Here's the problem... the 3 paycheck month is a myth.
Okay, technically it's a real thing, but most people can't use the 3 checks. Let me explain.
Coming up in October, many of you will get paid 3 times (the 2nd, the 16th, and the 30th). Our brain immediately thinks "Jackpot! Extra paycheck!"
If we use the check on the 30th as our extra check, then we won't receive another one until November 13th (which basically ruins November).
So what should we do?
Go through your calendar, map out your paychecks and CHOOSE when you think it's most convenient to take that extra paycheck. This is a quick exercise that lets you plan when you'll get that excess cash flow without throwing everything off.