Monday, September 26, 2022
Finance

The 3 Paycheck Months in 2022 + What to Do With Your Third Paychecks


If your first paycheck of 2022 is Friday, January 7th, your three paycheck months are April and September. If your first paycheck of 2022 is Friday, January 14th, your three paycheck months are July and December.

Calendar with payday circled for a three paycheck month
The 3 check months in 2022.

Getting Three Paychecks in a Month

If you get paid biweekly, there are two months every year when you get three paychecks instead of two.

My current employer pays out my annual salary biweekly, or every other week on Friday. Jerry is not a regular employee, but he’s contracting with a software company. They pay employees and contractors semi-monthly, meaning he gets paid twice per month on the 15th and 30th (or last day of the month).

Here’s how our differing pay periods break down:

  • Biweekly Pay: 52 weeks per year ÷ 2 = 26 Paychecks
  • Bimonthly aka Semimonthly Payroll: 12 months per year x 2 = 24 paychecks

Knowing when the three paycheck months in 2022 occur helps you plan ahead for how you’ll use the extra cash. You can improve your financial future by saving or investing the money, establish an emergency fund if you don’t have one, or make extra mortgage payments to pay off your home faster.

One thing to consider when you’re doing your financial planning for the three check months is that the take-home amount of the extra paycheck will differ slightly from your standard paycheck. Your net pay will be a little higher due to some payroll deductions not being taken out.

If you check your paystub, you’ll notice no insurance deductions are taken from the third check. Depending on the type of deductions that come out of your paychecks, there might be others that won’t be deducted either. For example, a parking deduction, gym membership benefit, or other flat dollar amount deduction for fringe benefits you pay twice a month won’t be withheld when there’s a third bi weekly pay period.

3 Paycheck Months in 2022

Identifying the months when you get a third paycheck is a matter of pulling out a calendar and highlighting your paydays for the year. For people who get paid every other Friday:

  • If your first paycheck in 2022 is Friday, January 7th, your three paycheck months in 2022 are April and September.
  • If your first paycheck in 2022 is Friday, January 14th, your three paycheck months are July and December.

Here is a pay calendar with the 2022 3 paycheck months highlighted when your first paycheck is on January 7, 2022:

3 Paycheck Months in 2022 When Your First Check is January 7

And here is a calendar showing the 2022 three paycheck months if you get your first check of 2022 on January 14:

3 Paycheck Months in 2022 When Your First Paycheck is January 14

If you get biweekly paychecks, but not on Fridays, calculating your three paycheck months in 2022 is pretty simple. All you need is a calendar and a pen. Circle your paydays and find the months with three paychecks in 2022.

Friday Biweekly Paydays in 2022

The table below contains a pay schedule with all the biweekly paydays in 2022 for employees being paid every other Friday. That’s twenty-six checks per year. The extra pay check months you get to enjoy two times per year are in bold.

Paycheck Number First 2022 Paycheck – Friday January 7 First 2022 Paycheck – Friday January 14
1 January 7 January 14
2 January 21 January 28
3 February 4 February 11
4 February 18 February 25
5 March 4 March 11
6 March 18 March 25
7 April 1 April 8
8 April 15 April 22
9 April 29 May 6
10 May 13 May 20
11 May 27 June 3
12 June 10 June 17
13 June 24 July 1
14 July 8 July 15
15 July 22 July 29
16 August 5 August 12
17 August 19 August 26
18 September 2 September 9
19 September 16 September 23
20 September 30 October 7
21 October 14 October 21
22 October 28 November 4
23 November 11 November 18
24 November 25 December 2
25 December 9 December 16
26 December 23 December 30

What to Do With Your Extra Paychecks

Getting paid three times in month rather than two represents a great opportunity to get your personal finances in order. You can get ahead on bills, build up your savings, or put the money toward one of your financial goals during the triple paycheck months. If you don’t have an emergency fund yet, here are some emergency fund examples that will remind you why you need one.

If you read my post about the 3 paycheck months in 2021, you know that the trick is budgeting for the entire month based on two paychecks.

When you set up your monthly budget for a 3 paycheck month, treat it like any normal month with two paychecks. If you budget a 3 paycheck month the same way you budget a 2 paycheck month, when those extra funds arrive twice per year, you can consider the money a form of cash bonus.

  • Make an extra debt payment. Perhaps an extra payment on your mortgage or any credit card bills you have.
  • Use your newfound resources to tackle those little home improvement projects or repairs you’ve been putting off.
  • Save the extra check for seasonal expenses like Christmas gifts.
  • Pay your periodic expenses like annual property taxes, school tuition, or quarterly insurance premiums in advance.
  • Put the extra money toward your retirement savings.
  • Use the extra paycheck month to start an emergency savings fund you can use for unexpected medical bills or other unplanned expenses.

Months with 3 Paychecks

If you’re an employee whose company uses a biweekly payroll schedule, you’ll get twenty-six checks per year. Twice a year you’ll get three checks in a single month instead of two. The day you get your first paycheck of the year determines which months are your additional paycheck months.

Getting extra paychecks a couple of months per year makes those months the perfect time to get your budget on track or make faster progress toward your saving goals. Treat your third check as bonus money and budget for those three check months as if you’re only getting two checks. If you’ve been living on a tight budget, struggling financially, or you’re not in the best of financial situations, those additional paychecks can give you the resources you need to give yourself some breathing room.