If you get paid weekly then be prepared for an extra paycheck this month. It is the first month of the year in which you will get five paychecks instead of four. Put that paycheck to good us with the following ideas.
Most of us in our budgets, plan a budget per month. The monthly budget will contain a set amount of income over four weeks. March, however offers five weeks of paychecks. This means that you can have an extra paycheck this month that might not have been accounted for in your income.
Take that extra paycheck and see if you can do without it for your normal spending. You could then apply the whole amount for a better use.
Take the paycheck and pay off some debt. Take a look at your current debt. Will that paycheck eliminate one of your creditors? If so, get that little bit of debt monkey off your back by paying off the account and closing it out. Post the bill showing zero balance in a prominent place and celebrate.
If your debt is bigger than your paycheck, apply the paycheck to pay down your smallest debt. Then when you get another extra paycheck, apply it to that same debt until it is gone.
The extra paycheck could also go into your savings. Use it to build up your emergency fund and be in great shape should the unexpected happen (and it usually does). Get ready to transfer the entire balance into your emergency savings account.
If you don’t currently have an emergency savings account, go ahead and establish one right now using that extra paycheck. If you make it harder to access, such as keeping it at a different bank away from your normal checking account, you will be less tempted to use it for anything other than a true emergency.
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