It can be hard to transition to getting paid twice a month when you are used to getting paid every week. Even if you had previously gotten your paycheck every other week, that is two more paychecks each year than the way you get your money now.
The frequency, or how often, you receive your checks can impact when you pay which bills and how much you have available to pay them. If you want to learn more about getting paid twice a month, keep reading below.
Being Paid Twice a Month Is Called Semi-Monthly
If you are getting paid twice a month, then you are being paid semi-monthly. Although the “semi-monthly” term is accurate, it may be easier just to say you’re getting paid twice a month.
How Do You Pay Your Bills When You Are Paid Twice a Month?
You might be wondering, “How do you pay your bills when you are paid twice a month?” Though some people think that they will need to make huge adjustments to their lifestyles when they go from getting paid once a week to only getting paid twice a month, this isn’t always true. Sometimes it’s just a matter of identifying what needs to be paid, the dates these bills are due, and when you’ll have the funds available to pay them. It’s pretty much as simple as it sounds. We can show you.
First, you should make a list of all your monthly bills, including who you pay, the total amounts due, and the bill due dates. Then put this list in chronological order, with those bills that are due first at the top of your list and the bills that are due later at the bottom. Next, you can look at your paystub or, if you get direct deposit, look at your bank transactions to confirm the net amount of your paycheck. The net amount is the total amount of money you get from your check after the government takes out taxes and any other deductions are taken from your check, like deductions for insurance.
If you haven’t gotten your first check, you can estimate how much your paycheck will be. You can use a tax bracket calculator to see approximately how much you will owe for taxes. You will be asked to answer a few questions, such as your filing status and how much your taxable income is. Based on the information you give, the calculator should tell you what they believe is the percentage you will pay in taxes.
After you have calculated approximately how much your pay checks are going to be, you will know how much money you will have available to pay your bills. Assign each bill to one of your two monthly paychecks. Ensure that the total amounts you are paying are not greater than the amounts of the paychecks.
It Can Be Hard When You Get Paid Twice a Month
It’s incredible what a big difference two paychecks per year can make. If you get paid every two weeks instead of twice a month, at the end of the year, you will have received 26 paychecks versus the 24 you now get. Even though this means each paycheck you receive is smaller, if you are paid every two weeks, it can help if you have cash in hand more often. And what about when unexpected emergencies come up? In times like these, getting paid more frequently helps.
Make Your Money Work With MaxLend
Now that you are getting paid twice a month, you might have to adjust how you pay your bills. This might seem hard at first, but remember that it’s not impossible. Once you sit down, determine when your bills are due versus when you get paid, and create a budget, you’ll see that you can create a new schedule to get your bills paid on time.
But what if, after you’ve created your budget, you realize that in the first month, you will be short on funds? That’s what MaxLend is here for. If you need a quick cash loan to help you through a funding emergency as you get accustomed to only getting paid twice a month, you can apply for a personal loan with MaxLend.
At MaxLend, we offer cash loans. Some companies offer payday loans, but with these, the money typically has to be repaid by your next paycheck. Instead, at MaxLend, we provide alternative solutions to payday loans that can help – and give you more time to repay. It’s quick and easy to apply for cash online.
If you apply for a loan and qualify – and complete all parts of the application process by 11:45 a.m. Eastern – Same Day Funding may be available.* On top of that, after taking out your first loan with us, you are automatically enrolled in our MaxLend Preferred Rewards program. If you want to learn more about how our loans work, or if you have more questions, go to our website or call MaxLend at 877-936-4336.
You can also read some Trustpilot reviews to see what others have to say about us.
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*Same Day Funding is available on business days where pre-approval, eSignature of the loan agreement and completion of the confirmation call, if a call is required, have occurred by 11:45 a.m. Eastern Time and a customer elects ACH as payment method. Customers who complete this process by 1:30 p.m. Eastern on business days may still receive funds on the same day, but some banks may not disburse the funds until the next business day. Other restrictions may apply. Certain financial institutions do not support same day funded transactions. When Same Day Funding is not available, funding will occur the next business day.