Don't you just love 3-pay months?
These are the months when those of us who are paid bi-weekly receive three paychecks instead of two. It takes some time for this to happen and of course one of the criteria is that the month has to have 5 Fridays in it instead of just 4.
Well, it just so happens that September is a 3-pay month for us. Yippee! This means that we can pay extra on our mortgage--but not just yet.
You see, when there is a 3-pay month, the following month you don't receive a paycheck until two weeks in. Generally people have bills that are due the first of the month or at least the first few days of the month. This is the case for our family. Therefore, we need to use that extra pay towards those "early in the month bills". Eventually, we are able to reconcile that extra pay, but it takes a couple of months. Probably December will be the month for us.
In spite of the waiting that we have to do, I am still excited because some people don't even see the extra pay--ever. It just kind of gets morphed into paying things that suddenly come up. When my husband and I became wiser in money matters, one of the pearls of wisdom we picked up was to not let that money be absorbed, but to keep your budget as though you didn't receive an extra pay. We tithe off of it, but then we don't touch it. That helped us in making headway to pay down our consumer debt. Now we can put that same tactic to use in paying off our mortgage :-)
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