05 September 2012

Building on Bonus Pays


If you are paid fortnightly you are most likely used to living on that amount each pay period. You probably have your Spending Plan set up to run on fortnightly pays too.  But when you get paid fortnightly you actually receive three pays twice a year. What do you do with that money? If you are wise you will plan to use these two "bonus" pays to pay down debt or build up your Emergency Fund.

3 comments:

  1. I don't understand ...

    ReplyDelete
  2. Me too.Please explain..

    ReplyDelete
  3. If you work on a monthly budget, then you would normally have four weekly pays or two fortnightly pays within that time frame. Four times a year an extra weekly pay falls in that time or two extra fortnightly pays.

    4 weekly pays X 12 months = 48. There are 52 weeks a year hence the 4 extra pays

    2 fortnightly pays X 12 months = 24. There are 26 fortnights per year hence the 2 extra pays.

    Hope this helps

    ReplyDelete

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