Semi-monthly vs. bi-weekly pay: What's the difference?
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When it comes to managing your teen's finances and helping them understand the world of work, explaining employers' different pay schedules can be a significant stepping stone. In fact, understanding the difference between semi-monthly and bi-weekly pay schedules can make a big difference in budgeting and financial planning. But don’t worry! It's less complicated than it sounds. Let's dive in.
Understanding bi-weekly payments
Set kids up for success.
Biweekly means you get paid every two weeks. This usually results in 26 paychecks a year since there are roughly 52 weeks in a year.
Understanding semi-monthly payments
On the other hand, semi-monthly means you get paid twice a month, usually around the 1st and the 15th. This typically results in 24 paychecks per year.
The impact on your budget
The number of paychecks you receive can impact your budgeting. With bi-weekly payments, you'll have two months where you receive three paychecks. You'll always know which two days you'll be paid for semi-monthly payments.
The upshot
Whether you're paid bi-weekly or semi-monthly can affect your budgeting and financial planning. Understanding the difference helps you plan your spending and saving more effectively.
Visit the Greenlight Learning Center for more guides and top tips on family finances and raising money-savvy kids and teens.
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