ROCKFORD, Ill. (WTVO) — If you are paid biweekly, you may end up receiving an “extra” paycheck this month.

Twice a year, workers can receive 3 paychecks in one month due to how the 52-week period is divided into biweekly payments, which results in 26 checks over the course of 12 months, with the extra paycheck usually arriving in months with 31 days.

In 2023, those who began receiving paychecks in the first week of January will receive an extra paycheck in March and September. Those who got their first paycheck of the year on the second week of January will receive an extra paycheck in June and December.

It’s not really an extra paycheck, CFP Douglas Boneparth, president of Bone Fide Wealth in New York, told CNBC. “It’s an illusion,” he said, explaining that employers simply distribute a smaller amount of a worker’s income over 26 weeks instead of 24.

But, depending on how a person has budgeted their finances, they could be seeing extra cash this month.

Financial experts say the best thing to do with any extra money is to pay down debt, especially credit card debt with high-interest rates.

Alliance Credit Union says paying towards student loans, mortgages, or car loans is also a wise move.

A third paycheck in a month is also a good time to invest in your savings account, to create a cushion for unexpected expenses down the road, experts say.