May is just around the corner, and for some, it brings an unexpected financial boost. If you find yourself wondering whether you’ll be receiving an extra paycheck this month, here’s what you need to know.

For many workers, May will be a three-paycheck month, providing a welcome opportunity to bolster savings, pay off debt, or invest in the future. But how do you know if you’re among the fortunate ones? It’s simple: if you weren’t paid on Thursday or Friday, you’re likely in line for an additional paycheck in May.

The three paydays in May are scheduled for the 3rd, 17th, and 31st, with adjustments for those who are paid on Thursdays. While these bonus paycheck months occur four times a year, individuals who are paid bi-weekly will only benefit twice. If you received an extra paycheck in March, you won’t see one in May.

But why does this happen? The explanation lies in the mathematics of bi-weekly pay cycles. With 52 weeks in a year, bi-weekly pay results in 26 paychecks annually. However, if you were to simply double the number of months in a year, you’d only have 24 pay periods. Thus, the extra paydays occur approximately every six months.

So, what should you do with this financial windfall? Financial experts recommend using the extra paycheck to tackle important financial goals, such as paying down debt or building an emergency fund. With interest rates on the rise, reducing debt can lead to significant savings over time.

Arijit Roy, head of consumer segment & solutions at U.S. Bank, suggests using the third paycheck to address high-interest debt or establish an emergency fund. Saving three to six months’ worth of expenses is a commonly recommended goal for emergency funds, providing a financial safety net in times of need.

For those who struggle with financial planning, Roy advises adopting a saver’s mentality even in two-paycheck months. By gradually increasing savings over time, individuals can harness the power of compounding interest to grow their wealth.

In essence, while the extra paycheck may seem like a bonus, it’s important to view it as an opportunity to strengthen your financial foundation. Whether you choose to pay off debt, save for the future, or invest in your goals, May’s bonus payday can set you on the path to financial success.