Short answer
Monthly income = weekly × 52 ÷ 12, bi-weekly × 26 ÷ 12, semi-monthly × 2, annual ÷ 12. A $1,000 weekly paycheck is $4,333.33 a month; 50/30/20 on it is $2,166.67 needs, $1,300 wants, $866.67 savings.
1. Conversion formulas
| Pay schedule | Monthly equivalent |
|---|---|
| Weekly | paycheck × 52 ÷ 12 |
| Bi-weekly | paycheck × 26 ÷ 12 |
| Semi-monthly | paycheck × 2 |
| Annual | salary ÷ 12 |
2. Same income, four schedules
| Schedule | Paycheck | Monthly |
|---|---|---|
| Weekly | $1,000 | $4,333.33 |
| Bi-weekly | $2,000 | $4,333.33 |
| Semi-monthly | $2,166.67 | $4,333.33 |
| Annual | $52,000 | $4,333.33 |
3. Why not just multiply by 4 or 2?
A year has 52 weeks and 26 bi-weekly pay periods. Four weekly checks a month gives $4,000, which understates the average by $333.33. Two bi-weekly checks a month gives $4,000 as well. The extra checks arrive in months that have a fifth week or a third paycheck.
4. Budget the monthly figure
A 50/30/20 budget on $4,333.33 a month is $2,166.67 for needs, $1,300 for wants and $866.67 for savings and extra debt payoff. Use the extra paychecks to boost savings or an emergency fund rather than regular spending.
5. Use take-home pay
Convert after-tax pay, not gross. Enter the monthly figure in the Budget Calculator, which also shows weekly, bi-weekly and semi-monthly equivalents.
6. Frequently asked questions
How do I convert a bi-weekly paycheck to monthly?expand_more
Multiply by 26 and divide by 12. A $2,000 bi-weekly paycheck is $4,333.33 a month.
Why is weekly pay times 4 wrong?expand_more
Because a year has 52 weeks, not 48. Multiplying by 4 understates monthly income by about 8%.
What should I do with the extra paycheck months?expand_more
Treat them as bonus months and put them toward savings, debt or an emergency fund.
Should I budget on gross or net pay?expand_more
Net, meaning take-home pay after tax and payroll deductions.