January 31, 2024
Life is full of strange and interesting things, like Halley’s Comet and the Northern Lights, and one that affects us all, even if you don’t realize it, is a “leap year.” Every four years, an extra (or intercalary) day is added to February to keep the calendar aligned with the seasons. On a leap year, the shortest month of February gets an extra day based on the Gregorian calendar, the internationally accepted civil calendar that replaced the Julian Calendar in the United States around 1752 for the purpose of calculating leap years.
The calendar year we follow is not completely aligned with the 365-day cycle of the Earth revolving around the sun. It takes the Earth 365 days and six hours to travel around the sun, and because of that extra time, a leap year is needed to stay balanced.
If we didn’t consider this lapse in time over, let us say, the next 750 years, instead of summer beginning in June, it would occur around mid-December or so.
Financially, a leap year will affect everybody, whether you realize it or not. Leap year could directly affect you depending on how you live, for example, your employment structure. On a typical day, you heat and air-condition your home, shop for food, and use gas to get to the grocery store unless you use public transportation. Even your typical day-to-day activities can determine how leap year affects you. Here are some pros and cons to consider:
Those are some great pros to managing leap year. However, along with the positives, you also have to take into consideration the negatives, for example:
For people who live on a tight budget, an extra day may not necessarily be something they look forward to. However, with adequate planning and a manageable budget, you may be able to mitigate some of the stress of another calendar day of expenses.
Consider consulting a financial professional who can work with you on a budget, an investment, or a saving strategy. They can offer tips for managing extra money that comes in, for example, from working an extra day because of leap year.
The Economic Impact of Leap Year | Savant Wealth Management
Leap Year’s Added Day Isn’t Viewed as a Bonus by Everyone – Los Angeles Times (latimes.com)
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions.
LPL Tracking #530749
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
The LPL Financial registered representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AL, AK, AZ, CA, DC, FL, GA, IN, KY, LA, MI, MO, MS, NC, NV, NY, OH, SC, TN, TX, VA, WA, WI.