9 Ways Leap Day Can Impact Your Finances (#7 Is Pretty Handy)

For some folks, Leap Day is the rare chance to celebrate their birthday on the date it actually happened. For others, February 29 is a mere curiosity.

But if you're planning to make money moves in 2024, Leap Day can have some implications for your finances. Here are some fun financial facts about the extra day you might not know.

Having another day in the year actually contributes quite a chunk of cash to the U.S. gross domestic product (GDP).

In 2016, CNBC noted that having an extra day in the year boosted U.S. GDP by about $50 billion. That was more than the annual GDP of several states.

If you work on salary, Leap Day can be a bit of a bummer. After all, you're giving your employer an extra day of work without your annual salary reflecting an extra day of pay.

Employers likely won't adjust your annual salary for the extra day, so you just have to accept the freebie you are giving them with good cheer.

On the other hand, you might pick up some extra cash if you're an hourly worker.

Working that extra day means another day on the calendar for you to earn income. Perhaps that additional cash will help you save more this year.

This month's extra day means an extra 24 hours when you'll use electricity, natural gas, and water.

You may not notice too much of a change in your utility bill after just one day, but be aware that it might be slightly higher than it would be during a typical February.

Leap Day also means you have an extra day to feed yourself, so your food costs might be slightly higher.

If history is any guide, Leap Day won't have much of an impact on your stock returns.

The 10 Leap Days leading up to 2016 were split, with five of those days seeing the market increase and five seeing it decline, according to CNBC.

The tie was broken in 2016 when stocks fell on Feb. 29. The last Leap Day was in 2020. That Feb. 29 fell on a Saturday when markets were closed.

If you have a bill normally due on the last day of the month, you'll get an extra day to pay it compared to most Februarys.

So, you might have a little more breathing room for bills for your monthly gym membership or monthly parking. You might also get an extra day to pay if you subscribe month by month to some streaming services, for example.

In addition to getting more time to pay bills due at the end of February, Leap Day gives you an extra day before March 1 rolls around.

So, if you have bills that are always due on the first day of the month — such as rent — Leap Day will also help you there.

Some countries — including Greece, Italy, and Spain — have traditionally viewed a year with a Leap Day as bad luck. So, couples have been more reluctant to marry in those years.

That could be good news for you if you want a destination wedding in one of those countries, as it might not be as competitive or expensive to celebrate.

Here's another Leap Day twist associated with marriage: It's a tradition in some European countries (notably Ireland) for women to propose marriage to their partners on Leap Day.

While Leap Day does give you an extra day in February to get ahead financially, the month remains the shortest of the year.

That means whether it's Leap Day or not, you'll still pay more for things such as rent per day during February than you would during other months.

Leap Day can be a fun thing to celebrate. For example, those who work an hourly job might get some joy from knowing they have an extra day to boost their income.

Whether you celebrate Leap Day or ignore it, make 2024 the year you crush your debts and get your financial house in order so you will be better positioned in 2025 and beyond.