Zakat Advice Needed for a New Muslim Dad

As-salamu alaykum, everyone. I'm a revert to Islam and I've recently become a father, Alhamdulillah. I'm working and supporting my family, and I'm trying to make sure I handle my zakat properly. Money is a bit tight these days-we're not struggling, but it's been close. I'd love to pay my zakat and maybe give extra sadaqah in the last ten days of Ramadan, but I'm worried about making ends meet before the next check comes. Here’s my situation: I get paid every two weeks and most of it goes to bills and expenses. I have a separate account where I keep money for bills, but it’s been going down slowly. Right now there's about 3k in that account and 1k in utilities. I also have a term deposit with my parents, but I can't use that. Is it true that zakat is 2.5% of cash on hand? Any advice would be really helpful. Jazakallahu khairan.