I find that the GoDaddy billing cycle/renewal there is some extra time built in @Massan but it is not something that is guaranteed. If you have a renewal my advice is to renew ahead of the due date or confirm that whatever payment method to be drafted has an amount that will cover the charge. One thing I suggest is to periodically check your account contact details so that you won't miss out on notifications like these.
If your billing is up on Tuesday and your plan is to pay when you get paid on Friday I wouldn't worry too much. In my experience rebills will happen 7 to 10 days after a failed billing. Any length of time over ten (10) days I would be concerned your hosting would canceled an unrecoverable without a fee. Please plan for billing in advance, keep your account contact details up to date and do not count that GoDaddy will allow your products to extend past the due date.
One more time. Do not count that hosting (or any other product) not renewed will be available in your account. It is best practice to not let products you plan to keep expire. I hope that helps?
...turns out that my two cents is worth less or more depending on the current exchange rate.
roy darling *my posts seem a lot shorter in my head