The spelling of the word "not bit" is largely phonetic. The "not" is pronounced with a short "o" sound, represented by the symbol /nɒt/, and the "bit" is pronounced with a short "i" sound, represented by the symbol /bɪt/. These sounds are commonly used in English and are represented by these phonetic symbols in the International Phonetic Alphabet. When pronounced correctly, the two words should flow smoothly together, creating a clear and easy-to-understand phrase.