Personal Finance

Biweekly to semi-monthly pay periods - PAD transfers with Tangerine??

  • Last Updated:
  • Jan 28th, 2020 11:44 am
[OP]
Sr. Member
Feb 1, 2018
958 posts
1081 upvotes
Montréal

Biweekly to semi-monthly pay periods - PAD transfers with Tangerine??

I've just received word that my company is changing its pay periods from bi-weekly (26 pay periods per year, every second Friday) to semi-monthly (24 pay periods per year, on the 15th and last day of each month, or last business day prior).

This is mostly just a convenience thing, but it's causing a few minor headaches regarding bill payment dates and automatic transfers and whatnot. Most of them I've been able to sort out no problem, but Tangerine has become a headache. For years, I've had a PAD savings transfer on each pay day for a certain percentage of each paycheque that automatically goes into my savings account. However, it seems that Tangerine's only pre-authorized transfer options are daily, weekly, bi-weekly, or monthly. There's no way to set up a transfer that occurs twice a month, let alone one that will occur on different days of the month each time depending on what the last business day of the month is.

Sure, I know I could do this manually. But the whole appeal of "set and forget" is precisely that. Any advice from people on a similar pay schedule?

Any other considerations with moving from biweekly to semi-monthly pay? I've been on biweekly pretty much my entire adult life, so I've gotten into some other habits, like budgeting the two months a year with the "extra" pay period for splurges or wishlist spend items, that I know I'll have to break myself of now. Anything else to take into account?
5 replies
Newbie
Jan 20, 2020
1 posts
2 upvotes
Set up a monthly transaction on the 1st. Set up another monthly transaction on the 15.
Deal Addict
Oct 22, 2015
1257 posts
363 upvotes
Can you set up 2 monthly transactions? Eg 15th and 30th of month.
I haven't looked so I'm just guessing at this point.
[OP]
Sr. Member
Feb 1, 2018
958 posts
1081 upvotes
Montréal
Thanks. It looks like I can have more than one PAD to the same account after all -- I'd thought mistakenly that I could only have one at a time. It's not ideal since the transfers will still take place up to a few days after pay day (rather than now, which is always on the same day), but it's better than nothing. Appreciate the help.

Any other tips for adjusting to semi-monthly pay periods?
Newbie
Oct 18, 2019
40 posts
29 upvotes
seriesofcontradictions wrote: Any other tips for adjusting to semi-monthly pay periods?
You didn't mention a mortgage but if you have one and if you were making accelerated payments then don't forget to budget an extra month's payment through the year - or at least be aware of the impact it has on how long it will take you to pay off.
[OP]
Sr. Member
Feb 1, 2018
958 posts
1081 upvotes
Montréal
Samiracle wrote: You didn't mention a mortgage but if you have one and if you were making accelerated payments then don't forget to budget an extra month's payment through the year - or at least be aware of the impact it has on how long it will take you to pay off.
Thanks! No mortgage, just rent, which won't be affected.

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