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
959 posts
1091 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
1320 posts
404 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
959 posts
1091 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
50 posts
48 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
959 posts
1091 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.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)