Have you ever sold or bought vacation?

[TheHaitian]

And why?

My job offers both options around enrollment time, you can sale back to the company up to 40 hours vacation that they will use to reduce your cost of insurance.

And you can up up to 120 hours vacation that you can either use throughout the year or get a nice check at the end of the year to help with bills.

I have known people that sale back vacations because they already had 5 weeks and they don't intend on us of them all, might as well get the cash for it. I have 3 weeks and fully intend of using them all...

Some buy vacation because:
A) they truly enjoy going on vacation and they use it during the year. I had a store manager that always used his 8 weeks vacations every year (5 weeks earned + 3 weeks bought). The other person was a mom that used it during the summer to spend time with her kids.

B) the vast majority that do buy vacations are using it as a force saving method. Get an extra week or two or three weeks paycheck at the end of the year right after Christmas spending spree. Ex: this year unused vacations check will be on 12/31/14 .

There is another group thy do: vacation clubs and Christmas club. They collect an amount from your paycheck every week for 50 weeks and one is paid out in May (vacation club) and one is paid out on October (Christmas club).


This year for the first time in my 5 years with the company I signed up for two items:
- Christmas club : $50/week figure I won't miss it... Haven't so far. And it will cover the Christmas shopping.

- bought vacation: I bought 3 weeks vacation. I figure it will be nice to get next year and put in a ROTH or other expenses that might come my way.

[Anne_in_VA]

We can sell back vacation to our company however they only give you $.50 on the dollar. So if you sell back 40 hours of vacation, you only get the amount equal to 20 hours. Not a good deal IMHO. I'd rather take the vacation.

[ArchietheDragon]

N/A

[TheHaitian]

Oct 29, 2014 13:43:23 GMT -5 Anne_in_VA said:

We can sell back vacation to our company however they only give you $.50 on the dollar. So if you sell back 40 hours of vacation, you only get the amount equal to 20 hours. Not a good deal IMHO. I'd rather take the vacation.

Ouch I agree, I wouldn't do it in your case. For us we get the full 40 hours at out rate.

So let's say someone gross $1,000/week

They divide it by 52 (we get paid weekly) = $19.23

They reduce his /her insurance premiums by that amount ($19.23) weekly.

[alabamagal]

I think 3 weeks vacation is a nice amount, maybe 4 to take days off here and there.

When I worked for a big company, I got up to 6 weeks vacation the last year.  In the last year they allowed us to sell back unused vacation just prior to plant shutdown and I got 5 weeks paid over the last 2 years.  That was nice.  There was no way I could afford a 6 week vacation!

[justme]

Blech, I wouldn't do it to reduce premium amounts.

My company lets us do it up to twice a year (have to have 5+ years to do 2x) and 40 hours each time but have to have at least 40 hours remaining in your bank. I've never done it, I know people that have. I might have considered it before a big vacation if I wanted more $ over time. 

[Deleted]

We're not allowed.  At the end of the year we can carry over 40 hours, anything over that we lose, no buyback.  If I could afford it I would be all over buying vacation...but then again, I'm sitting here right now trying to schedule the 30 hours I need to use up before the end of the year.   

[alinal]

I haven't personally.

My company allows us to roll over 300 hours per year. If you will be over that at the end of the year, you can charge vacation and your work hours simultaneously to essentially get a payout. It is paid at your current rate.

We also have a policy to donate leave to someone who may need it.

Buying vacation to use as forced savings seems silly - especially when you can just do it through your taxes! Lol.

[steph08]

At the end of the fiscal year, we can carry over vacation up to 580 hours or we can sell any vacation time over 120 hours.

The first year or two, I sold about a week or two - paid for our vacation that summer.

The past few years, I have been carrying them over because I knew I would need it for maternity leave. I think I had around 350 hours when I went on maternity leave in June.

But I have also been here 7 years, which gives me 5 weeks of vacation each year. I almost never use vacation time though because we have flextime and my boss lets me take off an hour for an appointment and make it up later. Oh, and DH and I never go on vacation anymore.

[Tiny]

We have a combined leave 'cash in' - up to 5 days of time. I've been acrueing 6 weeks of "combined leave" a year for alot of years... Also there's a maximum number of combined leave hours that I can bank/roll over from year to year. Depending on the year (how intense my projects are) I may have alot of combined leave that I cannot use up before I reach the max (at which point I loose the time off/$$.).

That said, I generally cash out 5 days every year. It's taxed like a regular week of pay - and my 401(k) contribution is pulled from it as well.

I was using this 'windfall' money to pay down whatever money I had borrowed to fund a 'project' - my house repair, money for investment property, money to pay down debt to fix up investment property. The week's worth of pay isn't very much - but when I combine that with some of the other 'windfall money' from a yearly bonus, a yearly Holiday bonus, and a tax refund... it adds up pretty quick.

[TheHaitian]

Oct 29, 2014 13:52:31 GMT -5 alinal said:

Buying vacation to use as forced savings seems silly - especially when you can just do it through your taxes! Lol.

To you it might seem silly but most people don't get their tax refund till February. Heck by the time I get everything in it is mid February when I am filling if not March.

That check comes last week of December or first week of January time wise : BIG different and not so silly

[The Captain]

When I worked in public accounting we could sell vaction time.  The way the overtime bank worked you had to accumulate 120 hours of "extra" vacation time before you actually got paid OT (ahh - those were the days...).  At the end of the year, you got paid for any un-used vacation time.

At another company I worked for you could buy up to two additional weeks of vacation.  Since there was no short term disability pay, I did this the year we planned on having a child (and yes - I got lucky) so some of my maternity leave would be paid.  Between that, and the three weeks I had accumulated, I was paid for almost the full leave (I went back after 5 weeks).

Now, I would totally "buy" an extra week or two, sadly we can't.

[midjd]

Anything over 20 vacation days at the end of the year gets converted day-for-day to sick time, and once you have 40 days of sick time, you can convert anything over that (at 60% your hourly rate) and have it deposited into the 457 match. 

It's not a great deal, but not terrible, either. It seems like the people who have been here long enough to get 20 vacation days a year have the types of jobs where you can't easily take 20 days off, so it's better than losing it completely. I get 18 days a year and have only used 5.5 so far.

[lynnerself]

We max out at 150 hour for vacation. If you accrue more you need to use it within a month or lose it.

We can accumulate up to 300 hour of sick time. We have the option to sell back anything over 200 hrs at 50% of pay rate.

Carl's plan would be similar I guess to a "cafeteria" benefit plan, where you get a set amount of dollars and decide which benefits you want to purchase with that amount.

[spartan7886]

I have the option to buy vacation up to 48 hrs. I usually buy enough to make sure I can take all my planned/semi-planned vacations and have a few days left for unexpected things. I know a lot of people who buy it all just in case. You don't lose much in interest, and it's slightly balanced out by the fact that you make money on 1/6th of it to the tune of your annual raise (annual raises are at the end of February, but it's all paid back at your December pay rate).

My dad's company allows you to buy vacation, but doesn't return unused paid vacation money. I would never do it in that case.

[Deleted]

We can use our unused sick leave (unlimited amount) toward retirement credit.  I hope to have maybe 6 months worth  (90+ days) when I retire, but we will see.   It also doubles as my short-term disability "insurance."  I look at that as a form of selling it back, but we don't get money.  You also have to wait 25+ years.  

I was startled, though, that you are putting in $200 a month ($50 a week is what you said) into a Christmas Club even though you don't have kids.  I have 8 grandkids and only put in enough to make it $1000. 

Can you put me on your Christmas list?  Pottery Barn has a store in Alabama. 

[marvholly]

The last 2 companies I worked for had a policy AGAINST buying/selling/donating vacation time.

Co 1 allowed 3-5 carry over days. A number of us wanted to donate days to a person undergoing cancer treatment. NOT allowed.

Co2 allowed 5 days carryover BUT had to be used in first 3 months.

Since I had elderly parents I ALWAYS saved 5 days until the end of the year. Always ended up taking week between Chritmas & NY off. Somewhat nice to be home w/DH & kids.

[Shooby]

No, I am not giving up my vacay time even for money! We have had some occasions when you could donate your time to a sick employee. But, other than that you can't sell it or give it to someone.

[teen persuasion]

Vacation, what's that?  For me, don't work = no pay.

At DH's previous employer, there was PTO, holiday (which seemed just for the federal days off), and sick hours.  Any PTO over a few days worth was cashed out annually.  Sick hours accrued much faster, and did not need to be cashed out, so DH let it accumulate as something of a disability insurance.  They changed the payout formula for sick hours at some time during his years there, but his hire date grandfathered him so that he could continue to accrue unlimited hours; later hires had a max.

When he resigned, his 50% payout for sick hours was > $10k, he put half in the 401k.  A month after he resigned, they instituted a new policy capping sick hour payouts at $2500.  Coincidence?

[teen persuasion]

Oct 30, 2014 7:44:44 GMT -5 Ratchets said:

We have the option to sell back leave at certain points, but have never done it.

I'm thinking of working until my retirement date though, to sell as much as possible then - that way you get the paycheck for as long as possible and an additional check for the unused leave as a nest egg. That will depend on the circumstances at the time though.

The other perk, which I hadn't considered until he resigned, is that by waiting till the end to redeem the unused time you get it paid out at your (presumably) highest pay rate, though the hours were accrued at lower pay rates.

[swamp]

I don't have vacation time. My boss is a bitch.

[Deleted]

we don't have the option to sell back vacation time and we can carry over 2x our annual leave amount.  currently I get 5 weeks of leave so can have up to 10 weeks before I start to not accrue it.

[TheHaitian]

Oct 29, 2014 17:04:01 GMT -5 @southernsusana said:

We can use our unused sick leave (unlimited amount) toward retirement credit.  I hope to have maybe 6 months worth  (90+ days) when I retire, but we will see.   It also doubles as my short-term disability "insurance."  I look at that as a form of selling it back, but we don't get money.  You also have to wait 25+ years.  

I was startled, though, that you are putting in $200 a month ($50 a week is what you said) into a Christmas Club even though you don't have kids.  I have 8 grandkids and only put in enough to make it $1000. 

Can you put me on your Christmas list?  Pottery Barn has a store in Alabama. 

Between my wife and I we have about 10-15 kids we purchase gifts for: my 2 siblings, my 2 nephews, her 3 cousins, my 3 godchildren and her 2 godchildren and usually there is a misc. kid or 2 that get added to the list... Ex: she just re-connected with her twin cousins and have been buying their 4 kids (2 each) birthday gifts.

[Deleted]

Oct 30, 2014 8:57:24 GMT -5 TheHaitian said:

Oct 29, 2014 17:04:01 GMT -5 @southernsusana said:

We can use our unused sick leave (unlimited amount) toward retirement credit.  I hope to have maybe 6 months worth  (90+ days) when I retire, but we will see.   It also doubles as my short-term disability "insurance."  I look at that as a form of selling it back, but we don't get money.  You also have to wait 25+ years.  

I was startled, though, that you are putting in $200 a month ($50 a week is what you said) into a Christmas Club even though you don't have kids.  I have 8 grandkids and only put in enough to make it $1000. 

Can you put me on your Christmas list?  Pottery Barn has a store in Alabama. 

Between my wife and I we have about 10-15 kids we purchase gifts for: my 2 siblings, my 2 nephews, her 3 cousins, my 3 godchildren and her 2 godchildren and usually there is a misc. kid or 2 that get added to the list... Ex: she just re-connected with her twin cousins and have been buying their 4 kids (2 each) birthday gifts.

My Christmas gift budget is $500 and I have kids. 

[Rocky Mtn Saver]

Oct 30, 2014 6:02:58 GMT -5 Shooby said:

No, I am not giving up my vacay time even for money! We have had some occasions when you could donate your time to a sick employee. But, other than that you can't sell it or give it to someone.

  I use all my vacation time, so selling my vacation for an extra check seems crazy to me!  (I'm hearing those little kids in that mastercard commercial running right now, you know?)  I have donated it before, though, for coworkers who run out of sick leave after serious medical problems. 

[TheHaitian]

Oct 30, 2014 9:19:14 GMT -5 Rocky Mtn Saver said:

I'm hearing those little kids in that mastercard commercial running right now, you know?

I love that commercial! Lol!

[Rocky Mtn Saver]

Oct 30, 2014 9:21:10 GMT -5 TheHaitian said:

Oct 30, 2014 9:19:14 GMT -5 Rocky Mtn Saver said:

I'm hearing those little kids in that mastercard commercial running right now, you know?

I love that commercial! Lol!

I know, right?!  I need that little kid that says, "that's the stupidest thing I've ever heard", to pop up every time I need a good slap upside the head for something. 

[gooddecisions]

We can buy up to 40 hours of vacation, but I never have. It's up to manager discretion to approve it.

My company has always been "use it or lose it" by the end of the year when it comes to both vacation and sick time. No buy back, no pay out, no carry over. We get 10 sick days/year and I've only used 1 in 14 years. For many years, I poorly planned vacation and would leave a week on the table, which meant I worked for free. I don't do that anymore. Now, in January, I try to go ahead and add my vacation days to my personal and work calendars and plan accordingly. It's nice to have something to look forward to even if it's just a "staycation."

[alinal]

Oct 30, 2014 7:48:52 GMT -5 teen persuasion said:

Oct 30, 2014 7:44:44 GMT -5 Ratchets said:

We have the option to sell back leave at certain points, but have never done it.

I'm thinking of working until my retirement date though, to sell as much as possible then - that way you get the paycheck for as long as possible and an additional check for the unused leave as a nest egg. That will depend on the circumstances at the time though.

The other perk, which I hadn't considered until he resigned, is that by waiting till the end to redeem the unused time you get it paid out at your (presumably) highest pay rate, though the hours were accrued at lower pay rates.

My company changed their policy a few years ago so that the dollar value of your rolled hours stays the same, but they reduce our actual hours available every time we get a raise. I think I'd rather have the hours at a lower rate, but I'm sure that's a record keeping nightmare.

[Rocky Mtn Saver]

Oct 30, 2014 9:33:19 GMT -5 gooddecisions said:

We can buy up to 40 hours of vacation, but I never have. It's up to manager discretion to approve it.

My company has always been "use it or lose it" by the end of the year when it comes to both vacation and sick time. No buy back, no pay out, no carry over. We get 10 sick days/year and I've only used 1 in 14 years. For many years, I poorly planned vacation and would leave a week on the table, which meant I worked for free. I don't do that anymore. Now, in January, I try to go ahead and add my vacation days to my personal and work calendars and plan accordingly. It's nice to have something to look forward to even if it's just a "staycation."

I never understood the woman in the next office because she spend the last year going on and on about how she couldn't wait to retire and how much she was frustrated/annoyed by her job, and all the great things she'd do after retirement, etc.  And yet that woman was forced to take the last 2 weeks of the year off *every year* because she always had so much accrued unused vacation time she'd lose it (and we allow a lot to be accrued).  It seemed really ironic to me!