February 13, 2008

Cashing In On Vacation Time

To help us continue our accelerated 2nd mortgage payments progress, I cashed out 6 days of my company vacation time for $1,239.53.

Since I have been with my company seven years, I receive 19 paid days off a year. This is more time that I really need. Being able to cash out some of my vacation time is a nice perk.

My 4.5% raise last month brought my salary to $69,030/annually. By cashing in the 6 days of vacation I essentially gave myself an additional ~1.8% raise for the year, bringing my income to $70,269.53 this year.

4 comments:

louise said...

wow you are really doing well with this accelerated payment plan!
I think cashing out the extra days is a great idea, I would do that if were available.

1MansMoney said...

Thanks Louise. We're at 16.11% of our extra payment annual goal ($11,980.51). If we're able to hit our goal each year, we'll have the 2nd payment paid off by the end of 2011. I hope we can keep this up.

-1MansMoney

Chicky said...

That's great you can actually cash out your vacation days. The company I work for is so cheap that they dont even have an option..

1MansMoney said...

Yeah, I didn't know about it until 5 years into my 7 year career with the company. But, I've been taking advantage of it ever since.

-1MansMoney