Comments on: Employee Benefits: Do You Have the Option to Purchase Additional Vacation Days http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/ Personal Finance for Young Professionals Wed, 18 Jul 2018 13:30:58 +0000 hourly 1 By: Harry Campbell http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1993 Sat, 08 Dec 2012 21:48:38 +0000 http://yourPFpro.com/?p=1453#comment-1993 Wow that’s a lot. I think I’d be fine with 3 weeks off plus a few sick days here and there. Anything past that, you kind of start looking like a slacker, whether you are or not..

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By: Harry Campbell http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1990 Sat, 08 Dec 2012 21:42:15 +0000 http://yourPFpro.com/?p=1453#comment-1990 Wow I’ve never heard of the option to purchase more if you have more kids haha. Must be a non-US thing 🙂

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By: CF http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1978 Sat, 08 Dec 2012 02:52:35 +0000 http://yourPFpro.com/?p=1453#comment-1978 I’ve never worked at a place that lets you buy additional days! I had 4 weeks at my previous employer plus sick days, and three weeks + sick days at my current employer, so I generally have enough.

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By: Harry Campbell http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1912 Wed, 28 Nov 2012 22:04:53 +0000 http://yourPFpro.com/?p=1453#comment-1912 Nice. Your work sounds a little more flexible than mine as we have to decide right now how many(if any) days we want to buy for next year.

I definitely like having the option though b/c as I said, it’s usually a lot easier to take vacation than to request unpaid time off or to ‘flex’ your schedule.

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By: Bill http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1911 Wed, 28 Nov 2012 21:43:40 +0000 http://yourPFpro.com/?p=1453#comment-1911 My company has an option to buy future vacation days though I have never used it. I must say that it is a very good benefit for the employees, especially when vacations don’t go to plan. A coworker went out of town and didn’t get to see everything they wanted because of a storm. However, a few months later they bought more vacation days and took a similar trip to make it worth it.

I’m happy to work for someone who will let us buy some days off.

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By: Harry Campbell http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1909 Wed, 28 Nov 2012 18:01:21 +0000 http://yourPFpro.com/?p=1453#comment-1909 That’s a good point, but your cost is divided by the entire year. So you would essentially be investing in a dollar cost averaging style as opposed to investing all the money up front. So your return would have to be greater than the 2 or 3% raise you get to make that the better option.

But that being said, 2-3% is more of a merit increase. If you have an anticipated raise(ie 10% after your 5 year anniversary like at my company) then you could make some money by using this strategy.

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By: Uncle DC http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1908 Wed, 28 Nov 2012 16:53:02 +0000 http://yourPFpro.com/?p=1453#comment-1908 Reading your post brings to mind the remark of Henry Ford II. Asked about an employee’s request to take a three week vacation, he said:

“Any guy I can do without for three weeks, I can do without!”

But seriously, I have one substantive issue to point out. This is re: your example of buying vacation days, now, to lock in a lower cost in anticipation of a raise later in the year. Your forgetting about interest costs. You have to pay for these vacation days in weekly installments – money that you do not earn interest on.

If your raise is expected to be 2% or 3%, you might do better by investing the money instead of buying vacation days.

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By: Harry Campbell http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1900 Tue, 27 Nov 2012 02:47:30 +0000 http://yourPFpro.com/?p=1453#comment-1900 That’s a good point. Some managers at my company are pretty cool about flexing your time. I’ve actually done it once with my boss but don’t feel comfortable asking all the time.

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By: Pauline http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1899 Tue, 27 Nov 2012 02:26:51 +0000 http://yourPFpro.com/?p=1453#comment-1899 That is a pretty cool scheme, because if you need the money, you can chose to work instead. I would buy the holidays, although I wish I could buy them with overtime and not money.

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By: Harry Campbell http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1898 Tue, 27 Nov 2012 02:03:11 +0000 http://yourPFpro.com/?p=1453#comment-1898 Yea it’s definitely a strange concept but I don’t think 2 weeks of vacation is quite enough. I know I have a couple 4 day trips this year so I went ahead and bought a few extra days.

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By: Grayson @ Debt RoundUp http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1897 Mon, 26 Nov 2012 22:06:30 +0000 http://yourPFpro.com/?p=1453#comment-1897 This is an interesting concept. I have never really worried about vacation time. I have a good amount of days and I use them every year. While we don’t rollover days like we used to, I am still happy with how my employer does vacation days. I am not sure about the purchasing days concept especially when you have to use the accrued first.

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By: Harry Campbell http://yourpfpro.com/employee-benefits-do-you-have-the-option-to-purchase-additional-vacation-days/#comment-1896 Mon, 26 Nov 2012 20:08:42 +0000 http://yourPFpro.com/?p=1453#comment-1896 I think it’s funny that most of the older employees who get 4-5 weeks of vacation a year never ever take it! I’m so jealous of them but I guess as you get older and have a family it’s a lot harder to take a bunch of vacation days. I wouldn’t mind having every other Monday off though, haha.

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