I can do one better than this...
Not only have I sold 5 days of AL, I have now also cancelled my private health care, which was a Β£1400 taxable benefit.
Although it was "free", as it is a taxable benefit, I was still indirectly paying for it through income tax and student loan.
Income tax 40%, student loan 9%... I should get 49% of this benefit back via reduced tax/loan payments, which equates to Β£686 a year.
That's another Β£57 a month.
With these changes, effective from July, I should see my take home pay increase by around Β£100 per month.
Job done π«‘π§
Strongly considering selling 5 days of holiday allowance to slightly increase cash flow, to offset my high monthly outgoings and give me extra breathing room for paying off debt or further DCA into the market.
5 days works out at Β£85.56 gross a month, approx Β£42 extra net increase after Plan 2 Student Loan and Income Tax / NI (taxation is a joke, I know).
The 5 days is spread across 2 calender years so will be 2.5 reduction this year, 2.5 the next.
I work flexibly and often if I do take AL, I come back to hundreds of emails and a backlog of work, resulting in me just working extra hours before/after the holiday anyway.
Likewise, if I am up to date on work (fat chance lol), I can take an hour here and there to chill out anyways, so AL is only a benefit when it comes to big events like holidays and Christmas, where I can fully mentally reset.
I've still got enough AL for a few days off here and there, and a week for Christmas, so that'll do me.
Has anyone else bought or sold holiday allowance before? Is it something your company offers?
Worth checking out if you're strapped for cash like Pingu and wanna stack more sats and buy the dip. π«‘π§