GOLDEN RULES

Central Otago Mirror - - OUT & ABOUT -

There’s an un­recog­nised cash re­source many of us don’t know we have.

And it can be used to get ahead on the mort­gage, pay off con­sumer debts, or just buy the things we need to live a com­fort­able, mod­ern life.

It’s your fourth week of an­nual leave, or for the for­tu­nate, that fourth and fifth week.

Em­ploy­ment law says your boss must at least con­sider re­quests from em­ploy­ees to ‘‘cash up’’ their fourth week of an­nual leave.

If you are a good, pro­duc­tive em­ployee, whose days at work are worth your salary, your em­ployer should jump at the chance to get those five ex­tra days of labour from you.

In re­turn you get an ex­tra cash in­jec­tion into your life.

There are a lot of peo­ple do­ing it in­clud­ing many of our pub­lic ser­vants.

Re­ports to Par­lia­ment show that in the past fi­nan­cial year, for ex­am­ple, 133 peo­ple from the Min­istry of Pri­mary In­dus­tries did it. So did 193 from the Min­istry of Build your fi­nan­cial re­silience

Pay off debts when the go­ing is good Save an emer­gency fund to cash should they be made re­dun­dant.

As op­posed to cash­ing the leave in and bank­ing it, they are opt­ing to ‘‘leave it in the till’’ just in case it’s needed.

Squireling away leave against a pos­si­ble re­dun­dancy is not a bad idea in a labour mar­ket where gen­er­ous re­dun­dancy pack­ages are in ter­mi­nal de­cline.

Whether or not you still have an in­come next month, the rent or mort­gage still needs pay­ing, and food still needs putting on the ta­ble.

123RF

If you aren’t too tired, you could try sell­ing a week of an­nual leave back to your em­ployer.

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