Simple trick to take time off from work when you're paid by the hour
Though I guess if your country has no labor laws you don't get paid leave if you're a regular employee.
I've never been employed in such a way where I'd fall under the labor laws in my country, which means I never got any paid vacation days. And I barely ever took any unpaid leave unless I absolutely had to, because taking those meant less money at the end of the month.
Now I know I am taking a few days off around Xmas and since this is the first time I do it with YNAB I was thinking how can I prepare myself for the fact I'll have a smaller paycheck. And when I figured it out my first thought was "duh, that's obvious".
If you want to take some time off work but want to still get the same money at the end of the month, then:
- Grab your hourly wage
- Multiply it by the number of hours you work per day
- Subtract the income tax from it (because you already paid/budgeted the tax from the original invoice, didn't you?)
This is the amount of money you have to save for each day off you want to take. If I get 50 PLN per hour, work 8 hours a day and the income tax in my country is 19% then it's 50*8*0.81 = 324 PLN. Keep that money in its own category waiting for the day you use it.Then when the money comes for the month you took some days off, move the required money from that category to To Be Budgeted.
Are there any problems with this solution?