A career break or sabbatical can be a good chance to rewind and rejuvenate in your life. It is an opportunity that only rare people get to put a stop to the daily grind of reporting to the office and working like a donkey. However, not everyone who is laid off or removed from the job or has voluntarily resigned thinks that way. A lot of negativity is served on the plates of those who opt to stay away from their jobs for a while and the main reason is FINANCE.
People who have a dependent family find it really hard to plan for things like taking up a higher education course, going out with friends or family members for vacations or even staying back at home doing nothing when they are on their sabbatical. Here are some ways in which you can plan your career break in such a manner that you are financially sustainable and ensure to remain stress-free during the odd times.
1) Draw a plan of your likely expenses:
You can decide to go on a sabbatical by drawing an estimate of the expenses that may likely happen during your time away from your paid job. These expenses can be put up in different brackets by mentioning the duration of the expenses. For example, if you plan to go on a 2-week holiday with your friends, what is the likely expenditure for travel, food, and accommodation and how will you manage them? Then the next thing you can do is categorize between fixed and variable expenses. Once you are done with the list, you can rearrange the tasks based on their importance. Once the budget is prepared, you can then figure out how you will arrange these expenses – what are the options to look at?
2) Plan the required funds with the help of your loved ones:
Family and friends come to aid when the times really get tough. Maybe you are just fed up with your boss and meeting him at the workplace to work in the same team feels too much toxic for you. If that is the case, speak to your loved ones and show them your budget and timelines for your sabbatical. Remember to mention that you will return them back the money once you take up a new job or some other project that will give you sufficient funds. Don’t hamper their financial goals and ensure that the relations are intact despite them lending you money.
3) Take a tab on your existing debts:
If you are already having a home loan or personal loan or vehicle loan that ensures cutting a part of your salary every month, figure out how you will arrange funds during the sabbatical. Probably you can close the loans first by paying the money in a lump sum by selling your existing properties or gold so that you can be stress-free about the overall debt. You can also talk to a financial planner who can guide you on selling your shares which can give you higher returns to close off all the outstanding debts.