A sabbatical is a period of leave from work which is usually one year long, all while still receiving your monthly payments.
How to ensure you don’t overspend for your sabbatical
First and foremost, you need to plan your finances. For instance, if you have any debts, ensure you pay everything off before the start of your break. In the scenario where it isn’t possible for you to wipe away your debts before the sabbatical, devise a plan on how you will continue to pay even though you are on a break from work. The idea behind this is that you do not add any new debts in the course of your break.
Secondly, ensure that you put away savings which you would otherwise use in your daily work life, enough to award yourself a salary every month.
Thirdly, you could engage in a side income which does not necessarily drain you mentally or physically. Such includes buying shares at a company and being awarded dividends at the end of the year, and income from a property that you could rent out.
It is also important to set up an emergency fund. The emergency fund is obviously based on your comfort level and your current financial status.
Remember to strategically plan out what you will be doing during the sabbatical. If you do just nothing during the break you may end up becoming depressed and in some rare cases, obese. It’s recommendable you pursue your passion, be it social work, traveling or even gardening. Anything to relax your mind! Common travel places would include animal shelters.
It has been scientifically proven that animals are a source of natural therapy. The best part about this is that zoos are present in almost all cities, so getting to one should not be costly.
You may also take this time to catch up on pending issues such as situations which are personal and may need closure. Even as you focus on yourself, your finances will not be exhausted as compared to the amount of money you would usually use in typical work days.
If you would like to take an extended break from your career life, it is essential that you take time to carefully plan out how you will spend your days away from work. All you need is a positive attitude on how to go about the whole process and trust me all will be well. At first, you may be hesitant to take such a huge step, but you never know, with the correct planning, your sabbatical will turn out to be fruitful, and you would have got the required physical and mental break.
Here’s a great perspective: “How to Take a Year On, Not Off” – Take a look: