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Burnout is the term that’s been on everyone’s mind lately. What do you do when work seems overwhelming – even unbearable?
Many professionals are turning to a sabbatical to give them a fresh outlook on their careers. The key to a successful career break or sabbatical lies in planning. The financial portion of your planning might seem obvious. You have to make sure your break is fully funded.
We’ll cover the steps you need to take to make that happen later in this article. We’ll also discuss the importance of planning what you want out of your sabbatical and how having a vision can multiply the benefits of your time away from work.
Career breaks are meant to refresh your view on life and inspire you. You don’t want to quit your job only to find yourself shuffling around the house in your slippers until you’re ready to apply for jobs again. Here are some ways people make the most of their break:
Until you have a good grasp on what your career break will look like, you should consider yourself in the early stages of planning. Why? Spending a year writing a screenplay at home will call for less money than trekking through the plains of Mongolia on horseback. In the meantime, keep brainstorming and setting aside money in your career break account.
Financial preparation is the most important part of preparing for an adult gap year. Before you start preparing, you need to make a couple of decisions:
Once you have the details figured out, you’ll be ready to start organizing your budget. You’ll want to find substantial ways to pinch your pennies. If you’re planning on traveling, consider renting out your home or subletting your apartment. Cut back on takeout and. consider what subscriptions or memberships you can cancel. Check out our savings calculator to understand how much you need to save.
The sooner you start saving, the better. When you’re planning a career break, you’ll feel a weight lift off your shoulders because you’re taking action even though you’re still working. While you might be eating simple meals at home, when you see your savings account growing, you’ll be reminded that it’s all worth it.
You have a clear vision of what you’d do with your time off. You have your career gap account funded for the amount of time you want to take off and you have four to six months of savings in your emergency fund. Now what? How do you pull off leaving your job without sending your career into a tailspin?
If you’re planning on leaving your job rather than taking a leave of absence or a sabbatical, do it professionally. This means taking steps to ensure that you’re leaving on a good note:
In the interest of your own career, you’ll want to glean as much information about your performance at this job as possible:
Remember that you can use this time to improve your career game. This point of view can be flaunted when you’re reentering the workforce. Write your career gap into your resume and include the things you participated in as assets. Here are some examples of adult gap year activities that can be included on a CV.
You might not need to leave your job. Before you write that resignation letter, check to make sure a sabbatical policy isn’t already in place. Typically, sabbatical policies let employees leave for 4 weeks to 6 months. If that’s the case, then taking a 3-month break from work to go see the world might not be a big deal as long as you’ve saved enough to fund it.
If there isn’t already a sabbatical policy in place, and you feel safe sharing your plans with your employer, ask about a leave of absence while sharing your vision for your career break. Your employer may see the value in it and be able to work with you to find a compromise that allows you to keep your employment.
Life isn’t straightforward. It comes with complications and hard decisions and most importantly, opportunities. When you’re moving through life, you don’t have to do it alone. Plan with DCU. We offer savings accounts and retirement plans with favorable interest rates for all of our members. We’d love to help you plan your next moves. Contact DCU today.
Please note, membership is required to open a DCU savings account. Visit our membership eligibility page for more information.
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.