Conquering the Biggest Obstacle to a Career Break
Taking a sabbatical or career break can be an incredibly rewarding and rejuvenating experience, but for many people, the biggest obstacle is the fear of how they will pay everyday expenses. The idea of stepping away from a steady paycheck and benefits can be daunting, even if they need a break. The common questions are how will I pay my bills, feed my family, and keep a roof over our heads?
These are valid concerns, and it’s understandable why the financial implications of a sabbatical would give anyone pause. I did! However, with the right planning and innovative approaches, it is ABSOLUTELY possible to take a meaningful break from work without jeopardizing your financial security. Here are the key steps you can take to overcome the financial fears of a sabbatical and make your career break a reality.
Step 1: Determine Your Monthly Expenses and Necessary Income
The first critical step in planning for a sabbatical is to get a clear picture of your current monthly expenses. Go through your budget line by line and identify all the essential costs you need to cover – things like rent/mortgage, utilities, groceries, car payments, insurance, and any other non-negotiable bills. I am a spreadsheet girl (literally have a spreadsheet for everything). However, if that’s not your thing, use pen and paper, or whatever system works best for you.
Once you understand your baseline monthly expenses, you can determine the minimum income you’ll need to maintain your current standard of living during your sabbatical. This is your number – the amount you’ll need to have saved or earn to comfortably cover your basic costs. Remember when creating this number you should include how you want to live during you’re your sabbatical. Don’t cheat yourself, add the occasional night out, family gatherings, or even a vacation.
Eliminate Unnecessary Expenses
As you’re reviewing your monthly budget, also take a close look at any discretionary or optional expenses. Things like gym memberships may subscription services may need to be temporarily suspended or eliminated.
Be ruthless in cutting out anything that isn’t an absolute necessity. Every dollar you can trim from your budget is one less you’ll need to earn or withdraw from savings. This exercise will not only help you identify areas to cut back, but it will also give you a clearer picture of your true, non-negotiable monthly costs. Also, it’s a good habit to do regardless of a sabbatical as per the financial gurus.
Calculate Your Total Sabbatical Budget
With your monthly expense number in hand, you can then determine how long you can sustain yourself on your current savings. Simply divide your total available savings by your monthly expense number to get the maximum number of months you could potentially take off.
For example, if your monthly expenses are $4,000 and you have $24,000 in savings, you could potentially fund a 6-month sabbatical ($24,000 / $4,000 per month = 6 months).
Of course, this is just a rough estimate, and you’ll want to factor in any additional income sources or expenses that may change during your time off. But this calculation will give you a good starting point to determine the feasibility and duration of your sabbatical.
Step 2: Develop a Savings Plan
Just like the big purchases in our life like a house, car, vacation, college savings, a sabbatical is worthy of a savings account. It’s an investment in yourself, your well-being, and all of those who rely on you. The benefits of a sabbatical are insurmountable, and if you are not sure, read my previous article on why you should take a sabbatical.
Therefore, If your current savings won’t cover the full duration of your desired sabbatical, you’ll need to create a plan to build up your resources. This may involve:
- Increasing your monthly contributions to a dedicated sabbatical savings account
- Selling assets or things that you no longer need (I recently discovered FB marketplace. Gamechanger!)
- Picking up additional work, overtime, or side gigs to boost your income
The key is to be proactive and disciplined in your savings efforts so that you can confidently take your sabbatical without worrying about the financial implications.
Step 3: Explore Supplemental Income Opportunities
Working during your sabbatical is not taboo and completely doable. During my sabbatical, I consulted for a hospital per diem (8 hours per week) and then later in my sabbatical I worked per diem in COVID vaccine clinic. It was great to have enjoyable ways to earn income, that were not taxing, and allowed me to increase the duration of my sabbatical.
For some, living off your savings is a challenging option and many people find that generating some supplemental income during their sabbatical can help stretch their resources even further. There are a variety of ways you can earn extra money without compromising the spirit of your career break.
Consulting and Freelance Work
Nursing skills are always high demand, consider taking on consulting or freelance projects during your sabbatical. This allows you to leverage your expertise and earn income on a flexible, part-time basis. The key is to find work that aligns with your desired sabbatical experience – something that is intellectually stimulating but not overly time-consuming. You don’t want to take a break from one job to jump into another one that takes all your time.
Temporary or Seasonal Work
Another option is to explore temporary or seasonal employment opportunities that align with your sabbatical timeline. This could include things like:
- Flu shot clinics
- Telemedicine roles
- Temporary or per diem positions at your current employer
- Seasonal retail or hospitality jobs
These types of roles can provide a steady paycheck while still allowing you the flexibility to take extended time off. And they may even expose you to new industries or experiences that complement your sabbatical goals.
Embrace the Possibilities of a Sabbatical
While the financial concerns around taking a sabbatical are understandable, they shouldn’t be an insurmountable obstacle. By following the 3 steps of determining your expenses, saving for your sabbatical, and working part-time during your sabbatical – you can overcome the fear of financial instability and unlock the incredible benefits of a career break.
Remember, a sabbatical is an investment in your personal and professional growth. With the right planning and innovative approaches, you can take the time you need to recharge, explore new interests, and return to your career refreshed and reinvigorated. So don’t let financial worries hold you back – embrace the possibilities of a sabbatical and take the first step towards making it a reality.