Four Financial Essentials for Surviving Career Breaks

( If you’re experiencing burnout and you don’t think a vacation is going to resolve it, then maybe it’s time to consider other options. Taking a break is not evil and shouldn’t be something that is shamed. Sometimes it is needed for a mental rest from the stress of the workplace or it could be due to your need to stay at home to attend to someone who you care about having health problems.

Regardless of what reason you want to do this, you need to be planning ahead on what needs to be done so that you can budget yourself properly and get through this phase in your life without having it negatively affect your career. We’re going to give you some guidelines on how you can emerge from this situation better than ever.

Have Goals About What You Want to Gain

Goals should dictate what direction your break from work should take and you know what they say when one fails to plan, then it’s a plan for failure. This is an essential principle that you should take into consideration, especially when it comes time to begin preparing the different activities that you plan on doing during your career break. Most importantly, you need to set certain financial goals (preferably limits) because you need to make sure that you are not outspending the resources you already have available.

It is this principle that is essential for you to understand before even proceeding to tell your boss that you are quitting. You should also understand that some jobs do not even require resignation and they offer unpaid leaves to their employees. The three essential questions you need to ask yourself:

(1) How much time do I have? (2) How long will my money last? (3) What do I hope to gain out of the time off that I have spent?

What Expenses Does This Entail?

Unless you have a plan to make money during your time off, your plan needs to assume that nothing is getting into the bank account until you find another job. Based on the amount of savings that you have set aside, you will need to calculate how long your financial resources will sustain you and you will also need to spend only on essentials. This basically means you will need to cut cable or anything extra that you enjoyed before you left your job.

Though this does sound kind of harsh, these are the sacrifices that need to be made if you want your money to last long enough so that you won’t get too backed up on your bills. You should also know that if you do not have some type of emergency fund or backup savings, then you should not be doing this. Stay in your job and save up until you have another opportunity to take time off.

Use the Extra Time to Make Money

Make use of the time to make money for yourself without any extra effort. The internet is great for all types of relaxing ways to make money online. Through Inbox Dollars, you can watch videos online and get paid for it and you can also complete surveys on certain websites like Swagbucks, which will pay you for filling their surveys. You may want to explore building your wealth through other options like investments in stocks using Robinhood or making small real estate investments with Diversity Fund. You can use websites like Task Rabbit to look for other freelance work so that you can make money.

Get Ready to Look for Another Job

Be ready to look for other jobs. Make sure your resume is updated and all your suits are pressed so that you can hit the ground running if you urgently need a job. It might be a good idea to get in touch with all your old contacts to see if they can help you with any potential job opportunities.

~Here’s to Your Financial Health!

Copyright 2021