Sometimes you need a little break along the way.
But money or the lack thereof is what stops many people from even considering it.
With some significant planning and budgeting, however, its possible to make your career break dreams a reality.
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Here are five steps you should take when budgeting for a career break.
5 Steps for Career Break Budgeting
1.
Think About What Your Career Break Will Look Like
People take career breaks for a number of reasons.
Hone in on aspects that will affect you financially.
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How long will your break last?
When would you like it to start?
Will you be staying at home or traveling the world?
What adventures would you like to experience?
While its nice to dream about your best life ever, youve got to be practical too.
Youve got to know what your expenses will be so that determine whether your plans are realistic.
If you dont alreadybudget your incomeandtrack your expenses, nows the time to start.
If youre taking time off to travel, youve got to pay for transportation and lodging.
The length of your break will also be a big factor here.
Obviously, the longer youre away from the workforce, the more money youll need saved up.
You wont have to save up as much or worry about burning through your entire savings.
The first income stream you should explore is your current job.
Taking a career break doesnt necessarily mean calling it quits where you work now.
Another 11% of employers surveyed offered an unpaid sabbatical program.
Youve got to add a cushion for that period at the end where youre actively seeking your next gig.
A career break should provide you with freedom to pursue something outside of your typical work life.
Nicole Dow is a senior writer at The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
