How do you make a decision about taking a Sabbatical?

Taking a sabbatical can be a big decision, and it's important to consider all the factors before making a decision. A sabbatical is a period of time away from work, usually taken for personal or professional development, travel, or to simply take a break from the daily grind. It can be a great opportunity to recharge, gain new perspectives, and come back to work with renewed energy and motivation. But, before you decide to take a sabbatical, it's essential to consider your financial security, self-confidence and future prospects.

Financial Security

Most of us need financial security. We all have a family to take care of and recurring fixed expenses. In addition, there might be surprise expenditures due to sickness, accidents or loss of any kind. It's important to have a plan in place to ensure that you can financially support yourself and your family during your sabbatical.

Step 1: Review Spending Habit

The first step in preparing for a sabbatical is to review your spending habits. Look at your past year's bank and credit card statements to get an idea of your expenses. Break down your expenses into fixed and variable costs, and try to identify one-time and recurring expenses. This will give you an estimate of how much you will be spending during your sabbatical.

Fixed expenses are those that are the same each month, such as rent, mortgage, car payments, and insurance. Variable expenses are those that can fluctuate each month, such as food, entertainment, and travel. By identifying your fixed and variable expenses, you'll be able to get a better understanding of how much you'll need to budget for during your sabbatical.

Step 2: Identify Savings

The next step is to identify your savings. Review your savings with your family and see how much you have in liquid assets. Liquid assets are assets that are easily convertible to cash, such as savings accounts, FDs, RDs and investment in stock market. Use this as a security blanket, knowing that you have a cushion in case of unforeseen expenses.

It's important to keep in mind that you'll likely have additional expenses during your sabbatical, such as travel, so make sure to factor that into your budget. Additionally, it's a good idea to add a 20% buffer to your budget to account for unexpected expenses.

Step 3: Review Future Incomes

Another important factor to consider is your future income. Will you have any income during your sabbatical? If not, it's important to have enough savings to cover your expenses for the entire period of your sabbatical. However, if you do have income, it's important to factor that into your budget as well.

Consider other income streams such as interest, dividends, freelancing opportunities, or new opportunities. Research platforms like Upwork and Fiverr to see if you can pick up some work during your sabbatical. It's also a good idea to create a plan for how you'll generate income after your sabbatical is over.

Step 4: Talk to your Employer

It's also important to talk to your employer about your sabbatical plans. Many companies have sabbatical programs that you can opt for. If you're concerned about the security of your job, reach out to your boss or HR for assistance. They may be able to offer you options such as contract work or part-time work.

If your company does not have a sabbatical program, it's still worth discussing your plans with your employer. They may be willing to accommodate your request, or at the very least, be understanding of your decision.

Self-Confidence and Future Prospects

Taking a sabbatical can be a big decision, and it's important to consider all the factors before making a decision. One of the main concerns that people have, and I had, when thinking about taking a sabbatical is their future prospects. Will they have good future prospects? What is their next step? And how will they show this on their resume? These are all valid concerns, and it's important to have a plan in place to help you feel comfortable and confident while making the decision.

Step 1: Write down all your skills and achievements

Write down all of your skills and achievements in your LinkedIn profile. This includes all of your recognition/awards, tasks that you have accomplished, and the impact that they had on the project you were working on. It's also important to list your skills in a separate document. These are skills that cannot be taken away from you, no matter what. This list will serve as a cheat sheet for self-assurance and remind you of your worth and capabilities. Return to this list every time you feel like you've made a mistake, so that you realize that you deserve this break from work.

Step 2: Ask for Recommendations on LinkedIn

Another important step is to ask for recommendations on LinkedIn. This will not only help you feel more confident about your skills and abilities, but it will also serve as fuel for self-motivation. Reach out to your colleagues and clients and ask them to provide a recommendation on LinkedIn. You'll likely be showered with support and appreciation, which can help to boost your confidence. Keep these recommendations and any supportive emails you receive in a drive or folder, so that you can refer back to them whenever you need a boost of confidence.

Step 3: Future Prospects

Another tactic to feel more secure is to identify potential future prospects. This might include creating multiple resumes for different career paths, or reaching out to HR professionals in your LinkedIn connections to see what opportunities they may have for someone with your skill set. It's also a good idea to talk to your employer about potential opportunities, even if it means switching career paths. These conversations will help you feel more confident about your decision, and will give you a better understanding of your options.

Conclusion

Look at this sabbatical as an opportunity to rediscover yourself. If you are financially safe and have a future prospect to fall back on, take the sabbatical period to find something you enjoy. This might be a hobby that you want to make a career.

Use the time to learn new skills and see if it's possible to make money from them. I spent 10 to 15 hours a week to learn new skills that would help me achieve all that I would love to do and see if it is possible to make money from the same. And remember, it's okay to switch careers or change your mind about what you want to do. The most important thing is that you're taking the time to figure out what you want and what makes you happy.

Let me know if you have any other concerns that I may not have covered in this blog. I may still be able to help you find a solution to address your concerns. I hope you have found this blog insightful. Cheers!