Sabbatical leave—what it means and how to finance it
Taking sabbatical leave? Discover our guide on how to take a sabbatical
6 min read
With work-life balance becoming more of an issue, and people having less spare time to pursue their interests, many of us dream of taking a sabbatical. A sabbatical can be summarized as taking time out professionally to make time personally; be it for adventure, studying, or some much needed R&R.In today’s world this might seem like an impossible dream, yet now is the perfect time to look ahead and start budgeting. So if you’re ready to step away from working life for a while, discover our tips on how to take a sabbatical and look forward to funding your leave with confidence.
Take a breather from business—defining your sabbatical
Taking a sabbatical means leaving your regular job behind for a set amount of time to focus on doing something for your personal growth. Whether it’s a year out to gain a qualification or travelling to far flung destinations for several months, there are many ways you could fill this time. Before diving into how to take a sabbatical, use our 3-step guide to make sure you’re ready to take the leap.
1. Do the research
Check if you’re eligible for a leave of absence. With no laws in place for sabbatical leave, it is considered a company benefit and it is not offered by all employers. This means it’s at your employer’s discretion, rather than a given. Review your company policy and speak to your HR team to check the possibilities.
2. Pausing the pay cheques and your leave duration
Consider the financial implications of paid or unpaid leave and decide on how long you want to take off, after confirming what your company will allow.
3. Timed to perfection and making a comeback
Think about when the right time to start your leave is, for you and for your company. You’ll need to factor in any notice period and how long it will take to save. And don’t forget a plan of action for your return—if you’re self-employed consider the clients that you’re leaving behind, who you’ll count on when you’re back to business as usual. If you’re quitting rather than returning to a role, bear in mind your homecoming prospects. Knowing these basics means you can make an informed decision and, if taking a sabbatical is the way to go, begin planning for your time out.
Save up with Spaces
Use N26 Spaces sub-accounts to easily organize your money and save up for your goals.
Setting the sabbatical scene—how to plan for a sabbatical
Whether it’s bungee jumping in Bali or mindful meditation in Morocco, you should take full advantage of your break. Decide how you wish to spend your time off before forecasting the costs and writing up a sabbatical plan. The three main reasons people go on sabbatical are to learn, to travel, or to volunteer (or a combination of these).
Taking a trip—top of the sabbatical list for most people is travel. You might consider touring your own country, or have global dreams further afield. Bear in mind what is affordable and achievable. Here are some examples of the main costs for a travel sabbatical, according to two budget: