If you ever wished to take a break from your cubicle job, this sabbatical calculator is for you. It will help you plan your leave in advance so you can make sure you'll get your finances in order before embarking on an adventure or simply spending some time away from office. Read on to learn what is a sabbatical, how our sabbatical leave calculator works and - most importantly - how to plan it to get the most of it.
A sabbatical is often defined as a break, or rest, from everyday work. This kind of break typically lasts from two months to a year (but nothing prevents you from taking a longer sabbatical, of course). It is usually spent pursuing personal goals, such as traveling or writing a book. Some sabbaticals are paid (the academic ones), but most are just an unpaid career breaks. More and more companies offer their employees a possibility of sabbatical leave and returning to their previous job after such a break.
The concept of a sabbatical has a source in the Bible, as God rested for one day after creating the world. In celebration of that, people refrained from work on seventh day of the week (sabbath), and didn't work the land every seventh year - all agriculture stooped during this so-called sabbath year.
Plan your sabbatical leave
One of the most important aspects of a sabbatical is the financial one. A yearly break in an otherwise stable stream of income may seem frightening and discourage you from taking the leave. Start by using our sabbatical calculator to determine how much time can you devote - realistically - to your career break.
- Take a look into your budget. How much money a month, or a year, is necessary to get by? Put all extra income in your sabbatical fund.
- Determine what is the proportion of money saved to your monthly income. Let's assume you can put 20% of your monthly income in the sabbatical fund.
- Decide how long you want to work for your leave. For example, you can plan that you will take a leave two years from now.
- Input these numbers into our sabbatical calculator. In our example, you will discover that saving 20% of your income will allow you to take a six months long sabbatical leave.
- You can also use our sabbatical calculator to determine how long you need to save money to allow yourself for a leave lasting, for example, a year.
Notice, that our calculator determines the duration of a sabbatical spent with the same expenses as during working months. For instance, if your monthly expenses are $1000, you will have a budget of $1000 per month of sabbatical in your savings. If you plan to be spending more or less during the leave, the duration of the break will change.
What else to do before sabbatical leave?
Now that you know what is a sabbatical and how to calculate its duration, you have to take into account other factors. These include:
- Do you plan to keep your sabbatical fund in a savings account? Or maybe invest it before going on leave? Check out our savings calculator and investment calculator to find out how much you will gain.
- Create a plan for your sabbatical. It's easy to waste the time of a career break; plan carefully in advance to make the most of each day. After all, it won't last forever! Do you want to learn new skills, improve your health, fulfill a personal goal?