Sabbatical: Need Money?
The number ONE question everyone asks.
“What about the money?” and its close cousin.
“I don’t have the money”.
Humor me for a moment. Maybe you can get the money. Maybe you don’t need much money (depends what you do).
Here’s a few tips (A lot of tips) for making more, saving more, and getting stuff for free.
- Get Better
- Read Books
- Take Classes
- Informal Learning
- Speak with co-workers
- Go to lunch with a mentor and with senior staff
- Read productivity blogs (and implement suggestions)
- Read career-specific blogs (and implement skills)
- Performance Awards – if performance awards are available then perform better and work more
- Ask for a raise
- Take another job
- Freelance similar work for other clients (make sure you speak with your supervisor and hr department first
- Take on a different type of job using other skill sets
- Freelance or work remotely while on sabbatical (Not the most desirable. Take careful consideration before continuing any form of work while on sabbatical)
- Start a micro/lifestyle/muse business
- Four Hour Work Week
- $100 Startup
- Get creative
- Ask for more money
- Ask your friends for ideas
- Propose a three month break with a signing bonus to a new employer
(very bold move – be prepared and confident to pull this off)
- Propose a purpose that benefits your current employer — ask them to fund a portion or all of the trip as a corporate expense (what benefit are you bringing to the company as part of this trip?)
Note: You don’t have to go right away. Save for three years then take a sabbatical. It might seem like a long time but what if you don’t save it all? How long will it take then? And consider this -- once you setup this program you can take a sabbatical every 3-7 years.
- Automatic Transfers
- Setup an additional savings account – no debit card, separate it as much as possible from your main accounts, possibly even setup at a new bank
- Transfer a fixed amount on each pay date — start with $50 (or more) and increase as you adjust to your budget
- Reduce current expenses
- Call utility companies – ask for a reduction, ask what other plans they offer
- Alternative energy suppliers – more of these are popping up nowadays
- Review monthly expenses
- What can you cut? (ex: monthly charge for online software that’s not used)
- What can be modified (ex: cell phone plan)
- Create a budget
- Hire a financial planner to help guide you and to keep you accountable
- Pay down debt
- Man vs Debt
- Reduce home expenses while away
- Sell or rent house/condo
- Trade/swap home – see homeexchange.com
- Sell car (perhaps loan to a friend at cost)
- Sell Some Stuff
- Sell Your Crap program
- Pre-pay expenses that will recur while away (enforces you actually doing it)
- Free Stuff
Work on a boat
Work at a hostel
People you meet on the road (“Yes it does happen” – tell my Sao Joao Del Reistory)