Irrespective of whether you’d want to write that book that has been on the backburner for the longest time now, or travel to lands afar in order to break free from the monotony – a sabbatical can do a world of good to your confidence, creativity and outlook towards life in general. But amid the process, don’t forget to plan your finances carefully or prioritize goal-driven activities.
- Plan a sabbatical to manage stress and take a second look at life The time away from deadlines and urgent boardroom meetings can be utilized to bring down stress levels – a factor that is proven to be a precursor of both physical and mental disorders. A sabbatical can give you the chance to assess stress levels, engage in relaxation techniques and realize the fundamental aspirations in life.
- Determine your objective Originally, sabbaticals were meant for university professors to allow them the time to study or travel. But now, the concept has evolved – no more is it limited to professors or its time restricted to a couple of months. That being said, one component seems to have remained just the same: Purpose.
Were you to take stock of general health parameters prior to and post the sabbatical, chances are you’d find a marked improvement. You surely have the flexibility to structure the time – as long as it centre on a definite beginning, middle and end -- intended for the sabbatical, in keeping with your objective.
Ask yourself the thing that you’d longingly intend to do with a year off or 6 months for that matter.
- Would you want to volunteer for a charity project?
- Would you build a house for yourself?
- Would you learn a new instrument?
- How about mastering German and French?
- Or better still, backpacking to the mountains?
Remember that a sabbatical is a time taken off work with the only intent to focus your mind, body and creative energies on a different purpose other than what you’ve been doing regularly. A sabbatical is the time for enrichment, in body and spirit.
Unless your employer decides to fund your furlough (something that isn’t the norm in this part of the world), you would have to plan a formidable corpus to take care of any interim expense and at the same time, plug an imminent discontinuity in cash flow.
In case you are leaving town, you might have to arrange for caretaker services for the upkeep of your residence. See how these numbers stack up and run them by a financial expert. Consider all probable costs and be accurate with financial projections into the future. Make your employer (if you are a salaried employee) see reason in you taking the sabbatical. If need be, build confidence into him/her that you’d be back as a more skilful employee, one who would be better adept at work and expanding revenues (by bringing to the table an ingenuine perspective on things) for the company.
Learn more about Mutual Funds for a good personal financial management.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
Tuition fee deduction under Section 80C of Income Tax Act
Educating a child can be an expensive proposition for most parents. As the cost of quality education is on the rise, the potential for saving money seems less likely. However, there are tax benefits that can be availed under the provisions of the Income Tax Act, 1961. Recurring expenses such as tuition fees is one such category that qualifies for tax relief, subject to certain terms and conditions.
6 Things you Should Know Before Buying Insurance Policy for Bike
Buying or renewing an insurance policy for your bike can often be overwhelming. Check out this short guide to know the factors you should consider while choosing the best insurance policy for your bike.
PPF Withdrawl: When & How to Withdraw PPF
PPF (Public Provident Fund) is a savings scheme, which is backed by the government on purpose to build a retirement corpus. As PPF is a long-term investment, it comes with a specified lock-in period. Read on to know about the maturity period and the withdrawal systems.
5 Types of Business Loan For Woman Entrepreneurs
There are now many different types of loans options in India for women wanting to explore their entrepreneurial dreams. Read this post to know 5 of the most popular options.