Follow These Steps If You Need A ‘Life Sabbatical’

A lot of people dream of taking more vacations, relocating abroad, or embarking on a new business venture. Nearly two-thirds of Canadians (63 percent) have considered quitting their jobs to follow their dreams, and 25 percent have actually put aside some money in order to do so, according to a new survey from Simplii Financial.

The survey also found that 50 percent would like to take time off to travel, while 34 percent want to work in another country. Thirty-six percent would like to start their own business.

“The idea of taking a break from it all may seem like a pipe dream to many of us, but consider the return on investment of taking some time to live abroad, turn a passion into a thriving small business or go back to school,” noted Corby Fine, Vice President, Simplii Financial. “It can be a very rewarding goal with personal and financial benefit. The trick is to plan ahead and put some money away to make it happen.”

Canadians are so interested in taking a break from their work lives than 52 percent would rather have an extra week of vacation than an extra week of pay. And 81 percent noted that experiences, not more stuff, make them happier.

People want simpler lives, and 88 percent are open to things that make life easier and save them time and money. However, 61 percent of all survey participants admitted they spend too much (76 percent of millennials said the same) on items such as coffee, technology, grooming/beauty care, and monthly subscriptions.

Twenty-eight percent said “it’s not worth owning anything” in a world that allows people to share things such as homes and cars.

How To Take A Life Sabbatical

Fine recommends people examine their monthly spending and figure out how to cut back without sacrificing experiences. This may involve ride sharing, ordering groceries online, and choosing better banking and credit card options. These actions can give people more time and money to focus on what they want to do rather than what they have to do.

For those who want a “life sabbatical,” here’s some advice:

First, map out a plan, whether it’s for a new business venture, career path, or once-in-a-lifetime vacation.

Next, try to live more simply and minimize expenses, putting the savings into a life-sabbatical fund.

Also, consider getting a side hustle to make some extra money, use a cash-back reward credit card and enroll in higher-interest savings account to save extra cash.


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