Are you Contemplating on a Sabbatical?

Be very clear about how you want to utilize your sabbatical days as you don't want to waste it unproductively. Whether it's bungee jumping in Bali or mindful meditation in a retreat 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 a sabbatical are to learn, to travel or to volunteer. Sometimes it is a combination of all these three reasons

With work-life balance becoming more of an issue and people having less spare time to pursue their interests, many 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 rest and rejuvenation.

"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," says Neetika Chauhan a HR professional from Gurgaon. "However there are some things to keep in mind before embarking on a sabbatical. The bottom line is that one must plan well," she adds.

So what are these things? "Well at the outset, one must remember that with no laws in place for sabbatical leave, it is considered a company benefit and it (sabbatical leave) 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," Chauhan informs.

Rachna Mishra another HR professional says, "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. Also think about 'when' the time is right to start your leave (both for you and for your company). You will 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 are self-employed consider the clients that you are leaving behind and who you will count on when you are back to business as usual. If you are quitting rather than returning to a role, bear in mind your homecoming prospects. Knowing these basics helps you to take an informed decision and if taking a sabbatical is the way to go; begin planning for your time out."

Be very clear about how you want to utilize your sabbatical days as you don't want to waste it unproductively. "Whether it's bungee jumping in Bali or mindful meditation in a retreat 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 a sabbatical are to learn, to travel or to volunteer. Sometimes it is a combination of all these three reasons," says Chauhan and ads, "After your sabbatical proposition is in place, you will need to pitch it to your employer. Recognize which experiences will be relevant to your career and how it will aid you to become a better professional when you are back. Pick your moment, come prepared with your plan, and hopefully your once-in-a-lifetime experience will be approved."

After you have secured the go-ahead from work and have a concrete plan of action for your sabbatical you need to turn your attention to the finances and fund your leave of a lifetime.

"Write a list of all your expenses, including transport, insurance policies, rent and food costs. Average this out over the duration of your trip and you will get a rough idea of what you will need per day to live. Also, consider an emergency fund for the 'just in case' situations life can throw at you, to allow for peace of mind. Factor in your monthly mortgage expenses and utilities bills. Look at any bills you can put on hold or cancel and consider renting out or subletting your home while you are away to maximize funds. Examine where you can cutback and by how much—for instance scrap the gym fees and do a home workout, shop around for cheaper wifi packages and dine-out less," advises Mishra.

Chauhan concludes, "Moonlighting and working while you travel are great ways to save, for those on a tighter budget or unpaid leave."

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