When you’re sitting at your cubicle or desk, you may dream of time off. You may think you have to wait until you’re retired to enjoy quality time away from work, but that’s not always the case. A growing number of people are taking leaves of absence from work – and a growing number of companies are allowing “personal-enrichment breaks” with no penalties. Many employers are even willing to hold onto your job for you. If you are seriously thinking about papering your walls with printouts of “all work and no play make me a dull boy” maybe it’s time to consider some leave time.

Why do it?

There are lots of reasons to take a break from work. If you hate your job and your life – really hate it – a break can give you, well, a break from that, as well as a fresh perspective that will hopefully help you turn things around. A few months or a year off from work can even help you pursue something you have always wanted to do – travel, find yourself in Tibet, have a family, pursue a hobby, or pursue that elusive degree. Life is short and we often put off big dreams until we “have the time.” A leave from work lets you recharge and lets you pursue your dreams. You can try to write that best-seller or break into Hollywood, so you don’t have to spend you life wondering whether you could have been a contender.

What’s the cost?

A year free from your place of work isn’t free. Unless your employer is offering you paid sabbatical time, you will be bringing in far less per year and that will mean less money to spend and less retirement money down the line. If you have to resign, you may not find your job waiting for you when you get back and you may be setting your career back a few years. You need to plan carefully so that your break doesn’t end up being a big regret. Losing a lot of money so that you can sit around in your sweats watching soaps isn’t usually the point of a year off from work.

How to make it happen? 

Planning a year off starts with some heavy-duty planning. What exactly do you plan to do while you’re away from the daily grind? You’re trying to get away from work so you don’t want t a minute by minute itinerary but it’s important to know how much your plans will cost. What do you want to achieve and do? What will that take personally and financially? How much time and money do you need to pursue that degree or that travel dream? Look at how much you spent during the past six months, and add your break plan costs to that as well as any insurance costs your boss will no longer be covering. That is your cost for not working. How long can you afford to take off? If you plan on resigning, you need to subtract three months, which is what it may take you to find a job after you come back.

How to find the cash

Once you know how much your “free” year will cost, you need to find the money. There are scholarships that may help if you are heading off to school and grants that may be a big plus if you are headed off to pursue some artistic attempt. Beyond that, you could try paying down your debts as much as possible to get some wiggle room. Or grab some cool seasonal work that will pay your way. Spend a lot of time looking and only tap into your retirement savings as a last possible resort.

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