That’s probably what you need right now. A nice break from work. But have you got a plan for your finances in place? Many people want to do this. But the fact that they have to stay away from work, probably lose income for a few days, lack of savings, etc. makes them put it off. Here are a few tips that can help you identify if you’re too stressed at work and also plan your finances to take a well-deserved break.
Work Stress and Burnout Signals to Look Out For
It doesn’t matter whether you’re doing something you like or not. All of us yearn for a break from work at some point or other. For most of us, that yearning comes from a place of burning out. And when that happens, it is important to take some time off from work. This will help you come back refreshed, energized, and be more productive. Here are some signals that can help you identify when you need a break.
Your Focus is All Over the Place
One of the biggest signs of burnout is your lack of focus, especially in a job that you usually enjoy. If you find yourself daydreaming a lot or unable to focus on your daily tasks, it could mean that you’re stressed out at work. Time to plan your finances to take that much-needed break from work.
Your Work Keeps Piling Up
This is usually a direct result of not being able to focus on work. Although you’re not able to focus, you may feel that you’re working. And despite this feeling of working, your work keeps piling up. Perhaps your energy at work is so low that you’re not able to catch up.
Your Mood Never Seems to Get Better
You dread coming to work. At work, your mood is bad, and you snap at your co-workers. Even if you’re friendly with them, the thought of working makes you mad. And this continues even after you reach home.
You Have No Energy
Do you often feel lethargic, like you have no energy to work or do other regular activities as well? That could be a sign that you are going through burnout. You need to stop, listen to what your body is telling you, and plan some time off to recharge.
No Time to Focus On Yourself
This is probably one of the worst things that can happen to you. Not having enough “me time” can make you withdraw from doing the things you love as well. This usually happens when you come back home late from work and don’t have time to unwind and focus on your own needs.
How to Financially Plan to Take a Break
All the signs mentioned above are signals that you desperately need a break from work. A break could mean taking a vacation and travel, taking a few days’ off at home or locally, or even quitting your job.
But how do you plan for this? Here are a few suggestions that can help you plan your finances for a break from work and prepare for such a step.
Make a Budget for Yourself
This should always be your starting point. Creating a budget will help you see how much money you need to take a break. It will also show you how much you have and how much you need.
Dig Into Your Emergency Fund
This is why emergency funds are important. If you don’t have one, start saving right away till you have at least 4 to 6 months’ worth of expenses saved up. Ideally, you should have at least 10 months’ worth of expenses saved up in an emergency fund. This will help you take a break whenever you want.
Save Up as Much as Possible
Segregate your expenses into needs and wants. Spend on your needs and keep your wants to a minimum. This way, you will be able to save up a lot more than just your emergency fund. It’s okay to spend big once in a while. But make sure you’re always living within your means. Save up the rest of it.
Check Your Credit Spending
Do you max out your credit cards? Stop doing that. Credit cards are a good way to build a good credit score. But make sure you don’t use more than 30% of your total available limit. Live well within your means. If you’re not able to control your credit spending, stop using credit cards.
Live Like You Have Only One Income
If your household has two incomes, live on the income of one. Save the other income for a rainy day. Don’t rely on a single income source. Create other revenue streams. Even if it isn’t as much as your main income, it will surely help.
Taking a break is a great way to get your life together again. But make sure you plan it well. Assess your options, be financially strong, and only then do the needful.
