Saving for a grown-up gap year can be made easier with the support of your employer. Ask them if they're willing to set up a deferred salary leave plan (DSLP), which allows Canadian employees to defer a portion of their income for a “self-funded leave of absence.” With a DSLP, you can put aside up to one-third of your annual salary in order to take off between 6 months and a year in the future. Best of all, this income isn't taxable until you actually take your leave of absence.
Long-term planning isn't always an option, however, and employers aren't always immediately on board. If you're on the verge of burning out and need a break ASAP, start assessing your personal finances to determine when taking a sabbatical may be a realistic goal.
Not every financial solution will work for every person, and ultimately, taking time away from your career doesn't always mean quitting work entirely. While half of the “career gappers” interviewed for this article already had savings set aside prior to taking time off, the other half continued working part-time jobs or casual contracts during their career break.
Nor is a “grown-up gap year” necessarily about quitting your job and booking a round-the-world ticket. Dené Sinclair knows firsthand that a career break doesn't have to be synonymous with an extended vacation abroad. When Sinclair's full-time contract in tourism (a role that had her travelling away from her home in Winnipeg for more than 200 days of the year) came to an end at the same time she completed a graduate program, she was understandably due for a break. At the same time, she wasn't eager to jump on a plane again.
Sinclair had savings from a previous buyout, but still needed to tweak her financial habits. Along with her partner, Sinclair rejigged her monthly household budget to be able to take some much-needed time off work. It didn't require complex math or spreadsheets. Sinclair discovered it was as simple as cutting out superfluous expenses. In her budget, as an example, meal kit subscriptions and expensive salon appointments were the first to go.
The couple also examined their longer-term plans and determined that some goals, including selling their house and moving, could be put on pause. It also helped that incidental expenses related to working in a demanding career (such as eating out frequently) would be reduced dramatically.
The reward has been worth the cutbacks. “I feel like I'm living a luxurious life right now,” says Sinclair. Her days are spent sewing, visiting family and working with her aunt, a traditional healer, on her First Nation community. “I am definitely shopping less, eating in much more and walking with my dog as recreation rather than spending money to do things.”
Sinclair has no reservations about her decision, but she's discovered that she frequently has to explain it to others. “Everyone keeps asking, ‘Oh, have you found a job yet?’, which would infer that I'm looking. But I'm not looking. I'm not interested,” she says.
Toronto-based career counsellor Fiona Bryan says this is a common response to career breaks. “Everybody's got an opinion ... You hear it all when you take time off,” she says. She notes that the biggest challenge is answering questions once you embark upon a new job search.
“You have to think of how to explain it when you're ready to come back to work,” says Bryan. “Give [potential employers] the cookie crumbs that led to your decision. Even if you say, ‘My company was going through a major change, and I decided it was a great time for me to do X,’ that will give them context.” Having a one-liner prepared for this inevitable interview question is a simple but highly effective strategy for when you're ready to re-enter the job market.
