How I Planned My Sabbatical Finances: A Personal Journey
As a follow-up to my post about financial planning for your sabbatical, I want to share how I approached saving and budgeting for my own trip. Hopefully, my story will give you some insights or inspire you to start planning for your dream adventure.
Building My Financial Plan
About One Year Before:
I started by closely examining my spending habits and identifying where I could save. Reduced unnecessary expenses and avoided big-ticket items like expensive vacations. The COVID-19 lockdowns helped naturally cut down on dining out, shopping, and travel costs.
Big Savings Buckets:
I funneled larger sums directly into my sabbatical savings, including: Selling my car, a tax return windfall, my company bonus.
Acknowledging Privilege:
I recognize that I was privileged to be in a financially stable position. I earned a good income and had no long-term financial obligations like debt or mortgage payments.
Being independent and free from such commitments significantly reduced my mental burden.
Setting My Budget and Travel Style
Having traveled extensively before, I had a good sense of costs in different regions. I also asked long-term travelers about their budgets and lifestyle. With that research, I estimated a monthly budget of $2,000–$2,500 for my trip.
Non-Negotiables:
These were bigger cost experiences I absolutely wanted to include:
200-hour Yoga Teacher Training (~$3,000 for a month, all-inclusive).
3-week Panchakarma Ayurveda treatment (~$4,000, all-inclusive).
Surfing immersion: Spending a few weeks improving my surfing skills.
Nice-to-Haves:
These were dreams I would include if time and money allowed:
Traveling through Australia and New Zealand in a campervan.
Hiking in Nepal.
Spending a month in a vineyard in italy (volunteering or internship).
A longer sailing trip.
Big Trade Off Decisions:
I decided not to return home during the trip. While I missed some important events, such as birthdays and weddings, I chose to prioritize my journey and personal growth.
And I learned a lot about FOMO (Fear Of Missing Out) in the meanwhile. But that's a story for another day.
My Key Learnings
Reflecting on my experience, here’s what I learned:
Personal Development: Planning this already made me face several topics that i was able to learn and grow from: money mindset, defining for myself what I need to feel safe and stable (enough), and going with the flow.
Emergency Savings: I created a separate savings account for emergencies as well as a safety net for returning home, which gave me peace of mind throughout my travels.
Finances are an Ongoing Thing: After five months, I realized that my initial eight-month plan wasn’t enough. My plans shifted as I dealt with burnout, needing more recovery time than anticipated.
Flexibility Over Perfection: I wish I hadn’t stressed so much about the “perfect plan.” (And i am saying this despite the fact that i had a NO PLAN policy). I learned to trust the process, adapt to the unexpected, and know that there’s always a solution when you stay flexible.
Final Thoughts:
Dream Big and Make It Happen
This journey taught me a lot about my relationship with money and the type of security I need to feel stable. Everyone’s financial journey is different, but what I learned from meeting fellow travelers is this: the possibilities are endless.
I met people who traveled with just a few hundred dollars in their pockets (something I couldn’t imagine doing!) and others who funded their trips with passive income streams.
The key takeaway?
Be respopnsible, but don't stress out too much. Be open to possibilities, challenge your mindset, and dream big. Anything is possible if you’re willing to explore and plan for it.
How About You?
What’s your biggest financial concern when planning a sabbatical? Let’s talk!
📥 Download my free Budgeting Guide for Sabbaticals (coming soon).
📅 Book a free consultation session get the support you need and jump over your self-created roadblocks.
