How do you budget for a career change?

Raising a child is the most common explanation for a career break for women (41%), followed by travel (14%).
273
Budgeting

Taking a career break might seem to be a splurge reserved for the wealthy, but it's much more normal than you would think. It doesn't have to be financially disastrous as well.

There are a variety of reasons to take a break, as shown by research conducted by Hays recruitment in 2019.

They discovered that over the course of their lives, 64% of women and 49% of men take at least one career break.

Raising a child is the most common explanation for a career break for women (41%), followed by travel (14%).

For men, the most common explanation is travel, which accounts for 25% of the total, followed by studying or retraining, which accounts for 21%.

Whatever the cause, a career break can either benefit you or harm you.

It's often necessary to take a break in order to figure out the next best move. Otherwise, you may become so engrossed in the minutiae of daily life that you neglect to plan your next best step, and you may miss out on opportunities that will be better for you than what you're doing now.

However, returning to work after a break can be difficult, and you don't want to completely ruin your finances when you're away.