Out of Office – taking the financial hit

How I save before holidays…

Going on holiday is great. There is nothing better than going away and having a break from your usual life. The only snag that I have (except missing my dog) is a loss of income. During the school holidays, I take a small dip in income as I do not take on as many projects but I still work and juggle childcare.

If I’m away, I really do not want to take my work with me – I can’t do anything half-a*sed and I want to be away away and not glued to my phone constantly checking emails. It isn’t a holiday. (I’ve written about half-term adventures on this blog post.)

This sadly means that I do have the potential to lose money – I won’t charge clients for work that I’m not doing and I can’t exactly give myself holiday pay. It is the only downside I feel for being self-employed.

I plan, plan and plan for holidays so that there isn’t a major dip in income

How I get around this potential income loss is the following:

  1. Plan my workload – we book our holidays fairly in advance and I know when we will be away, this means I can see the potential income dips.
  2. I tend to take on an extra quick project a month before we leave – this is sometimes a bit bonkers as I’m not only working longer hours but I’m also having to plan our packing. It however soothes me to know that whilst I’m away, income will still be reaching my bank account.
  3. On return, I’ll look at my schedule and see if I can hustle for an extra project as well. This can be tricky because in my line of work, the busiest time tends to be in March and October. Finding extra work in August is often pointless but I’ll try!
  4. Budget – I’ll see where I can save money in the month before my holiday, perhaps not visiting a coffee shop for my Wednesday treat or meeting a friend at their house instead. I’ll also limit my travel as train tickets to London can be expensive.
  5. Blitz the house and attend a car boot sale. I am yet to do this but I have friends that have a clear out and regularly bring back £200.
  6. Lastly I save up every £2 coin that I’m given for a year – this can often add an extra £100-200 to my budget and I really recommend it.
Holiday to mean means switching off the laptop.

Do you factor in holidays with your financial planning or are you happy to work when you can?

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