Have you ever dreamed of living in another city? London, Paris, Istanbul, New York or L.A? Staying in one place allows you to absorb the culture and heritage. Most countries let you stay for at least three months so there is time to immerse yourself in your new city. Here is how to do it on a dime!
Just eat and drink and dance your way through the city for a few months. Do all of the things that you think you don’t have time to do but will be able to with a sabbatical from work. Read, do yoga, learn to scuba dive or just spend each day wandering the streets of your city taking it all in. Your soul will love it.
1. Airbnb Your Place. You’ll have to co-ordinate someone to give and collect out keys, maid service after your guest leaves. There could be a higher chance of someone damaging something with all of those people going through there. However, if you live in a cool space or close to the centre of your city, you could get a daily rate. Many places in New York City go for $200 a night and if you only rent it out for two weeks a month that is still $3,000 a month (minus expenses) to cover your mortgage etc. If you rent it out for more than two weeks that extra money covers your daily spending abroad.
2. Executive Rental. Another option is to look for an executive rental company. They’ll take care of everything for you for a fee. You won’t have to do any work yourself, but the money will be less. Posting it on Craigslist or Kijiji is another option to get one renter for the entire time.
3. Work From Abroad. Ask your company if you can work from abroad for six months. It’s amazing how efficient your work can be if you are disciplined. You’ll be able to plow through your work at a Argentinian cafe or London pub and then explore the city once you are done. Waking up will no longer be a burden if you’ll be exploring a new city each morning.
4. Sabbatical. Many employers now know how important it is for their workers to get to have proper work balance. If you’ve been at your company for a while and show your worth, ask for a sabbatical. Spread three years salary over four years and take a year off with ¾ salary. It’ll never hurt to ask.
5. Contract Projects Abroad. Set up contract work before you leave. Use social media or LinkedIn to see if anyone needs contract work. Employers save money with part time workers on a one-off project that they don’t have the man-power to do. Make sure you can do the work abroad. Think of an opportunity where your services would be helpful.
6. Save for a Pet Project. You could also save the money for the months off that you are going to travel. If you can cover your housing costs at home and live cheaply abroad it won’t cost that much more than living at home. Plus you’ll have time to work on that pet project you’ve always thought about but never allocated the time. Write that book, start that blog that you’ve always wanted or make a business plan.
7. Take a Mortgage Break. Ask your banker if there is anyway that you can hold your mortgage for a few months. They are generally good at giving you options.
8. Live El Cheapo. Don’t stay in the best neighborhoods in your new city. Find a roommate or a tiny apartment, use public transit, and eat from their local shops and markets. Live like a local, just outside of the centre core in the new and artsy but safe area and save on accommodation as well.
9. Use Cash Only. Cash gets the best deals. Don’t live like a tourist, have a set budget and stick to it.