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Hi there! We are the Curren Family. We traveled full time in our Airstream from 2013-2017 and now split our time between our small condo in Teton Valley, ID and the road.

As avid, outdoor, travel and adventure enthusiasts we are here to provide tips, advice, and inspiration to help you develop healthier and stronger family relationships.

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Paid Vacations for the Self-Employed

Paid Vacations for the Self-Employed

One clear difference between self-employment and a salaried job is the lack of paid vacations. I am paid hourly so when I don’t work, I don’t get paid. Without a bit of advance planning, it is easy to feel like I can’t take time off or relax without feeling the financial burden.

Having just spent a Christmas without that worry, I thought I’d share how I balance work and time off.

My secret is simple: I plan to complete the necessary work in 20 working days per month. Every month (except February) has more then 20 week days. This allows a few extra days per month for time off. I don’t have to wait for the end of the month for those extra days. I use them during the month as convenient. As long as I get 20 working days in during the month, I know I’ll make enough money. If I don’t need the vacation days, I’ll work like normal and save the billable time/money for days that I do want to take off.

Using this method, 2013 provided 21 extra week days:  enough for a full month off. I’ve used that time for sick days, birthdays, holidays, “mental health” days, and if I choose to work, “bonus” money.

This math also makes it easy to figure out how much money I need to bill each day: I calculate my pre-tax monthly required income (paycheck + income tax), and divide by 20. That is the dollar amount I need to invoice each day. Divide that amount by my hourly rate and I get how many hours I need to work on each work day.

Should I want additional time off, I work more than my hourly requirement on days where nothing too exciting is happening. There are some days I settle in and work 8-9 hours instead of my normal 5-6. This allows me to get ahead and build up some extra vacation days. I bill monthly (see my How We Travel Without Being Independently Wealthy Post) to allow me the flexibility to average my hours over a longer period of time. Billing every two weeks would shorten that time span, but can also work well.

Time easily converts to money: If I want a bonus instead of time off, we bill for the extra hours I work instead of saving that time for vacation.

Because I know my plans rely on a 20 workday month, I’m free to enjoy my days off without stress and worry.

Questions? Confused? Please ask!

 

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