Mini-Retirement Logistics Q&A

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I am officially one month into this one year mini-retirement! IT’S ALREADY MOVING TOO FAST!!

I asked on my instagram @SavingwithSofi if there were any logistical questions regarding taking a mini-retirement and you guys delivered!!! So in today’s blog post I will answer all of the questions asked!

Before we get started make sure to follow me on instagram to see all my travel adventures and for daily personal finance content! Additionally get access to my FREE resource library by signing up to my email list!

Table of Contents

Money:

How much $ did you save?

I saved $30,000 dollars for the entire year of travel, meaning my partner and I EACH saved $30,000! This was based on research from other individuals who had traveled for a year. I found most other people spent between $15,000 and $22,000; I went with $30k to have a nice buffer!

Additionally, we saved this much because we are traveling COMFORTABLY! We elected to not be backpackers this time around so we aren’t staying in hostels, we are eating out everyday if not twice a day and we are doing all the activities we want to do.

If your budget is the main concern, I think staying in hostels could cut your trips price in half! That is just not the travel style we elected for this trip! (I do love hostels though, it is the easiest way to meet people and very affordable! The cheapest hostel I stayed at was 7 dollars a night 🙏)

Lastly, I also wanted to make sure I was leaving on good terms financially so I maxed out all my tax advantage accounts for the year prior to leaving as well.

How long did it take you to save this much, did you start from scratch or use some money you had saved?

I created a separate savings account in 2020 when the pandemic started and after I hit my goal of 100k net worth. I originally was saving for a down payment however it wasn’t until late 2021 when the goal switched from a down payment to a year of travel fund.

Total it took about two years! However I was saving for this goal alongside my retirement savings. Meaning maxing out my Roth IRA and contributing to my 401k.

Additionally when I started saving in this new savings account my salary was $72,500 (in 2020) then $78,500 (in 2021), ending with $96,000 for 3 months before hitting the savings goal.

What financial issues did you prepare for?

We prepared by having a fully funded 6 month emergency fund. This will help us get set up and acclimated when we return as well as get us home in an emergency situation.

Are you making money while not “working”?

No! I am no longer earning any money! Saving with Sofi earns some money from spreadsheet sales but it is less than $50 a month. Feel free to buy me a coffee 😉

How do you deal with the anxiety of not having an income?

This was one of the more difficult hurdles to get past when deciding if I’d actually pull the plug. However I dealt with this anxiety by being prepared and being in a financial place where I feel comfortable.

There were 5 items I needed to check off my financial checklist before allowing myself to go on this trip. I discuss all of those in detail in this post!

Mindset:

What prep did you have to do mentally?

Surprisingly, the mental aspect of doing something like this was the most difficult hurdle for me. I was very caught up in my job and society’s expectations of what life “should be”.

I went back and forth for about 6 months because I felt I was letting people down. I thought my employer would think less of me and my friends would see this as a stupid career move.

I had to sit down and realize this is my life; was I going to let my own perception of what other people expect dictate what I did? No, I get to decide what I want to do with my own life. That being said, I did need to feel confident in my own knowledge and skills that I’d be able to find a new job upon returning if necessary.

I think the prep I did was just realizing the world wasn’t going to end if I did something like this.

What made you decide to actually go through with this?

I’ve always wanted to travel full time, it was my go to daydream! However actually going through with it took a series of events.

First, my partner expressed interest in doing something similar.

Second, I was in a place in life where I had money saved, but I had very limited responsibilities. I didn’t have a mortgage, or kids, or pets or even a lease.

Then it hit me! When else in life would I be able to drop everything and go, with zero repercussions? The older you get the more complicated life becomes and the more responsibilities you have. I wanted to take advantage of being young, healthy, having money but not having anything tying me down.

Would you have traveled solo if your partner wasn’t able to pause/quit their job?

I want to say yes but the honest answer is no. Not because I didn’t want to leave him (LOL) but because I needed his support and encouragement to actually take the leap; and he needed mine.

My partner was the first to voice the idea out loud. Before that, this was a dream in my head that I was too scared to talk about and didn’t believe was actually possible.

We both felt society’s pressure and I don’t think either of us would have had the courage to do something like this without knowing we had each other to lean on.

Did you go in with a set of goals / things you wanted to get out of the experience?

Yes!

The goal is to spend a year focusing on my hobbies instead of my 9-5. Most of our time in life is spent at work so instead of having my main priority be work, I want it to be my interests and passions!

For example, travel! I absolutely love traveling so this is one of the main focuses on the mini-retirement. Additionally, this blog, Saving with Sofi! I want to create more content and continue learning about personal finance.

More randomly, I do have a goal of mastering the 10 second hand stand!

How did you weigh if it was worth doing a mini-retirement vs just an extended vacation?

As mentioned in the previous question, the goal of the trip was to focus on my interests and passions. I didn’t feel an extended vacation would allow me to fully disconnect from life and work.

Also, I didn’t want to have a stopping point, deadline. The plan is to aim for a year but if there is somehow money left over, why stop!

Lastly, I’m someone who constantly has a to-do list running in my head and I wanted the work one to turn off. Which it has never done while on a traditional vacation.

Job

How did your job handle you leaving?

My job was actually extremely supportive! My managers exact words when I told him were “that’s fucking awesome!” My firm let me know my job was still available to me when I return.

I even had specific meetings with people to discuss their personal travel recommendations!

I feel uneasy at the thought of being away for a year and then coming back to applying and integrating again, how are you dealing with it?

I realized there is no difference between job searching while currently at a job or job searching while not working (for my specific situation). From talking to other people who have returned and gone through the interview process, I also learned interviews love talking about the year away! It isn’t a con, it is actually another talking point.

However, I would make sure to feel confident in your skills as an employee before you leave. If you’re confident in your knowledge you will find a job!

Travel

What are you doing for health insurance?

I have a global health insurance plan from Cigna Global! This plan covers me in almost every country. I recommend watching this Youtube video if you’re looking for more info on global health insurance plans.

What did you pack?

I packed one carry-on suitcase and one backpack! I didn’t want to pay extra baggage fees and I strongly believe you should never travel with more than you can carry. Especially when traveling in mostly places with cobblestone roads and no elevators.

I have a downloadable pdf checklist of everything I specifically packed for my trip here!

Are all your travels planned? Or do you decide where to go next on a whim?

No it is not planned! We started the trip with only one month planned; originally we wanted to only have one month planned at a time however we soon realized the peak travel season in Europe was upon us.

Because of this we booked July and August around the same time, options were already limited! I think the key is planning peak travel times in advance and not worrying too much about the shoulder season.

What are affordable lodging options?

The most affordable lodging options are going to be hostels!

I will mostly stay in long-term airbnbs, you get a nice discount when you stay for a month or longer. I have a full blog post on affordable lodging here!

Are you buying souvenirs at each place? Or is that too bulky for 1 year of travel?

I will not be buying souvenirs! I’m personally not a souvenir person to begin with but because I am traveling carry on only, it would be pretty much impossible to get souvenirs. I have been sending out some postcards instead!

What prep are you doing to make sure your travels go smoothly?

Honestly not much! I am reading blog posts about our destinations and joining expat facebook groups. However, other than that I’m not doing anything more than I would for other vacations.

Miscellaneous

Where is all your stuff?

I sold a lot of my stuff before leaving, it was furniture I didn’t love and was falling apart or old clothing; aka everything I would have replaced had I not left to travel. However the items I did keep, I was able to stuff into my childhood bedroom in my parents home!

How do you handle mail or package deliveries while you are gone?

I changed my permanent address to my parents house so all my mail will be delivered to them (thank you mom and dad!!). I haven’t yet tried to get anything delivered to an Airbnb here, however I’ve found I can get anything I need at a store while traveling anyway! I am very worried about when my hair cream runs out…. I will be rocking the Hermione book three vibe.

Final Thoughts

Those are all the questions I received regarding any mini-retirement logistics! If you missed out and want to add a question next time, make sure to follow me on Instagram @SavingwithSofi!

Do you want to take a mini-retirement one day?