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Posted 29th June 2017

Planning and budgeting for holidays and time off

If you are working as an umbrella contractor or are self-employed then it is important to plan ahead for holidays and time off.

It is impossible to plan for the unexpected and every now and then we all need time off for things that weren’t anticipated like sickness, family emergencies or unexpected childcare issues. Family summer holidays and time off at Christmas though can all be planned for.

Planning and budgeting for holidays and time off

If you are working as an umbrella contractor and haven’t opted for rolled up holidays then you will be entitled to holiday pay over the summer period if you wish to take time off. (If this is your intention and you haven’t let us know then do give your account manager a call.)

It is always wise, particularly if you have opted for rolled up holiday pay, to have some money set aside to cover time off, planned and unplanned! In our experience people often budget for the cost of their summer holiday but if you also find yourself in a position where you aren’t earning any money over the summer period your day to day living costs also need to be covered. The bills and rent or mortgage still need to be paid on top of all the additional costs at this time of year.

Of course, many contractors work over the summer period and others may even have the opportunity to work longer shifts to meet deadlines and to cover for those who are taking their annual leave at this time of year.

Every scenario is different but at Exchequer Solutions we always recommend that contractors plan ahead and budget for taking time off at this time of year. Different approaches work for different people but putting a little bit of cash aside each week or month can certainly make all the difference and allow you to relax and enjoy the summer period. If you didn’t budget for the summer holidays this year then start now for summer 2018!

 

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