Designating vacation and sick days allows you work/life balance

You earn vacation and sick days when you work for a company. Why not allow yourself that same benefit while working for yourself?

As a business owner or freelancer, the answer is because time is money, and if you don’t work, you don’t get paid. But think about the harm you’d be doing to yourself, your family, and your business if you don’t take a little time for yourself. According to a report by the Bureau of Labor Statistics, 50% of American workers don’t take vacations. This leads to job burnout and decreased efficiency, depression, and increased risk of illness, among other social and health issues.

A way to avoid all of this is to plan ahead by creating your own vacation and sick-time package.

Just calculate how much money you earn in a typical working day, then multiply it by three and put that amount aside in a savings account, so you have enough funds to cover three days off.

You can do this for both vacation and sick time. One option is to work ahead of schedule so you can take time off without feeling guilty. Or, use a personal finance app that lets you set up a vacation and emergency saving account over time. Here is a list of 5 apps that can help you save money for that dream vacation or emergency. Digit is one of our favorites.

Give yourself peace of mind and added stability

Another advantage of having benefits as a freelancer or direct contractor is the added peace-of-mind you’ll have knowing you and your family are covered if something happens to you or your spouse. After all, the average funeral costs between $7,000 to $9,000, and the last thing you want to do is burden your family with that kind of financial responsibility. Having enough life insurance to at least cover burial costs is essential.

If you need term life insurance and accidental death and dismemberment coverage, members of NFICA have access to these benefits and more.

If you’re not a member of NFICA and are interested in joining for only $10 a year, go ahead, join now!

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