Taking a Leave of Absence? Prepare Your Finances ASAP! | St. Johns Bank
Let’s face it—life happens. And sometimes our personal circumstances or health require taking a leave of absence from work. If you find yourself in that situation, you’ll want to be as prepared as possible, financially.
Our team at St. Johns Bank wants to share some insight to help you do just that.
There are a number of reasons to take a leave of absence from work, including:
- Adoption of a child
- Birth and care of baby
- Caring for a sick family member, such as a spouse, child or parent
- Personally suffering from a serious medical condition
Read on for steps you can to take to prepare yourself for a leave of absence.
Make a Plan
Before taking a leave of absence, you want to make sure you know your rights. Under the Family and Medical Leave Act (FMLA), you are eligible for job protection for at least 12 weeks of unpaid leave. However, you usually must have been an employee of a business for at least a year before gaining eligibility under FMLA.
Talk to an HR representative at your company about your rights and eligibility for FMLA and if you are also able to take short-term or long-term disability benefits during your leave. While these short- or long-term benefits might not cover all your expenses, they could help your household financially while you are away from work and not receiving a paycheck.
If you know you are going to be taking a leave of absence in the future, start saving now. Eliminate any unnecessary purchases and spend only on needs. Save the extra money to cover your expenses while you’re not receiving a paycheck.
Saving money to cover expenses during a planned leave of absence? Check out the St. Johns Bank savings account options to find the right one for your needs.