At some point in your life, quitting your job can seem like the best option. Your job may seem like a dead-end which you aren’t getting much out of or you may not be getting along with your boss. Or you might want to devote more time at home to your family. Whatever the reason may be, this decision can be a life-changing one that could financially impact the next couple of months and requires a great deal of consideration.
We are here to help make sure you don’t make rash decisions that you might regret a couple of weeks down the road. We’ve compiled a little guide that can help you prepare a couple of things before deciding on quitting your job.
Here are a few things you can do to lose your job without losing much else!
1. Start Saving Money Today
With enough money in your bank, you can quit your job that you don’t like at any time, even before you land yourself another job.
You should have up to 6 months’ worth of expenses saved if you plan on leaving your job. This step requires you to create a budget beforehand and truly understand your expenses before deciding on quitting your job.
2. Develop Other Income Sources
If your job is your only stream of income, it can be a bit difficult to leave your job. You need to secure yourself with other running incomes before you lose your biggest source of income – your job.
If you have a side hustle that provides you with some income, you can easily make job decisions without worrying too much about paying the bills.
3. Keep Updating Your Resume
Always keep an up-to-date and ready resume with you. You can also keep multiple resumes for several different types of positions you can take up.
This may require you to keep updating yourself through courses and certifications. This way you can land a better job that matches your true potential.
4. Keep Your Fixed Expenses Low
If at any point you feel your job isn’t as secure as you want to be, make sure your fixed expenses are as low as possible. Your fixed expenses include your rent, insurance, taxes, utilities, school fees, etc.
These are your essentials that cannot be compromised as they need to be fulfilled by the end of the month. That’s why it’s key to keep these expenses low and manageable in case you were ever to be unemployed for a longer period.
5. Consult A Financial Professional
Adjusting to a new lifestyle is difficult for everyone. It can be quite tricky to balance your personal and work life all on your own. And that is what we at FYE Finance are here to help you with.
At FYE Finance, we provide you with consulting services that are tailored to your needs. You can book an individual appointment where you can discuss your current financial standing and where you’ll be 6 months from now if you chose to quit your job.
You can easily book an appointment with just a click of a button and get all your questions about your money answered by a financial professional!