Quitting your job is a decision you should never make impulsively. So, if you feel like calling it quits at your job, there are some things you may need to consider before making that final decision. Whatever the reason for your feeling to quit the job, it’s advisable to apply a similar approach to when you were looking for the job.
Before making any hasty decisions about quitting your job, it’s essential to consider various aspects of your financial stability, including what to do with your assets and responsibilities when someone dies, as highlighted in this informative resource.
- How Long Can You Remain Unemployed?
Of course, money is one fundamental factor that makes you report to work. So, it wouldn’t be a viable option to quit your job if you live paycheck-to-paycheck. Unless you have a sure employment deal immediately, you can’t call it quits at your current posting; you can’t afford to rely on hope. The only safe way to leave is when you have an emergency fund that could cover at least six months of all your essential expenses such as gas, water, electricity, food, rent, etc.
Sure, six months sounds long, and you may be sure to find a job soon enough. The long estimate should act as a safety net but be sure to find freelance gigs or rent some of your properties to keep you afloat. Note that quitting your job means that you’ll no longer receive the regular and timely bucks in your account. So, it would help if you were prepared for a different scenario as you search for greener pastures.
- What Are Your Career Goals?
If the main reason for contemplating quitting is influenced by not liking what you do, then there may be nothing wrong with the job itself. You simply want to leave because you don’t like the employee attributes. Instead, your personality feels better when not guided by strict policies and supervision. In this case, you have an issue, not with the job but formal employment in general.
You’re not alone, as the world is full of people who value flexibility and fast growth more than status and stability. So, they might not find solace even in a better-paying job. The best way to handle the transition would be to halt quitting until you’ve thoroughly researched what self-employment is viable and can align with your personality and values.
- Do You Have Any Alternatives?
If another company has offered you a lucrative deal, you don’t need to hesitate to quit your current job. In this case, you won’t be making a personal sacrifice of your work life.
However, if you have no idea where to head, it’s wiser not to quit just yet. There’s no need to sabotage your source of income until you have another. Take this time to reach out to other employers for potential vacancies or research any business you can start up and prosper. Be sure to update your profile and create an appealing portfolio to increase your employment eligibility.
- Are You Servicing Any Debt?
It’s a bad idea to quit your job when you’re in debt. Only quit if you have better alternatives available to help you clear any debts. Leaving without a plan to service that loan or debt significantly affects your purchasing power and delay the loan repayment period. Besides, delaying your loans may lead to interests accumulation.
Make a plan to repay all your debts first before quitting your job. After quitting your job, the last thing you want is stressing on due payments that could hinder your efforts to secure another job soon.
- Do You Have a Dependent?
The risk you take at your current work will also affect you and your dependents. Therefore, you should ensure that you’re financially stable enough to protect yourself and all your dependents before quitting your job.
The case is slightly different if you don’t have anyone relying on you. You enjoy greater flexibility, risk tolerance, and mobility.
- Have You Tried Everything?
If your decision to quit soon is due to some problems in the workplace, try talking it out with your employer to see whether they can rectify it. Note that a company would rather retain an employee than go through the hassle of making new recruitment.
For instance, if the wage is the issue, make a formal request for a pay rise. In the same way, you can ask for more responsibilities if you don’t see growth in yourself. Whatever the case, let the employer know all your concerns before you quit, and they might make necessary changes, so you don’t quit.
- What Are the Job Benefits?
Are the current benefits precious and unlikely to be given by other employers? You have no guarantee that any new employer will accord you similar benefits as the current one. Some of the benefits may range from a retirement plan or remote work. Take time to consider how the current benefits are valuable to you qualitatively and quantitively.
If you still feel like quitting the job despite the benefits, it means that you’ll have to tweak your goals or lower your expectations. Conversely, you can still quit and expend the benefits or trade them for higher pay elsewhere.
- What’s your Financial Literacy Level?
How you handle your finances greatly influences whether you should quit your current job. If you have no proper understanding of spending, saving, and investing, you might end up worsening the situation if you quit. The best way to avoid that is to learn personal finance from podcasts, YouTube videos, and apps. As a working professional, you need to learn concepts like credit score, market volatility, inflation, compounding, and budgeting.
Quitting Your Job May Be Risky
It’s tempting to quit a job for which you searched relentlessly. The decision has some consequences that you need to consider in advance. Take everything into consideration and understand possible drawbacks in short and the long run.
One important thing is to maintain good terms with your employer even if you’ve made up your mind to quit. Act professionally and make a clean exit, or else the employer may give a bad reference for future opportunities.