This article tells you that Finance Management is Essential Before Quitting Your Job. If you know the company you are presently working in, is facing hard times and you’re absolutely sure that your boss will soon lay you off, then it is the right time to quit on your own with all your self-respect and save yourself the embarrassment of being fired.
Yes, giving your resignation letter yourself is a good idea to save your respect but think before doing so because as soon as you quit your job, you will face financial challenges. This trouble can be much more than your expectations if you do not have much savings and your hard-earned salary hardly allows you to make both the ends meet.
It is a very crucial decision to quit your job and many people welcome insult from their bosses merely because they do not want to terminate their permanent source of income. The best solution for that is to keep some time between planning to quit your job and kissing goodbye to it in real. The length of the time in between is the right time to manage your finances and prepare yourself for the near future when you would be jobless.
If you want to enjoy financial freedom during the unemployment period, you must work hard on your financial management. Even if you have not been saving much earlier, it is better not to resign straight away and save as much as you can. If you follow these easy to understand ways of managing your finance, it would help save you much financial trouble once you’ve quit your job.
Maintain lifestyle through emergency fund!
Searching new job from the scratch is not a piece of cake especially when overall business environment is not favourable. The time between quitting the present job and joining new one is a very crucial time that always makes you financially dependent on others. Maintenance of the emergency fund either for unexpected expenses or funding the similar lifestyle as before even after quitting your job is a very wise idea. Make sure you maintain an emergency fund that could bear your financial expenses for six months while you’re jobless.
Part-time job provides financial freedom!
No matter how large your emergency fund is, you will run out of it. To enjoy some financial freedom, it is always advisable to arrange some part-time job for yourself before quitting your full-time job. Part-time jobs are more flexible and less time consuming and they always assure you of a constant stream of income. You can easily spare some time to hunt for a new permanent job for even if you are working 15-20 hours a week. Part-time jobs provide cushion against many unexpected expenses during job hunt. When you eventually find a full-time job, quitting part-time job or not is on your own discretion.
Change your lifestyle!
Some months before quitting your job, try to save as much as you can and prepare yourself for the hard time. This you can do by separating wants from needs. If you spend lavishly, it the right time to change your habits and learn to live within your means.
Avoid impulse purchases and always make a list of the items you intend to buy before going to a shopping mall or a grocery store. Spend within your budget and always prefer to shop with discount coupons. Cut short on your extra expenses and save as much as on the utility expenses as you can.
Have a smart future plan beforehand!
Though the feeling of leaving the present job hurts but make sure you keep emotions out of it since this is no time to act like an emotional fool. Even if you have arranged for a part time job, you need a proper plan of what you intend to do in future.
Always have a proper plan in your mind as to whether you want to start your own business, work in partnership, or work in any other similar organization to pursue your career in the same field. It is better to start implementing your plans even before you present your resignation letter. This not only gives you the peace of mind but also gives you a clear direction to move ahead in life.