Is your job not working out for you and you’re thinking of quitting? Take note that finding a new job is not an easy task. Avoid making impulsive decisions that can have a great impact in your life and the people close to you. Take some time to think things over before making that big decision.
Consider the repercussions of resigning. Keep in mind that quitting your work may have significant financial risks. The financial strain may depend on your status.
Resigning from work may be harder for a married individual especially if he/she has kids compared to someone who is single. The former will have to think of his/her family and how the decision will affect their day to day lives. It is important to discuss one’s plan with your partner before quitting. If you have kids, you have to think of your children’s needs before making life changing decisions.
If the decision of leaving your work and being jobless for an indefinite period will affect significant people in your life, it is advisable to have a heart to heart talk with them before making any changes. Ask their honest opinions about your plans of quitting your work. Discuss the possible impact of your decision in your family’s way of life. Be honest about the possible effects like implementing cost-cutting plans while you are unemployed.
On the other hand, if you’re single, you have more freedom to leave your job. There’s less pressure about how your decision will affect others.
The timing can also have a negative effect on your financial status. For instance, if you quit before the opening of the new school year, you may have difficulty paying your children’s tuition and other fees. Resigning at the wrong time can put your children’s education at risk.
It might not be a good idea to resign before you receive your quarterly or Christmas bonus. In such a case, it will be wiser to wait a few months to enjoy certain privileges.
Bills come like clockwork. When you quit your job, make sure that you have the means to pay for monthly bills and day to day basic needs.
Here are some questions that you can ask yourself before quitting your job.
What is the main reason that makes you want to leave your current job? Analyze your current situation and identify the reason why you feel inclined to quit your job. Is the problem related to your work obligations, employer, colleagues, or working environment? Determining the problem is vital in helping you make a decision.
Have you tried different possible means to overcome your issues at work? Challenges are part of everyday life. Sometimes pressure at work can bring an individual down and make him/her think that the best decision is to quit work. In certain situations, a misunderstanding with an employer can trigger emotions to run high and push a person to resign.
Resignation may not be the ideal solution in all cases. Once you have determined your problem, the next step is to ask yourself if the issues can be worked out.
If it is possible to overcome the problems that you are experiencing at work, you might want to try to resolve them first before passing that resignation letter.
What are your plans for the future? Take time to reflect about your future. Think of the career path that you want to take. What plans have you laid out to help you reach your career goals? Think of the priorities that you have set. Sometimes, quitting may obstruct your career progress instead of helping you.
Will you be able to support yourself and your family once you quit your job? Quitting your job without a sure work lined up may not be a wise idea. There’s no guarantee that you can find a new one right away especially in this economy. Losing one’s income can affect one’s financial stability. If financial security is a main concern, consider postponing plans of dropping your current job.
One of the most important considerations before resigning is making sure that you can continue to pay for basic necessities and fulfill monthly obligations until you find another job within a period of at least six months in a favorable market. Keep in mind that it might take longer in a challenging market. In a tougher economy, it might take nine to 12 months before landing a new job.
Do you have an alternate source of income such as a sideline business that you can depend on while searching for new work? If your husband/wife is working, is his/her income enough to cover for your expenses for the next six to 12 months? Transitioning to a single source of income might mean that you have to make certain adjustments or sacrifices in order to stretch your budget.
If you plan to use your savings, it is advisable to set aside a specific amount that you can use while you look for a new job. Avoid going beyond the budgeted amount to protect your savings from being wiped out.
Aside from basic needs and fixed monthly bills, you also have to take into consideration unexpected expenses like home repairs, vehicle maintenance and repairs, and medical bills. Don’t forget credit card obligations and health insurance costs.
Make a list of fixed expenses and unexpected costs and determine how you can fulfill your obligations.
Do you have prospective companies where you can apply for work? Before making hasty decisions about leaving your current job, it is recommended that you look for possible options. Check the market and scout for job openings that match your goals, educational attainment, skills and experiences.
It is better to have options before leaving your work. Update your resume and send it out to prospective companies to get good leads.
If you find a new job, remember that is important to give your current company proper notice. Create a departure plan to leave on good terms. You may need to finish your commitments before leaving the company. The firm may require you to turn over activities or projects before you go. Avoid leaving the company on a bad note. Remember that it is important to get favorable reference from your company for your next job.
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Rachel Yapchiongco, also known as Rach to her friends, is a Psychology and Marketing Management graduate of De La Salle University. Rachel is a chocolate lover, full-time mom to a charming young boy and married to an entrepreneur who has a passion for cooking. She shares parenting experiences and slices of everyday life on her personal blog called Heart of Rachel.