Updated: February 13, 2020
How do you quit from a dead-end job without having to go through financial difficulties?
Our guest blogger for today has five excellent tips.
Let’s read what he has to say.
We’ve all been there – a smarmy officemate, a crappy boss, impossible deadlines, and workloads.
Many of us know what a dead-end job means. Whether it’s the absence of career development or the presence of people you simply can’t get along with, dead-end jobs are stop-gap measures.
We want to get out but we can’t – for any number of reasons.
And while there are days you simply can’t stand, days that force you to throw in the towel, you know you can’t leave yet.
You’ve got to fight the urge until you’ve got a nice nest egg or have taken advantage of the many ways you could save.
Here are some financial pointers on what you can do before you quit your job:
1. Get insured.
Leaving your job means you stop getting benefits that come with the job, as well. So before you quit, make sure your health insurance is replaced.
Ask your spouse if their company is offering a health insurance extension to employee relatives. If not, you should look for a health insurance that can meet your needs without depleting your funds.
2. Make sure you’re financially secure.
The primary concern of people who plan to quit their jobs is losing their main source of income. That’s why it’s imperative to secure your finances first before you drop a job.
Take time to compute how long your backpay and current savings can support you before you need to get a job again.
If you don’t think you can support yourself just yet and no one else can support you while you look for a job, then it’s wise to stay until you find one.
3. Look for extra income.
While you still have your current job, it might also be a good financial tip to look for other sources of income such as being a consultant, or in my case, doing some freelance work.
You may also want to start a business on the side that you could attend to during weekends or in the evenings.
Whatever you do, try to think of extra work you’re good at, or try making money out of something you love – that way, it doesn’t feel much like work to you, and you get extra funds from it too.
4. Check your calendar for future events.
Another way to determine if you’re ready to quit a job is to check your calendar for any future events that will require you to spend money.
It might be a sister’s wedding, a vacation you’ve got planned, your favorite nephew’s birthday, and so forth.
Evaluate how you’re going to live for the next few days, weeks, and months. Then ask yourself how quitting your job and decreasing your source of income, will affect your happiness in the future in any way.
If you think it will, then just sit it out and wait for a better opportunity before thinking of submitting your resignation letter.
5. Live a frugal life.
Saving money should be a priority when you’ve plans to let go of your job, But you can’t do this if you spend and splurge like there’s no tomorrow.
To be able to save money, keep in mind to live a frugal life by spending less than what you earn.
Do research before making big purchases, avoid debts especially high interest rate loans, and eliminate unnecessary expenses.
If you do come to a point where everything is just unbearable, don’t force yourself. Maybe it’s really time for you to go.
And if you resign before you’ve got your finances worked out, you can consider applying for a loan to get the financial assistance you need.
It’s not ideal but at least you’ll have something to tide you over while you look for a new job. Hopefully, one that’ll be a perfect fit for you in every way.
About the Author
Jep Barroga is a blogger & editorial specialist at MoneyHero, Hong Kong’s premier comparison website for finance and insurance providers.