Updated: December 18, 2024
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What you’ll hear in this episode:
Are you planning to resign? Before you tender that resignation letter, make sure to do these seven essential things so you can avoid financial stress.
1. Know where you are financially. Seeing the big picture helps you understand how long you can comfortably cover your living costs without a steady paycheck.
2. Complete your emergency fund. Having an emergency fund is essential, especially when you’re in between jobs.
3. Secure your HMO. Healthcare is expensive, and losing employer-provided insurance can be a big financial hit if you don’t plan for it.
4. Continue your contributions. There are options to become a voluntary paying member of PhilHealth, Pag-IBIG, and SSS. Do so will allow you to continue having access to their services and benefits.
5. Budget for the transition period. Create a “lean” budget that covers only what you need and gives you breathing room to navigate this transition.
6. Educate yourself on taxation. Keep in mind that if you’re working for yourself, the government will still want their piece of the pie.
7. Don’t burn bridges. Before you go, make an effort to keep connections strong.
Key Takeaway
Quitting your job is a big decision, and it takes a lot of courage to make it happen.
The key to doing it confidently is to set yourself up financially before you go. With a strong savings cushion, a plan for healthcare and insurance, and a budget for the transition, you’ll be in the best position to enjoy the adventure ahead.
Whether you’re chasing a dream, looking for balance, or just needing a change, taking these financial steps will help you start this new chapter on solid ground.
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