Are you thinking about quitting your job? If you are, it’s important to have a game plan before making any big decisions. I quit my job back in 2012 and have learned a lot since then that could help you avoid some common pitfalls.
Many people leave their jobs because they crave something new or feel undervalued. This is especially true today, as loyalty to one company for decades is no longer the norm. Before making your move, it’s critical to pinpoint exactly what’s making you unhappy. Is it the long hours, mundane tasks, or lack of recognition? Sometimes, a simple conversation with your manager could address these issues.
Before you hand in your resignation, ensure you have a financial safety net. Ideally, save up at least a year’s worth of living expenses, as this will cushion you against potential financial shocks post-employment. Know your monthly expenses thoroughly so you can gauge how long your savings will last.
It’s also wise to assess any passive income you might have, like dividends or interest from investments. These can provide a buffer and reduce the financial strain if your job search takes longer than expected.
Make a list of everything you want to do once you quit. Plans can change unexpectedly, so it’s good to have a Plan B or even a Plan C. Think about others who might be affected by your decision, such as your family. Their needs and security should factor into your decision-making process.
Calculating your net worth is also beneficial, as it gives you a clear picture of your financial health. This can guide you in making informed decisions about your future.
Before quitting, consider if a sabbatical might be a better option. This could provide the break you need without the permanence of quitting. Also, assess the support you might have from family if things don’t go as planned.
Lastly, think carefully about the timing of your resignation. The end of the year can be risky because you might forfeit bonuses or find it harder to get a new job during the hiring slow-down.
Ultimately, if you decide to quit, do so strategically. Having a clear, well-thought-out plan can make the transition smoother and less stressful. And remember, quitting without another job lined up is risky, so it’s best to secure a new position first, or at least have a solid action plan.
