Are you planning to hand in your resignation this year? You wouldn’t be the only one — more than half (57.65%) of Americans are planning a major job change in 2024.
That’s a lot of people drafting their resignation letters right about now. If you’re one of them, check out these tips before you email your letter to your boss.
Have a Plan
Leaving a job is huge. You shouldn’t make this decision in the heat of the moment, even if you hate your job.
Make sure you think through your plan to resign, considering what you’ll do after your last day. Having another job lined up makes things easy, as you pretty much go from one job to the next without a major interruption in pay.
If you want to quit without another job, you have to think about the reality of living without a paycheck.
Rethink Your Budget
Quitting without another job lined up may feel wrong, but sometimes it’s the right move. Indeed outlines 20 reasons why quitting without another job might be a great idea, provided you are financially prepared.
So, how can you tell if you’re financially ready to say, “I quit,” without another job lined up? Sit down with your budget. You need to know your financial situation to see if quitting is realistic. Look at your savings, investments, and your budget.
When you quit without another job lined up right away, you should go into budget survival mode. You should prioritize the essentials, cancelling all discretionary expenses until you start earning a paycheck again.
Top Up Your Emergency Fund
Quitting without another job lined up is easier when you have an ample emergency fund. Most financial advisors recommend you save up to six months of living expenses in this fund. Six months just so happens to be the average time it takes job seekers to secure a new position.
A six-month emergency fund means you can rely on these savings to cover your essentials. It can also help out in emergencies when you’re faced with urgent expenses you don’t anticipate.
Let’s be honest — an emergency fund (or lack thereof) may be a major barrier to your resignation. Most people don’t have $400 set aside in savings. A good chunk of people relies on direct lender installment loans to deal with the unexpected, even when they’re earning a paycheck.
You can learn about the benefits of online direct lenders in more depth here, but in a nutshell, they’re best used for one thing: unexpected expenses.
When it comes to unpaid time off in between jobs? Leave loans out of it. While you will eventually get a new job, you can’t predict when you’ll get an offer. In other words, you can’t guarantee you can repay your loan according to the timeline given by online direct lenders.
Spruce up Your Resume
One of the reasons why Indeed says quitting without another job can be positive is because you can devote your whole day to applying for jobs. Check out these tips to ensure your applications wow hiring professionals. These tips can help you even if you are more cautious and want to wait to quit until you have another job.
Consider Side Gigs
You can earn a little bit of money after you quit by starting a side gig, whether it’s an online pursuit like affiliate marketing or an in-person part-time job.
Bottom Line:
When you’re tired of your job, quitting might be the only way forward. Remember these tips before you deliver your resignation letter. They’ll help you move on to the next exciting opportunity with confidence.
