Invest Wisely

Know These Things Before Quitting Your Job

by Megan Roth5 min read
Know These Things Before Quitting Your Job

You may have been itching to finally get that time off work but if you want to be successful in your endeavors after quitting your job, there are certain things you need to know. Some people feel that they need a change fast and some of them who have some savings did so and explored other countries staying at inexpensive hotels. They took about a year or so off before they returned to full time work.



A lot of people find this hard to imagine but many women are quitting their 9 to 5 jobs to find something more fulfilling. About 3 in 10 highly qualified women said that they decided to leave their jobs in order for them to take a short break at some point in their careers. It is a risk because it could take about 6 to 7 months for someone to get a new job but it is rewarding. Here are the things that you need to consider before quitting your job.


See If You Can Afford It

First of all, it’s important to keep in mind that no one can accurately predict their financial future but they can minimize economic burdens. Keep a list of your expenses and see which ones are in your control like your spending and your safety net. You can analyze your monthly expenses and see which areas you can cut back on. If you live frugally and save up for your leap, it will be a great practice for a modest lifestyle that you will likely switch to when you stop working. It is ideal that you could afford the basic necessities without relying on your credit cards or being late on your bills.


Before you quit, make sure that you have enough funds to cover at least the next 6 months of your living expenses. You should also be willing to give up extra expenses such as your cable subscription or massages for a while. You could also look into making money in a pinch either by getting a side job or online work. Look into pet sitting or setting up your home for Airborne on a spare room that you don’t use. Most importantly, make sure that your debt is under control before you decide to do anything.



Think of Health Insurance Before Quitting Your Job

It’s very important that you are covered for healthcare even if you are in great shape. You cannot predict an unexpected illness which could burden you with huge amounts of medical bills. If it is applicable in your situation, COBRA allows you to pay so you can stay on your plan that your previous employer was paying for up to 18 months. But be prepared because it is likely that it is going to be pricier than what you were paying for your co-pay because your company will not be covering any percentage of your premium. Alternatively, you can look for plans through your state’s Marketplace or you can go to while it’s still allowed. You can also visit sites like where you can explore plans that you can get from private insurance brokers.


Preparing for the Future Job

When you quit your job for a while, there will be a gap in your resume and you might be worried how you are going to explain that to your future prospective employer. While pursuing goals that you’ve been wanting to do for a long time can be great for your mind, it can also be helpful when you go to your next job interviews. Employers these days would want to hear that at some point, you have engaged in experiences that may have helped expand your skill set. Recruiters are always interested in people who are bold and know how to take risks. People who take time to find their purpose find that it pays off.


Know These Things Before Quitting Your Job


Plan Your Exit Strategy

You need to have a clear and doable strategy before quitting your job. Stock your savings and plan how you can earn a side income such as doing freelance work. Some people sold all their possessions and lived for free.