I was reading Cash Money Life today, and noticed that there was a great post on what to consider when you leave a job. Whether you are laid off, switching jobs, leaving to start your own business, or quitting to spend more time with your family, there are a number of things to think about before you leave your job.
First of all, leaving a job is a major financial consideration, no matter how it is done. It is a good idea to review your personal finances and figure out how you will be impacted by the change in your employment. If you laid off, look at your emergency fund and apply for unemployment benefits. Decide what you can do in order to cut costs and make your income stretch to cover your bills. (If you want to keep your home, remember that your mortgage should be priority #1.)
Hopefully, if you are quitting in order to be home more, you have been making plans for months to adjust your lifestyle to meet your new financial needs. And, finally, if you are receiving an increase in pay, it is a good idea to make a plan for that money. Consider paying off debt, increasing retirement account contributions or saving up for something specific. Your best bet is to continue living the on the money you made formerly, while preparing for the future.
Cash Money Life offers these other things you should consider (depending on your needs) when you prepare to leave a job:
- Your resume.
- Continuity for the company you are leaving, and your replacement.
- Your exit interview.
It is a good idea to make sure that things are squared away with regard to health insurance and your retirement account. Additionally, it is wise to leave on a good note with your former employer (even if you are laid off) and co-workers. You never know when an old business contact will come in handy. Unless you have been grossly mistreated, it is a good idea to try and keep things friendly.
Can you think of other considerations when leaving a job?