Thinking of quitting your job?

With record numbers of workers quitting their jobs in part of the so-called Great Resignation, you might be wondering if now is the time to find a new employer. The pandemic has made it clearer than ever just how many of us are unhappy with our jobs. Workers blame any number of things: inflexible schedules, toxic work environments, not enough people to handle the workload, or just generally not being appreciated. Gone are the days when an office ping pong table and coffee shop are enough to keep workers happy.

But before you take the leap and hand in your resignation letter, there are a few things to consider: 

Evaluate your current job

It’s a good idea to dig deep and figure out exactly what it is about your job that you don’t like. Many people report that they’re looking for a change in work schedule and environment. The pandemic has given us a taste of what it’s like to work from home with a more flexible schedule, a lifestyle that is particularly helpful for busy parents trying to navigate childcare challenges. 

Others are just plain tired of being worked to the bone while being underpaid and underappreciated. In many ways, the pandemic has broken us of the feeling like we have to just suck it up and take it. 

So what is it that makes you want to leave your job? Being clear on your reasons will help you figure out what kind of change would actually improve your work life. 

Use the job climate as leverage to get what you want at your current job

If the issues you identified in step one are more tangible and practical issues, now might be a good time to ask your current employer for a change. With so many workers leaving and the current challenges of hiring, employees have more leverage than ever. If your employer is in an industry that is struggling to hire and retain employees, you might be able to negotiate for more pay, a promotion, more vacation, a flexible schedule, or anything else that would make your job more palatable. 

Talk to your manager about making adjustments to your schedule, professional development opportunities, etc. If money is the issue, it might be time to ask for a raise. Check out these tips from earnest.com to learn how to ask for a raise. 

And if you don’t get what you want, you can use these skills to negotiate with your next employer.

If you still want to leave, plan ahead

While I’m never going to advise that someone stay in a toxic situation that is completely ruining your health and making your life a living hell, it’s a good idea to plan ahead when quitting your job if at all possible. 

If you couldn’t negotiate a better work environment or more pay, or the change you need just isn’t possible at your current employer, there are a few things you can do to make the transition go more smoothly. 

• The most important thing is that you build up your savings. You’ll feel much better about a potential gap in employment if you have 12 months or more of essential expenses in your bank account. 

• Figure out how to cut monthly expenses, even if it is just on a temporary basis. Here are a few ways to reduce monthly costs:

  • Stop overpaying your mortgage or other loans (keep paying off your credit cards though). 

  • Refinance your mortgage to get a lower monthly payment. While this could increase the length and cost of the loan, it might be worth it if you really need some time to find a new job.

  • Shop around for cheaper insurance. Many people find lower rates by comparison shopping, but you can also consider raising your deductible.

  • Go through your expenses and identify things that aren’t really necessary. Ask yourself if each item is more or less important than taking time to get a new job. 

  • Consider a hiatus from subscriptions and memberships. Or maybe instead of having ALL of the streaming services, you cut down to having one at a time and switching when you get bored. 

  • Switch to a cheaper cell phone service.

• Consider finding a temporary job to fill the income gap.

• Don’t forget to factor in retirement savings. If you’re getting a match from your employer, you’ll also need to make up that amount of money, especially if you plan to start working for yourself. (Learn how to start saving for retirement here.)

Changing jobs is a big deal and one that deserves careful consideration and planning. Ideally, most people will have a new job lined up before they leave their current one, but the reality is that many of us are burned out, worried about our health, and just plain over our crappy jobs. If that’s you, do your best to save up, cut costs, and find a source of temporary income before taking the plunge. It may not be fun, but hopefully you’ll eventually wind up in a better position. 

Hey! Are you someone who is embarrassed by how little you know about managing your money? Or maybe you’re overwhelmed by figuring out where to even start? Check out The Money Confidence Course!

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