Are you burnt out from work, unhappy with your work environment or totally hate logging in every work day? How do you know when to quit your job when there are a lot of things to consider but at the expense of your mental well-being. How will you know when you quit your regular job and fully commit to your side hustle? And how will you know you will not spiral to financial debt just because you resigned way too early?
Here are few things to consider before submitting your resignation letter to quit your job.
Have a Back Up Plan
Before sending in your resignation letter, make sure you have a back-up plan. What are your plans when you resign from work, where will you get the money you need to pay the bills and buy food, and how long do you plan to be unemployed? Those are some of the hard questions you need to ask yourself. You can list the potential companies you want to apply for, create or update your resume before you fully resign. Or some people would apply for a job and when hired, they submit their resignation letter. Others plan to take a sabbatical leave, doing just nothing and taking a break from work as a mental reset. Whatever option or plan you have make sure you have everything sorted and covered for.
Your Emergency Fund Covers You
One of the important factor to consider before quitting your source of income is how you’re going pay the next few weeks or months if you’re not employed. Before quitting your job make sure your Emergency Fund is good to cover you and your lifestyle. This is especially true if you’re the breadwinner in the family. You would still want to have financial security with your Emergency Fund covering all the financial needs including rent/mortgage, utility bills, grocery/food expenses, your kid’s schooling, etc.
If you find that you have enough money to cover you and your family for the next few months while you look for a new job, then you do not have anything else to worry about. If you don’t have the financial back-up an EF gives, you might want to reconsider quitting your job right now and give some time to raise that funds.
When Your Side Income is Twice as Your Regular
Some of us has side hustles that are earning pretty well. If you find that your side hustle that started out as a pet project is earning more than the income you are getting from your job, consider making it as your main income stream. This may mean that you have to let go of your regular job to pursue your side hustle seriously. Doing so will give you more time to devout to it and allow it to grow. Ofcourse, you have to weigh things first if the move will make significant changes or if the side income will get you through the whole year despite lean months if any.
When You’re Full of Excuses
Let’s admit it that when the fire has burnt down, all we ever see is darkness. If you come to the point that you are making excuses after excuses for not doing well on your job. Consider moving to a new workplace instead of devaluing yourself because you are not just “feeling” your work, or the workplace anymore. It is better to leave than be asked to leave because you have not been performing your best. So when you find that you are making a lot of excuse for not doing your job, consider it as a sign that you need to move out of that workplace and move on to the next.
Ofcourse, all these tips should be taken with utmost consideration of your situation. At the end of the day, it is your financial security and mental well-being that is on the line. Make sure to recognize the pros and cons before making that big leap.