Have you been thinking of quitting your job lately? Don’t worry, you’re not alone. There are various reasons as to why an employee would want to quit their stable job. Some of them are 1) better job opportunity, 2) poor management at their current workplace, 3) bad boss, 4) being underpaid, and 5) office politics. If you’ve been experiencing these things and much more, who could blame you in wanting to quit your job.
You’re probably itching to hand in your resignation to your immediate supervisor or your boss. But don’t hand it in and quit your job just yet. Not until you’ve thought everything through. Along with the different reasons why someone would want to quit their job, there are also reasons why you shouldn’t quit just yet.
1. You don’t have a new job to transfer to
If you have a ton of debt, quitting your current job without having a new one to transfer to isn’t a smart move. It doesn’t necessarily need to be another full-time job to replace your current one, you can take part-time jobs that are just enough to sustain your daily needs. As technology continuously grows, so does the demand for qualified individuals to fill available job positions. You can work as a virtual assistant, offer your expertise as a consultant, be a transcriber, and much more depending on your skills. There are a lot of websites that can help you find jobs online like Upwork or Freelancer. Aside from taking online jobs, you can also take on odd jobs on the side to help augment your financial needs.
2. You don’t have an emergency fund
An emergency fund is money you’ve set aside in case there are unexpected expenses like job loss, sudden illness, natural disasters, and other financial emergencies so you can avoid getting into debt. As a rule of thumb, you should at least have 3 to 6 months worth of your monthly salary saved up. But of course, having more than that is much better.
3. You don’t have another source of income
For most of us, our current job is our only source of income. Losing it will make us financially disabled. That is why a lot of people aspire to have another source of income aside from their salary at their part-time or full-time job. You can try to start a business based on your expertise if you want to be your own boss. The great thing about this is that you don’t need to open a physical store in the get-go. You can start small and create a home-based business instead.
4. You’re in a ton of debt
Credit card debt, mortgage, student loans are just some of the debts one must pay off. You shouldn’t be ashamed of it though as long as you make sure that it doesn’t go out of control and you know the difference between good debt and bad debt. Good debt is the money you borrow to use on things that can increase your financial worth. Education can increase your earning potential while owning a house can generate income by renting it out or sell it for a profit as the value increases over the years. Bad debt, on the other hand, is using borrowed money to buy things that you don’t necessarily need and will decrease its worth over time. As much as possible, only borrow money that you know you can pay back.
5. You don’t have savings
Savings and emergency funds are two different things, although both are money set aside for specific goals. Emergency fund, as I’ve mentioned above is money you set aside for unexpected expenses. Savings, on the other hand, is money you set aside to fund specific goals like retirement, buying a house, or startup capital, etc. These are planned expenses, unlike emergency funds which are used for emergency situations.
Whatever your reasons are to want to quit your job, make sure you have a plan in what you want to do and where you want to be. Your bills don’t care whether you like your job or not, they’ll keep on coming until you pay them all off. Don’t think irrationally just because you’re currently upset. Take the necessary actions so you will be prepared before handing in your resignation.
