When you have decided to quit your job and have given notice that you’re leaving your job, there are still many things you need to consider and do to ensure a better life and a graceful transition before you are out of your present office door for the last time.
What you need to do before you leave your present job and when you are soon-to-be-former employer? Your Carefully future and financial planning for a new job can help smooth your transition to the next phase of your career and life too.
When you are about to resign from your present job, it’s very important to check for your last paycheck, compensation due, benefits, pension plans, and many other things. It may also happen that you have resigned and haven’t been yet informed about your benefits. In this case you need to contact the Human Resources department of your company and ask about your benefits and its status of processing.
Work on your Resume
Updating your resume is the first and the foremost thing one should do before quitting their job. This is important because in-depth polished resume is the one which can be used to convince your clients and investors that you possess that talent, knowledge, and expertise for which they are looking for. It is also essential to update your profile on LinkedIn. This will present your profile to the relevant professionals who have the relevant knowledge and experience about your work. This will help you get better job offers.
Know Exactly How Much Money You Need to Afford Your Life
Do you know the exact amount which you spend each month? Tracking your expenditures, this can be an eye opener. This is how you can know where exactly your money goes each month. This is the best way to understand if you have the financial means to quit your job.
Managing Money After a Job Loss and Being Prepared in Advance
Start calculating the exact amount you earn after paying your taxes and don’t forget to deduct the amount going to your provident funds. Make a list of your monthly expenses. In this creating a spreadsheet can help you. Include all your bills and ongoing debts if any, all this this should must be included in your list. As your income is going to reduce try to cut down wherever possible.
Get Your Finances in Order
Always check for the money you have on-hand? Is that enough to get you through your notice period until get salary from the new company? Also check for your emergency fund so that you can face any down side situation of your life.
It is recommended to have a minimum of cash which is required for you and yours family survival for at least 12 months. So it’s important to check your bank account first if you are making any plan to quit your job. If you don’t have, stay at your present job longer. Save that much and then plan to do anything. It may feel like it sucks but it’s the best way to do it at this point in your life. Before you quit your job always try to increase your monthly income so that you can have more in your bank account for your future. This can be done by doing overtime or taking out side projects or working as a freelancer.
Know Your Pension Options When You Leave a Job
Generally, when one leave a job there are certain type of pension options with some companies. One can have a few options like you can choose to take the money as a lump sum at the time you leave the company or else you can take the promise of regular payments in the future.
It is also possible that you may even be able to get a combination of both of these.
The amount of money you will get here depends on your salary and your working years. If you are young enough you can take this money and use it for investment purpose. While if you are already at the retirement or you are about to reach soon save this money for your retired life.
Save Work Samples
You can transfer some non-proprietary examples of your work and documents to your personal account. This will be helpful to you in getting a better job with higher salary. Some companies may escort you to your office to box up personal items and will cut off your computer access when you tell them you’re leaving, so be sure to gather these information before you submit your resignation.
Check on Unemployment Benefits
There are certain unemployment compensations and benefits which are provided by government it may be state or central. Check that whether you are eligible for this or not. If eligible avail the benefits. Submit the documents required for this.