There are a number of professionals who are ready to ditch their current job every month. This can happen due to many issues such as toxicity in the work environment, office politics, lousy management, overwork and pressure, stress and many more. Some may tolerate it to an extent but access to these forces one to quit their job. Whereas for some- better opportunity, career growth may be the reason.
In this Article, we have brought you a list of things you should do before you quit your current job.
Do These First Before You Resign
Find Another Lined Up (get a new job)
Do not put your resignation paper, unless you get a new job. Try to put your papers only when you have a written confirmation or the offer letter of the new job. Accept the new offer letter after thinking twice about your employer, work, etc. Don’t be in a hurry and accept any offer letter. Doing this may lead you to another problem in the future or it may happen that you get into a similar situation like the existing one.
A written confirmation of a new job always minimizes the risk.
Try to Save Some Money Before You Decide to Quite Your Job
From the day you resign you have to serve the notice period of the company. The duration of the notice period depends on the company’s policy, it may be one, two or even three in some companies. During the notice period employees doesn’t get any salary. They get a sum total amount after the notice period when settlement is done by the HR department of the company. Hence, it becomes more important to save some from your current earning for those months.
Have a Transition Plan
Planning doesn’t always work, but if you stick to your plans it will work definitely. A transition plan of at least 3 months is very important for being sure that you’re able to get everything done before you leave. Planning your transactions and expenditures for those months when you don’t have a job, help you to maintain your daily life without asking help from others.
While planning try to avoid fancy things, Plan always for the essential things.
Manage Your Employee Provident Fund (EPF) Account
It may happen that your current employer is providing you EPF benefits. In this case, you can either continue using the same EPF account with the new employer or you can even withdraw the money when you quit.
But it’s not recommended to withdraw the money as it is not in your benefit. One should keep the same EPF account even as you change jobs. One should withdraw money only when there is some urgent requirement of money and no other option is left.
Stick with Your Saving Habits
90% of the people quit their job only when they get a better offer, or you can say a hike. A hike adds money to pocket every month, but this doesn’t mean you should increase your expediters. The percentage of money from your salary towards your savings should always be the same. Some money should also be kept as an emergency fund every month.
For example- if your salary is ₹80,000 and you save 20% of it every month, then it will be- ₹16,000 which you are saving per month. After your job change you get a salary of ₹ 1,00,000. For a better financial future you should continue saving 20% of your salary which will be ₹ 20,000 now.
Analysing yourself financially is very important before you resign from your job. It is possible that even after saving two months you don’t have enough funds to survive a few months without a job. In case you have some EMIs then it becomes even more important to do so. Check the balance of all your accounts, if you think the funds you have is enough to survive for a minimum of 6 months then only resign.
Following these steps will help to decide whether you are ready to switch your job or not? And if you have already decided to switch then following these will things will help ensure better finance along with a better future.