6 Excellent Ways To Prepare Your Finances Before Quitting Your Job

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The first step before leaving your job is to understand the costs of quitting. Can you afford your living expenses without your current job?

Understand the Costs of Quitting Your 9-to-5 Job

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Watch out for unnecessary monthly expenses denting your budget and cut them off entirely. For instance, how many streaming services do you pay every month? How many times do you eat out in a month? What of those gym memberships costing a pretty penny?

Watch your budget

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It is crucial to set aside savings for the rainy day and have a fund reserve to cover your financial obligation once you quit your job.

Create an Emergency Cushion

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Before leaving your job, ensure that you maximize your benefits, including your unused sick leave and vacations. Do you have a Flexible Spending Account with your employer? Ensure that you use it because it is non-transferable and you can’t move it to your new job.

Utilize your job benefits

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You can consider paying off your credit card debt before quitting your job, so you don’t have to stress over accruing high-interest rates.

Focus on Reducing Debt

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Another excellent money mover before cutting ties with your current employer is to create passive income streams.

Create new ways to make money

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