Leaving your job to pursue something else can be exhilarating, whether it’s to advance your career further, to set up your own business, to become a full-time parent or a short retirement. Before you consider taking this leap, it is essential to ensure you’re fully prepared financially before throwing your resignation letter. So what are you supposed to do beforehand? Here are 12 financial tips to fully prepare yourself before you resign your job.
1. It goes without saying, but it’s important that you already have a firm job offer before you consider resigning unless you already plan further your education. Likewise, you should also be building your network if you are at risk of getting laid off.
2. Find out whether you will be required to pay back any benefits you have already received such as tuition reimbursement or a relocation bonus.
3. Ensure you have sufficient money to carry you into your next job without taking into your emergency fund, establish a budget and assess your financial situation.
4. If you are planning on relocating, getting a new place to settle in may require proof of a job and income which can make getting a new place more difficult.
5. Keep a few copies of any performance reviews, professional certifications, or any relevant personal documents that you’ll want to keep for yourself. Other documents include vacation balance, salary information, etc. Besides that, having a copy of your contract and benefits information on a personal computer is recommended, because you might not have access to them in the future.
6. Keep in mind not to make copies of any work performed unless you have written approval from management as they are technically still the company’s property.
7. Remember to backup all your email and remove any personal files from your work computer, work phone and any other devices that you use during your employment.
8. You will need to be prepared for what you will do or say if your manager opted for a counteroffer. Most people would say it’s not a good idea to remain after attempting to resign, but it can also go well.
9. Try to avoid giving more than two weeks of notice if leaving immediately and not being paid for your remaining time would be a financial difficulty.
10. If you received bonuses, consider whether you are required to return the bonus money such as hiring bonus, education assistance, etc before you choose to resign. Don’t expect to collect your bonuses as well during your notice period because you could get terminated immediately.
11. Check on your employee benefits and find out what happens after you resign. Are you still entitled to your outstanding vacation days paid out or do you lose them? When does your medical benefits expire, is it the end of the month or day you leave? If you still have annual leaves, you may want to take them before leaving your job.
12. Last but not least, put together an email list of anyone you want to reach out to before you leave. Try to avoid sending an email too large of a group because it can be tacky and use Bcc: for group emails. Make sure your email is short and straight to the point and provide your info to keep in touch.
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You Jing is a content writer who writes career and lifestyle contents to inspire job seekers and employers alike on their journey to work-life balance, empowerment and transformation in their career path.
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