Should I quit my job…. that was the question I had to ask myself last year. Yes, I know there are many readers out there that may not consider being a stay-at-home mother a job, but believe me, it’s the hardest work I’ve ever had to do. And after reading this article, I realized that I didn’t want to have a life of regret and that would most certainly happen if I kept up as a stay-at-home (for me personally… I obviously think it’s the hardest job and for anyone that enjoys it, more power to you).
Can I Afford to Quit My Job?
That’s the first question that anyone who is thinking about quitting should ask thsemselves. Now it may seem like a strange question to have asked myself as I’m not a salaried worker but by planning to go back to business school, it would mean incurring extra costs while still living off the same salary (the salary of my husband). Aside from the actual business school tuition, I had to think about books, hiring babysitter and other costs. Quitting wasn’t out of the realm of possibilities, but it did mean cutting on some monthly costs. Here are a few questions you may want to ask yourself to see if you can cut some expenses in order to quit your job:
- Is it possible to reduce any of your major life expenses. For example, moving to a smaller home or renting a cheaper apartment.
- Is it possible to take on a part-time job or work as a freelancer (there are plenty of sites out there like oDesk or eLance). If working part-time is a possibility, make sure to pin down the job or to pick up some freelance gigs prior to quitting.
- How much will I save on commuting, child care and eating out (though remember to account for costs of eating in)?
Check out this fantastic article ‘How Quitting My Job Saves Me $8000 A Year‘ which goes through the exercise of figuring out how much the author would save by quitting his job. The point is that it’s of utmost importance to go through this type of budgeting exercise to ensure that if you do decide to quit your job, that you aren’t going into debt or at the very least that it’s short-term debt that you know is manageable.
Even if you do decide that you can find ways to cut costs to quit your job, you should also think about future costs as well as account for future situations. For example, perhaps you can currently quit because you have a partner who brings home a large enough income to support the family. What happens though if your partner loses their job? That was something that happened to a lot of family during the economic downturn. It’s important that regardless of your situation that you build up your savings and cut down on as much debt (mortgage, car loan, credit card bills) as possible so that you can weather any unexpected emergencies once the family becomes a one income household or a part-time income if you’re on your own and trying to grow your own business or look for another line of work.
Whether you’re quitting to go back to school, start your own business, change career paths or whatever else the case may be, make sure that it’s what you truly want. If you do, then definitely go for it as you don’t want to live a life of regrets. On the other hand, quitting a secure job typically brings buyer’s remorse for most, which is why you need to figure out why it is that you want to quit and if what you’re going to be doing after you leave your job will end up making you happier.