Inspired by the group writing project @ MightyBargainHunter.com.
How many times have I quit jobs? 2 times. Once because I graduated from college, so I had to, and the second time because it was just a (bad) job…Actually, almost 3, but I’ll leave that story for another day.
Here are some tips for before and after quitting:
BEFORE
EDIT: I forgot to mention one more thing. If your employer wants any concessions from you, like waiving your rights to, uhhh, sue or whatever, get something in return! Don’t let them take something away from you without getting something in return. They will often give you a concession package. Remember, in this case HR is your friend. Tell them you will not sign unless there’s some incentive.
- Plan! What are you going to do after you quit? You actually should plan waaaay in advance. Do you have enough funds saved up? Can you find another job? Are there any financial obligations upcoming?  How about medical?
- Consider: 401k and Pension. Are you going to roll over your 401k? Then find a future home for it.Â
- Consider: Do you have any stock options? Can they be exercised after you leave?
- Get all your materials together. Gather up your salary history, your reviews, education, pension/401k info, etc.
- Turn in AT LEAST 2 weeks notice. This is just considerate. Just do it. Even more time is okay, if you know for sure this is what you want to do. The longer the better, if you’re on good terms with your employer, they’ll have more time to plan and maybe even offer you something else.
- If your company is large enough, check with HR. Do they have a checklist before quitting? You may only want to pursue this after you know for sure you are quitting.
- Get together the list of all your contacts, phone numbers, email addresses, etc.
- Figure out your remaining holidays. It may make sense to wait a week so that you can get an extra paid holiday!
- Finally, DO NOT SLACK OFF. This is the time to strut your stuff. Make them regret you’re leaving. This is not in spite, but a serious opportunity to get them to think about whether they really can afford to let you go.
AFTER (depends on if you have a job lined up or not)
- Give your former colleagues your contact info, including your manager.
- Finish up everything that you need to, including work that was your responsibility, unless you’ve explicitly informed your manager about pending jobs that need to be finished.
- Followup with your coworkers every so often.
- Make sure your 401k/Pension has been successfully rolled over, if you elected to have that done. Otherwise you could face the early withdrawal penalties and see a big bump in your income for the year, that’ll smack a big tax bill in your face come tax time.
- Relax. If you planned, you’ll be fine. If you didn’t then, sorry, but I probably can’t be much assistance…Start a blog?
- Budget! Allocate a specific amount of money that you are allowed to spend per week. This way you can estimate how long you will be able to sustain yourself financially.
- Become aware of money saving opportunities. Everytime you’re about to buy something, ask yourself a few fundamental questions:Â
- Do I really need this?
- Is there a cheaper equivalent?
- Can I put it off? Postponing a purchase is saving money. That’s why I wait to buy things.
- Learn the 3 R’s! Reuse, Reduce, and Recycle! Tons of posts out there on this topic.
- Transportation…walk! Carpool. Take a bus or train. Using your own car is expensive…don’t only think gas! There maintenance and other problems that could cost you.
- Sell stuff! Garage sales, eBay, whatever. Just don’t sit at home and watch TV. Now’s your chance to do stuff on your own time….YOU are the boss.
- Volunteer…meet people and be exposed to new opportunities. Not only will you not be spending money, but you’ll be helping make the world a better place.
- Read or write a blog. I’m sure the best advice out there is probably the ones from real people. Check out forums too.
- Go back to school!Â
- And finally, good luck! Get your resumes out there, check out the classifieds, etc. If you’re not in a rush, enjoy this time like a mini-vacation.
Here’s another post I’ve written, “Plan Z. What If I Lost My Job?“
Mighty Bargain Hunter » Group writing project: Preparing for or dealing with job loss
August 24, 2006 at 4:35 pm
[...] The Right Way to Quit Your Job and What to Do After by Financial Freedumb [...]
mbhunter
August 24, 2006 at 8:32 pm
Spoken from experience. Great post, and great ideas!
Volunteering is a good way to gain experience that people overlook — though of course it is necessary to have some funding in place to get you through if that’s all you’re doing. But since this is all about planning, we should have that in place
stop smoking
August 26, 2006 at 11:36 am
I’m going to have to come back and check this out. Arrgghh.. too many bookmarks to follow up on!
freedumb
August 26, 2006 at 2:31 pm
mbhunter, yeah, volunteering is a great way to gain experience, help out, and meet people.
stop smoking, yes, come back!
quit smoking
August 26, 2006 at 9:31 pm
Interesting… I’m going to have to come back for more reading later. Off to work!
shuchetana
August 29, 2006 at 7:08 pm
This is my first group writing project, and I really like your post. The idea about volunteering is a good one; it would be an interesting way to use the time and gain experience at the same time, without jumping into the mess of job-hunting.
freedumb
August 29, 2006 at 8:56 pm
shuchetana,
Thanks for stopping by…I’ll be sure to check out your blog as well!
AllFinancialMatters » Blog Archive » How to… Personal Finance Edition
September 11, 2006 at 2:22 am
[...] Quit Your Job [...]
tiredbuthappy
September 11, 2006 at 4:00 am
Your suggestions are great, but I’m thinking more about the decision-making process that leads to quitting your job without another one in place.
How many months of living expenses would you say you need saved in order to quit without another job in place? How bad does a job have to get before you’d leave it with nothing else lined up?
I would LOVE To be able to take that plunge. However, I just don’t feel I can do that with a family to support, even though we could probably survive for 8 months or so on savings (and on my other part time job and my spouse’s part time job).
Even if I could be reasonably confident I’d find another job before my E-fund ran out, it just seems irresponsible to spend my E-fund this way. It might take years to bulid it back up to the place it is now.
I’m not expecting answers to these quesions, just throwing them out there.
Financial Freedumb and Brownie - A PF Blog » I’ve Been Dugg Dugg
September 11, 2006 at 7:02 am
[...] Latest Comments tiredbuthappy on The Right Way To Quit Your Job and What to Do After. [...]
A Job Quitter’s Primer: 15 Ways To Resign » Silicon Valley Blog About Money
April 1, 2007 at 9:03 pm
[...] You can find some other great ways to move on here and here. [...]
Anonymous
April 25, 2007 at 4:59 am
I’d just like to thank you for taking the time to create this internet website. It has been extremely helpful
Why We Need A Financial Advisor And How To Find The Right One For You! | 7Wins.eu
January 8, 2009 at 9:28 pm
[...] Climate 411 » Why We Need to Cut Emissions as Soon as Possible – Blogs & Podcasts – Environmental Defense Fund New Year Financial Review | Reverse Mortgage GuideBruce Fleet Books » Blog Archive » Financial Advisor Magazine book mentionThe 9 Steps to Financial Freedom by Suze Orman Part 3 | Ask Mr Credit Card’s BlogKey Lime Creative » Blog Archive » Starting a Business?Withishness or How do you Predict the Quality of a Teacher? « Hans de Zwart: Technology as a Solution… Financial Freedumb and Brownie – A PF Blog » The Right Way To Quit Your Job and What to Do After. [...]
How to Quit Your Job and How to Blow It! | Saving Mommy Money
February 26, 2009 at 9:32 am
[...] can find some other great ways to move on here and here. [...]
HOW TO QUIT YOUR JOB
February 14, 2010 at 4:07 am
[...] can find some other great ways to move on here and here. Uncategorized No Comments February 14th, 2010 About… admin This author published 8 posts [...]