Tag Archives: job transition

How to Financially Prepare for a Job Resignation

One of the starkest realities regarding the professional world is that people often quit, or resign from, their jobs. This can happen for many reasons; sometimes people have to relocate, move across country, or a new opportunity presents itself. In other scenarios, the employee may be displeased with new management, the workplace environment, protocols, customers, etc. Regardless of the associated reasons, job resignations are simply inevitable parts of life.

However, there are right and wrong ways to go about resigning from a current position of employment. Job resignations furthermore require considerable financial preparations. These are very critical factors which working people should be aware of before telling their employers “I quit.”

Cover Your Bases

Despite the reasons tied to a job resignation, having one’s own bases covered is absolutely paramount, as affirmed by The Penny Hoarder. The individual who is going to resign should ideally have another job lined up, run a side business, or otherwise maintain income to replace their soon-to-be-gone revenue stream.

In addition to ongoing streams of income, people who are preparing to quit their jobs should also have a considerable amount of funds in their savings accounts. Financial experts generally recommend having at least three to six months of living expenses saved up, although some specialists are now advising individuals to put aside six months to one year’s worth of living costs.

Settle All Debts

One of the most common sources of financial hardship is unpaid debt. These debts can become especially problematic when someone leaves their job, thus cutting off a stream of income. For this reason, Mint advises that people completely pay off any and all debts which they may have incurred before going forth and exiting from their current jobs.

Try to Exit on Good Terms

Not everyone exits their jobs on amicable terms. In many cases, conflict with management, undesirable professional circumstances, and other related factors are determining motivators behind a person’s decision to quit their job. Even under the aforementioned circumstances, The Balance still advises individuals against badmouthing their soon-to-be former employers or otherwise burning professional bridges.

In many cases, new employers consult the former bosses of potential hires. For this reason, blasting a manager can easily backfire and even halt potential, forthcoming employment.

Try to Cut Back on Expenses

Even with a sizeable amount of saved funds and additional revenue streams, cutting back on incurred expenses is advisable, if at all possible. Ideally, people should not be dipping into their savings unless it’s absolutely necessary. However, not everyone has the means or flexibility to reduce their ongoing expenses. The cost of living is not cheap, by any means.

A Final Word

At the end of the day, each individual has to determine whether or not they are in a comfortable and financially safe position to quit their job. If a work environment is truly toxic or unhealthy, an employee should definitely escape and seek out financial prospects of a higher quality; the negative offshoots of a destructive work environment are well documented. However, most individuals will ultimately benefit from saving money, settling debts, leaving their jobs on good terms, and reducing current expenses, if at all possible.


Authored by Gabrielle Seunagal

The Best Methods For Conducting A Long Distance Job Search

Job-seekers meet with recruiters and career advisors at the Canada Job Expo held at North York Memorial Hall in Toronto, Canada, Tuesday, May 28, 2013. Galit Rodan/Bloomberg

When you have to move to boost your career goals, or to perhaps increase your financial stability–this should never become something that is impossible.  You can keep this from filling you with anxiety and stress!  The best thing you can do for yourself is stage and plan, just like when it comes down to building up savings.  Everything truly is about planning.  For example, if you’ve landed a job far from your current living situation the best thing you can do is learn as much as possible about the locale before relocating. It makes sense, don’t you think?  If you’re moving from Canada to the US–there is a lot to discover and learn.

The following below tips are sure to help you reestablish yourself in a new job within a new area without the hassle so many have to face.  Keep in mind, if you can learn as much about the location beforehand you’ll be better off.  For instance, understanding the economics of a new area to averaging living expenditures and more can make this kind of transition much easier.

Let’s look at some exceptional ways to enhance your new career and the building of a financially sound future!

Tips To Make A Transitional Career Move Easier

Tip 1:  Long distance job searches do require patience, so plan for it

Unless you’ve already been hired, you’re going to have to prepare for a long job search and a good deal of research. However, for many Canadians (or anyone in this position) it all pays off in the end.  What we recommend is to establish a plan, as previously mentioned.  Call upon friends and family when the time is near for relocating.  Also, be prepared to pay your own relocation expenses versus asking a new job if they offer this.  You’ll receive many more job interviews and hire potentials if you show you’re capable of this type of transition without assistance from a company you’re getting hired on with.  Something to consider!

Tip 2:  Share your willingness to start work ASAP–even when relocating

One of the very best ways to capture a potential employers attention is to put your new relocation address on your resume.  In this way future employers can see you’re already in transition and aren’t expecting any moving benefits from the company.  Also, if you can show that you can start work on the drop of a dime, a new employer won’t really care about you relocating.  In other words, you can take control and minimize the hassle that often comes with hiring someone from out-of-state.  Just proving you’re on top of it all and ready to work clearly makes a huge impression with an employer.

Tip 3:  Be ready to be flexible with salary negotiation as long as it is fair and balanced

When you show flexibility, employers are definitely more apse to consider you over other job applicants! Negotiating a rate that will meet a livable income standard for you is what you’re after.  And also a rate that the possible employer will find satisfying is certainly ideal!  This is some of the best advice job seekers can get!

Tip 4:  Do apply for a job that says “local candidates” if you really are interested

Don’t turn away from those jobs which mention only (locals apply).  It would be a mistake.  If you can show that you have your moving transition under control and are ready and able to begin working, then you’ll stand just as good of a chance as the next candidate will–even if you are out-of-state!