Submitting your resignation letter and starting a fresh chapter is a significant transition is someone’s career. Before taking the leap of faith, here are some financial steps that you may take.
SET A TIMELINE
Many people may think that there are better career opportunities ahead of them, but that is not always the case. This is why, you must set a timeline for realistic events. Ask yourself certain questions that will answer various outcomes. How long can you afford to take a break while you hunt for a new job? When shall you send out your tailored C.V.s? Do you need to schedule interviews next month?
It is recommended to build your emergency fund during this break. You may also build your networking list. There is no need to start from scratch when switching careers.
SELL SOME STUFF
Selling your old belongings is one of the quickest ways to use your free time and to de-clutter your space. Do an inventory of all your underused or unwanted items and filter out those that are in good condition.
Sell these items at a discounted price to your friends via Facebook groups. I remember selling my old shoes and clothes to help me purchase new ones when I was still a Uni student. To ease my search for a buyer, I made an account on Carousell. Carousell is a convenient marketplace app that is available all over Asia.
ELIMINATE THE NON-ESSENTIALS
Be honest with yourself! Check your monthly subscriptions on products and services. Do you really need to pay for two streaming services (i.e., one local and one international) or is one enough? Can you trim your gym membership and exercise at the park instead? Find no-cost ways to reap the benefits of your hobbies.
While you may have gotten used to certain luxuries throughout your life, taking a few sacrifices here and there is essential. While you are on a “career break”, you can be conservative with your budget calculations.
SELECT A PART-TIME HUSTLE
Getting multiple streams of income can benefit your situation. By multiple streams, I am referring to either finding part-time jobs or to setting up your own small business. Aside from earning extra cash, you can also experiment with a variety of jobs or fields.
Find a freelance job that you can do at home such as teaching English, selling stock images, or becoming a virtual assistant. You may also open up your own small short-term business. Depending on your skills, you can sell baked goods for the upcoming holiday season or plan events for weddings and birthdays. Who knows? This humble venture may lead to bigger opportunities in the future.