In August, 4.3 million Americans quit their jobs. Then in September, another 4.4 million did the same.
We refer to it as the great resignation, though others call it the great reshuffling or the great reorganization. Whatever you choose to call it, the Covid-driven phenomenon looks the same: People are rethinking their careers and making changes, either by moving to another company in their field or pivoting to a new industry altogether. And some may be suffering from burnout or long Covid symptoms and need an extended break from the workforce.
Employees, not employers, have the upper hand in many fields: there are more than 10 million jobs available in the U.S.
If you’re thinking of taking the leap to a new job soon, or you want to quit and don’t have a next step in mind, it’s the perfect time to examine your finances. Reviewing your financial situation can help you prepare for wage loss and other challenges that could arise.
Here’s a checklist for shoring up your finances before quitting your job.
8 Ways To Get Your Finances In Order Before Quitting Your Job
1. Pay Down Credit Card Debt
2. Get Your Savings and Budget in Order
3. Get Health Insurance and Life Insurance
4. Decide What to Do With Your 401(k)
5. Review Your Mortgage Payments
6. Don’t Rely on Personal Loans
7. Consider How You’d Finance a New Business
8. Prep Your Student Loan Payments
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