6 Methods to Manage Your Finances Before Resigning from Your Job

How do you manage your finances before resigning from your job? For those planning to quit their jobs soon, you might have thought about that. After you resign, you won't receive the salary anymore, which will be hard if you rely on your paycheck to pay for your responsibilities.

However, there's no need to panic. Everything has a solution. To help you find the answer, here are some methods to efficiently manage your finances before resigning from your job.

Plan the Next Steps
When you start thinking of resigning, the first thing to do is to plan for the next steps. Think about the best' scenario' to survive even without a job. Try your best to come up with a plan after you resign.

Without clear plans, you might stay longer in joblessness or with no income. The first thing is choosing if you want to move to work in another place or if you want to start a business. If you're going to continue working, you need to do some preparations. Or, if you're going to start a business, do a calculation to make sure that you have enough budget.

Prepare Additional Incomes
It’s better if you also start thinking about other additional income options. There are many ways to earn money outside of your primary salary. For example, you can take freelance jobs that are still related to your old job. Another alternative is to start a small business such as a reseller business that doesn’t require huge startup capital.

With additional incomes, you can still earn money. That way, you can maintain your cash flow. Don’t hesitate to strengthen your skills or hobbies. Who knows, maybe you can make more from those alternatives.

If Possible, Pay Off All Debts
Make good use of the income you received from your previous job. Use it to lessen or get your obligations done, like paying off debts, primarily if that is still related to the office.

Don’t forget about the utility bills that will come once you decide to resign. Utility bills for water, electricity, internet, phone credit, or credit cards won’t stop coming even if you leave your job. When it’s too hard to handle, try to discuss the situation with the service providers. Usually, they will offer some leeways like paid in arrears or installments.

Check Your Emergency Fund
Before your final resignation decision, make sure that your emergency fund is enough. You should prepare the emergency fund that makes up three months' worth of current expenses. For those of you married, the calculation will be different to at least six months' worth of monthly expenses. This emergency fund will be enough to sustain your needs before you get a new job.

Don't forget to calculate the regular expenses each month and your installment obligations. With the PermataMobile X mobile banking application, you can do the calculation much quicker. PermataMobile X provides a transaction mutation checking feature that you can access easily. You can easily register for m-banking since you can do it online anywhere and anytime.

Set the Deadline When Looking for a New Job
Next, set a clear deadline for the job search. Make a personal deadline that will limit the time period of looking for a new job. For example, you should have a new job a month after you resign. It doesn’t always have to be a new job, but a new source of income that is not the primary salary.

You will feel like you’re racing against time by setting a deadline. If you’re too relaxed or just going with the flow, you will waste precious time. There’s a chance that this situation may lul you and make you lazy.

Change Your Lifestyle
Managing your finances after resigning will have no meaning if you don't change your lifestyle. After quitting your job, automatically, you will no longer receive a monthly salary. To make sure that your savings won't run out immediately, try to live more frugally.

Try to make a priority scale that manages all your needs. Cut down on old habits that can drain your savings, such as hanging out or buying things you don't need. You don't need to set your priorities manually if you use PermataMobile X. This mobile banking application provides a transaction mutation checking feature to see which expenses are necessary and which expenses can be reduced.

PermataMobile X mobile banking application has hundreds of features to make your financial transactions easier. With the mutation checking feature, you can see the transaction mutations from all account types for up to twelve months. Moreover, you can also open or apply for various PermataBank featured products through PermataStore available in this mobile banking application.

PermataMobile X has an easy way to register for m-banking that anyone can do. After downloading this application from Google Play or App Store and opening it, you will see the question “Do you have a PermataMobile X account?”. If you choose no, the system will direct you to PermataStore to open an account. If you choose yes, decide to register with a credit card or an account number. Follow the next steps until the process is done, and you can use the user ID.

Hopefully, this review on managing your finances before resigning from your job can help you. Don’t forget to use the PermataMobile X mobile banking application to manage your finances better. Make sure that you have also followed the steps to register for m-banking correctly to enjoy the conveniences.