4 Ways to Save Enough And Leave Your Job

4 Ways To Save Enough And Leave Your Job

11/21/2018

Before you quit your job, make sure that you have a financial backup plan. But, how can you save up enough and pursue your desired career path?

Truth be told, a 9-5 job isn’t really a one-size-fits-all thing. As much as having a regular job gives you the certainty of a monthly income and all those perks, not everyone is bound to work in a rank and file job forever. Some people might opt to be the boss of their own and come up with their own business ventures, while some might pursue being a freelancer to be in control of their own time.

Regardless of the career path you choose, making ends meet holds true. So, before you quit your job, make sure that you have a financial backup plan.

But, how can you save up enough money to leave your job and pursue your desired career path?

Make Sure To Have A Steady Stream Of Income

Having a job may do you good, but juggling a few more part-time jobs and freelance gigs can certainly boost your savings in no time.

Aside from adding to your funds, you also get to make room for emergency expenses and ultimately, avoid running out of cash on hand.

Improvise And Do-it-Yourself!

Eliminating some costs that you can improvise can help do the trick. Consider cutting you’re your daily morning trips to Starbucks and make yourself your own cup of coffee for the meantime instead.

Skipping the unhealthy fast food chains also helps your bank account, not to mention, improves your health.

Spend Accordingly

With credit cards and installment payments available today, shopping without the need to have cash on hand is possible. However, it can also be damaging when your billing statement arrives.

Be mindful of your expenses by spending accordingly and having a ‘pay cash only’ mindset. If you don’t have the cash, then don’t buy it. This way, it would be easier to stick to your plan.

Stay Motivated

Leaving your job and starting a new career is one big step ahead, so you must have all the motivation to be able to achieve this goal. Lay out the reasons you quit your job, how much you’ll be needing to quit that job, and why you should put up a business on your own or be a freelancer instead.

Your motivation will surely help you pursue what you’ve always wanted and keep you away from having doubts or second thoughts.

In making a big leap of faith in life, you have to be in it to win it. Of course, leaving your job wouldn’t be that easy, but it pays to have the right discipline to make your dreams come true.

About the Author

AUTHOR

Bea Rico has over 4 years of combined experience in business development and marketing. She is a data-driven and results-oriented leader with a strong track record of performance in a fast-paced work environment. She utilizes keen analysis of data and insights to drive implementation of best practices and exceed KPIs.

3 Comments

Carla

8/2/2022 04:19:21 am

Good Night! Hi Sir, thank you very much for these tips. How can I save more money?

Ralph link

8/2/2022 10:49:03 am

Hi Carla!

You know a budget can help you save money, but many people won't use one if it feels difficult, dull, or restrictive. Here's how to make budgeting and saving easy and empowering.

First, play detective by tracking your income and expenses for 30 days—an app saves time here (you can download any budgeting or expenses tracking mobile app). Next, use the results to set up a budget that fits your goals and your daily routine. For example, if your month of tracking reveals you're spending more than you can afford on restaurant meals, set a monthly ceiling. Then, before you order takeout, check your spending so you stay on budget.

You don't have to completely revamp your spending in one month. Use your tracking data to identify changes that feel easy and implement them one at a time. You'll boost your savings balance without feeling overwhelmed or deprived.

Accelerate your progress by bucketing—automatically depositing money in separate accounts, each designated for a key goal. You'll save time and stay on track because, once you've set up the automatic deposit, you don't have to do a thing.