The Smart Way to Quit Your Job When You Have No Money

There is a lot to read on the internet these days about why people hate their jobs. Here are three things only people who hate their jobs will understand. Maybe it’s your boss, maybe it’s the paycheck, your co-workers or maybe you’re just not living your dream. Whatever the case, it can be really hard wanting to quit your job when you have no money. If you already feel like you’re living paycheck to paycheck, how in the world are you supposed to quit your job? My best piece of advice is to have a game plan. Do not just quit! Here are 7 easy to follow steps to help you get clear about how to plan to quit.

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Do you really have no money?

Often times, people who complain of having no money actually have quite a bit it’s just that they aren’t managing it very well. I used to be one of those people.

Thankfully, I figured out how to budget hack our way to more money each month.

Getting a hold of your finances and making the most use out of your money can be a tough thing to maneuver, but if you really want to quit your job, it’s the first step in allowing you to do so.

Review your spending habits

Whenever I work with someone for the first time who is struggling with debt or money management, the first thing I tell them to do is get 3 months of their bank statements gathered. This is generally a pretty simple thing to do since most banks have your statements available online.

Calculate the following:

• Cost of your home including mortgage/rent and utilities
• Average spent on grocery shopping
• Average cost of gas
• Amount spent on debt
• Amount spent on “home upgrades” like cable, Netflix or memberships
• Out to eat costs including fast food and coffee
• Extra expenses like clothes, alcohol, going to the movies, etc.

Create a realistic budget

Once you have a basic idea of where your money is going every month, create a smart budget that you can stick to. I have a post on how to create a budget with a smartphone and a piece of paper or you can take advantage of my Fun Sized Budget Bundle.

• Start with your average income
• Subtract your must-have expenses
• Minus your debts, groceries an, gas
• See where you can cut back!

Prepping your budget for quitting

If you have reviewed your budget and are maybe seeing that there is a little more wiggle room than you originally thought, going through and finding ways to reduce unnecessary spending can help put your mind at ease when it’s time to quit your job.

Find areas to cut back

Chances are, there are luxuries in your budget that you just aren’t wanting to give up willingly. The thing is when you want to quit your job, there has to be some other give in your budget to allow you to do so. Especially if you feel like you are living paycheck to paycheck.

Cut back on food

Reducing grocery costs

Could you reduce your grocery bill? The $5 Meal Plan has affordable meal plans for families living on a budget. See how we spend $100 per week for our family of 5.

Minimizing out to eat expenses

The average American household is spending $3,000 per year dining out. In all honesty, that still sounds low to me considering how many people I know who go out to eat.

My recommendations for reducing this expense in your budget is to set a a frugal, realistic goal each month depending on your current habits.

Do your best to reduce your spending in this area. One great way to do this is through Restaurant.com. You can get local gift cards that cost $25, but you only pay $10. They also have sales throughout the year where you can save even more. If you still want to be able to treat yourself occasionally, I recommend doing it this way or through other savings apps.

Reduce your utility expenses

Phone plans

One of the most expensive things these days can be the cost of your phone plan. Opting to pre-choose your plan through companies like Ting is one of the best ways to cut back on your phone expenses without having to give up your phone! The average phone plan is $25 per month and you can still keep your phone!

Cut cable

If you aren’t already saving on the high cost of cable by opting for a service like Netflix or a digital antenna then you could be costing yourself thousands of dollars.

Everything else

Trim is a company that look at your recurring bills and finds different plans or companies that have more affordable costs. Within 20 minutes of signing up for Trim, I was alerted of a $20 cheaper internet plan I could partake in!

Calculate your debts

Unfortunately, one of the biggest things keeping people tied to their jobs is the amount of debt they are in. Sometimes we become to accustomed to paying our debts that we don’t even realize how much it effects us day to day.

• Download my debt printout
• Calculate your monthly debt expenses
• Use interest calculator to see how much you are paying in interest