10 Things to do Before Leaving your Job

Thinking of leaving your job to stay home with your child?  Make sure you follow these steps before making the move.

  1. Obtain references from your current employer.  When you re-enter the workforce, you most likely will be required to provide references.  Ask for references now while you are fresh in their mind.
  2. Collect your Annual Employee Reviews.  Hopefully you have been saving your Annual Reviews all these years!  File and save them for future employers.
  3. Track your spending for one month.  Save your receipts, use Mint, or any other method that works for you.
  4. Once you know how much you spend, try living on one salary.  This will give you confidence that it can be done.  If it is tight, you can start making adjustments now or begin exploring reduced time versus quitting altogether.
  5. Have an emergency fund.  Save an amount equal to 6 months worth of your monthly expenses in a liquid account.
  6. Assess your home situation.  First of all, don’t assume you need to upgrade to a bigger house or apartment as soon as you find out your expecting.  Save money by staying in your current place until the kids get bigger and actually need more space.
  7. Assess your car situation.  Do you have old cars that need to be replaced?  Make sure you have enough for a new car purchase or down payment before leaving.
  8. Meet with a Financial Planner.  Have someone who is qualified review your financial picture and help make sure you are on track for the future.
  9. Make sure both of your names are on the credit cards, mortgage and other loans so that non-working partner can maintain a credit history.
  10. Commit to equal participation in all financial matters and decisions even though one of you will no longer bringing home a salary.

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