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After four and a half years into her career, an HR professional gave up her job and packed up her bags to move to Goa and find a purpose in life. Her story has resonated with the minds of the salaried, and one question comes to mind, which is very practical: What’s the right amount of savings to quit a job?
Quick Facts
- Why: An HR professional with an MBA degree and having worked for a few years at Cognizant.
- In the move: Delhi to Goa, to find a sense of home, a sense of direction.
- The concern: funds in the bank that “won’t last for long.
- Key question: How many months of expenses to save before resigning
- Common benchmark: Income equals a standard of living for 6 to 12 months.
Why Leaving a High-Paying Corporate Job Feels So Tempting
Burnout is often the accelerator for people changing careers to a different path. A comfortable pay cheque can be a burden when one is working long hours and facing constant targets. But leaving a job in a corporate organisation in India does not usually come with insurance. With the first Monday off the job, things can get exciting, and some anxiety can set in, and the fear of the bank balance can creep in.
The Money Question: How Much Savings Before Quitting a Job?
There is no set formula, but there’s a straightforward approach. Calculate the fixed costs (Rent, EMIs, Insurance premiums, Food, Transport) and multiply by the number of months that you want to keep your head above water. Here’s how to save for emergencies without hesitation.
The majority of planners recommend that job plans be quit with at least 6 months of emergency funds first. If you’re moving to a different city, a new industry or supporting family, shoot for the midteens. How fast you expect to get a job again is another factor in the savings required before leaving a job.
What Does Goa Really Cost?
Goa need not necessarily be cheap. The price of living in Goa varies widely from a tranquil village to the bustling stretch of the beaches. Monthly costs in Goa can easily run higher than one imagines, with rent and scooter hire costs being a large portion of this. Workers’ costs in Goa should be regarded as a range, and the high end should be considered in the initial months.
A Simple Job Resignation Financial Checklist
The vast majority of the panic is eliminated because of sound financial planning prior to making a quitting decision. In the lead-up to giving notice:
- Pay off high-interest debt and refrain from taking on new EMIs.
- Don’t wait until after you’ve lost your job to make arrangements for health insurance – it stops benefits as soon as you stop working.
- Keep emergency funds in an easy-to-access, liquid account.
- Monitor PF and gratuity dues to be paid.
- Make a definite “return to work” date as a precaution.
This resignation planning is applicable to HR and operations professionals as well.
How To Survive Without Monthly Salary
Without a monthly paycheck, it’s important to create an income stream, no matter how small, early in the game. There are opportunities to work remotely in Goa, from freelancing to consulting, that can fill the void. When you don’t have a job anymore, passive income is not likely to make it easy for you to make ends meet right off the bat, so think of it as a bonus.
So, Is a Career Break Worth the Risk?
Maybe if there is planning for purpose. Freedom and uncertainty may come with life after corporate work, as well as a slower pace that not everyone is fond of. Financial independence from working in a company is a numbers game, not one based on courage. Consider how much you’d need to save before leaving your job to make your transition without stress, and how much stress a bad month would put on your career transition plan.
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