Want to quit your job? Answer these 3 questions before you do
What to know before starting a new job (AI-generated image)
Taking the leap to change careers entirely is never easy, which is why experts advise taking a close look at your finances before making a final decision. Honest answers to a few basic questions can help avoid unpleasant surprises during the career transition.
Styler outlines three key questions to ask yourself before changing jobs, according to experts from the British bank Barclays.
Three questions before changing careers
- How many months of full living expenses would your current savings cover?
- What is the minimum monthly income you need to cover only your essential costs?
- Have you budgeted for additional expenses—such as training, new equipment, or transport costs?
How to build a financial cushion quickly
Visualise your goal
Write down clearly what you are saving for. Understanding that your new savings will allow you to pursue your new profession freely, without the fear of running out of money, is the strongest motivation.
Set your own spending rules
Establish a weekly limit on entertainment, switch to own‑brand products at the supermarket, or leave credit cards at home and pay with cash to avoid impulse purchases.
Fixed‑amount challenge
Try setting aside a small fixed sum each time you purchase a certain threshold. This builds a solid saving habit without noticeably affecting your day‑to‑day budget.
How much money you should have before changing jobs
Before making a radical career change, it is worth assessing the size of your financial buffer separately. Experts at the US Federal Deposit Insurance Corporation (FDIC) recommend aiming for a reserve that covers at least six months of ordinary expenses. Such a cushion can help you get through a period of significant income reduction, including after job loss.
For your calculations, be sure to factor in essential monthly outgoings: housing, utilities, groceries, transport, loan repayments, and other bills you cannot temporarily forgo.
For example, if your basic monthly needs amount to 25,000 hryvnias, a six‑month financial cushion would come to roughly 150,000 hryvnias.
When moving into a new profession, you should also add to that sum any planned costs for training, equipment, software, or other items essential to your new line of work.
