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Personal Finance: Things to Consider Before Moving Jobs

If you’re looking for a new job opportunity, there are some important personal finance points you should consider first.

Mna offering a woman a new job opportunity

People change jobs for a variety of different reasons. Some people are after a better salary, others for better opportunities and then there are those who want to find a better balance between their work life and their personal life. There are also those that simply feel they need a change.

Whatever your reasons for moving from one job to another, you should take the time to consider how your personal finances will be affected first. Changing jobs can be exciting, but it won’t always work out the way we hope. So, here are some important things to consider before moving jobs.

Your Notice Period and Your New Starting Date

One of the conditions of employment in many companies is giving the required notice before you can leave a current position. Your notice period could be anything from 7 days to a few months. Before you start looking for a new job, you need to check your employment contract to see how much notice you need to give.

This is information you must know before looking for a new job as your potential new employer will need to know when you can start and may very well ask you to start earlier than your notice period allows. If this is the case, you will need to understand the consequences of giving less notice than you are required to give.

In some cases, you may need to pay a penalty for leaving the job before the given notice period. If you are asked by your new company to leave your current job before the notice period passes, you will need to decide if the monetary amount is worth paying to get to your new job sooner.

Creating a Financial Buffer Before you Leave Your Current Job

Many people can’t wait to leave their current job and are often eager for a new beginning. Even if you are leaving your current job and walking straight into another, it’s a good idea to have some savings put aside as a buffer in case the new job does not meet your expectations.

Living Expenses

Look at putting aside enough money to cover your bills and living expenses for at least a couple of months. That way, even if you are unemployed for a while, you should have enough money to see yourself through until you are working again.

Your Starting Salary

The other reason you need a buffer may have to do with a starting salary. While your new job may very well pay better than your old one, it is not uncommon for companies to have a policy that includes a probationary period and a slightly lower salary.

Finding the Perfect Work/Life Balance

There is no doubt we are living in a fast-paced world and quite often we can become overwhelmed with work taking more and more of our personal time away from family and friends. Finding the balance between work and your personal life is essential to your well-being and that of your family as well. If you can’t find that in your current job, it may very well be time to look for a new one.

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