In the past, I thought renouncing a job just needed waking up one morning and saying that you cannot take it anymore. While it may work out if you have taken the initial steps of finding out what you will do when you exit, for me it was a different story. I resigned when I had no business or another job to do. I virtually had no other income to take me through the days together with my two sons until I set up some business. Nonetheless, although I eventually managed to set up a small business, it was a rough journey. I faced hurdles I did not anticipate in the first place just because I was unwilling to find out what needs to be done. The good thing is that I had saved for the tough days ahead. Here is how my cushioning cash rescued me during the first six months after quitting my job.
Paid for my home utility bills
I used the money to pay for my bills. Whether you are employed or not, bills will be there for you to pay. Luckily, the savings I created as a contingency fund made me survive during those hard times. I managed to service all the bills in the first six months comfortably until I started a small business.
Paying for medical expenses
One of my sons had a leg injury, which cost us a substantial amount of money in treatment. Were it not for the cushioning cash I had set aside, it could have been chaos. I could have probably used my credit card to finance the treatment, something I did not do because I had created a contingency fund.
Meeting travel expenses
When I was starting my business, I had to travel from one place to another to meet people and connect with friends. This required me to use money to get to different locations. I really appreciate that I set aside funds for an emergency because they allowed me to engage with other people and find out if the business idea I had in mind was going to work out well.
Buying food items including groceries
My sons and I did not have problems in getting food because we could purchase it. Although we have to adjust to frugal living, the money I had saved for emergencies got us through the difficult times. I would advise anyone contemplating quitting his or her job to consider having adequate funds created for emergency situations.
Did repairs for my car
My car broke down a few weeks after leaving my job. Although I wasn’t going to use it as often as I used to when I was commuting to and from work, I still needed to travel. It wasn’t a major repair; however, I could not have used the car without repairing it. The money I had allocated as a contingency fund allowed me to make the repairs.
Did repairs for my home
At some point after walking away from my employer to set up a business, my home developed moisture damage and mold growth. I had no other choice than use the money I saved for emergencies. This protected the home from further damage.
Until you are laid off or quit your job, you may not know how important it is to prepare for the unforeseeable future financial needs. We have always been told that we need to save for emergencies. If I had not planned for these uncertainties, I could have found myself in a very intricate situation.