If you were going to quit a job, how much money would you save up? (employment, applying)
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If you budget how much you spend every month, you should be able to determine how much you think you'll need for at least a year, plus a little extra. Though if possible I'd avoid doing it without another job lined up unless this one is breaking you down-health-wise.
In today's world I would save enough to equal one full year of take home pay less savings at a minimum. If you earn $800/week and your take home is $609.56 then save $31,697.12. If you are routinely saving $100/week then reduce the $31,697.12 by $5,200.00 to $26.497.12.
The problem you will have is with all the extra free time you will want to spend more money to occupy it. Don't do it because $32k really isn't that much money and a year goes by fast.
BTW every family in America should have one year of earnings saved up ASAP.
I'm not talking like a family with kids or anything like that... Let's say you are just on your own, in your 20s, etc.
If you couldn't stand your job, and were going to quit before looking for a new job, how much money would you save up? Just out of curiosity.
This would apply to me - no car, no kids, no mortgage. I've never had to look longer than three months anywhere I've been for an offer, and in better job markets, I'd probably find something in an under a month.
For me, I wouldn't feel comfortable with anything less than six months, but if I had to, I'm sure I could find some sort of seasonal/low wage to supplement this. If I had nothing at three months, I'd probably go back to the upper Midwest to find something.
Quote:
Originally Posted by nicet4
In today's world I would save enough to equal one full year of take home pay less savings at a minimum. If you earn $800/week and your take home is $609.56 then save $31,697.12. If you are routinely saving $100/week then reduce the $31,697.12 by $5,200.00 to $26.497.12.
The problem you will have is with all the extra free time you will want to spend more money to occupy it. Don't do it because $32k really isn't that much money and a year goes by fast.
BTW every family in America should have one year of earnings saved up ASAP.
That's not easily possible for people with low income where every penny is already allocated to living expenses.
Right now I have about 8 months expenses saved up.... you'd be surprised how many don't though.
Every time I go to an ATM machine I always see receipts laying around on the ground, and I always pick them up (don't litter) and look... balances I see are 99% of the time less than $100.
The receipt I saw yesterday had a $6.03 checking account balance. I wonder if these people have huge 401k accounts?
Generally, someone who already has a job, but, applying for another, is more likely to be hired than someone out-of-work.
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