When You Want to Quit Work

You want to cherish every moment with your children as they grow up but long hours at a full-time job can make that challenging. So, what do you do when you want to quit work and spend more time with your children?

It’s Monday morning and my daughter is heading off to her school camp. My heart aches because I can’t be there to drop her off. I have to head into the office and take my son to school first. I say goodbye to my daughter, putting on a cheerful face to mask my sadness but deep down, I wish I could be the one to see her off.

So, my husband takes her to school on his way to work. It makes me question whether being a ‘working mom’ is really worth it. I’d love to quit work and be more present for our kids but our current financial situation makes that impossible. While we’re on a mission to pay off our debts as quickly as we can, it still feels like a distant dream to retire from the corporate world.

Want to Quit

What do you do when what you’ve been doing for years no longer feels right? When you want to quit work! I’ve always been a working mom to our two kids. Not because I really want to but because I have to. Ultimately, it all comes down to money.

Unfortunately, we didn’t prepare financially before having our children even though we had plenty of time. We enjoyed our lives going to the movies, dining out and having fun. Looking back, I wish we had saved some of that money for our future so we could have spent more time with our kids. Working full-time means missing out on many special moments like school trips, events and school camps. So, what’s the plan moving forward?

Plan to Quit

It’s time to make a plan! That’s the next step. Here’s a strategy to follow so that in a couple of years, I can proudly say I’ve realized my dream of retiring from the corporate world and spending more time with my children. If this resonates with you, I invite you to join me on this journey

Ten Steps to Quit Work

Write down your SMART goals so that your dream is not just a dream but a reality that you’re working towards achieving.
Aim to achieve a savings goal amount so this can be used as a buffer (if required) when you stop work.
Set up automatic transfers each pay day to your account that is set aside for your savings to ensure this is protected from yourself and you’re not tempted to use the money elsewhere.
Make a plan to clear any bad debts like consumer debt, student loans and credit card debt and pay this off as quickly as possible.
Refinance your mortgage (if you have one) so that you get a better deal and it still works for you and your family when you’re no longer working.
Create a vision board and put this up in your home where you can see it on a regular basis to help you remain focused.
Work on a side hustle daily so that you build it to generate enough income to at least the same level as what you are currently earning.
Stay focused and keep striving to achieve your goal.
Check in on your progress each month to make sure you are on track.
Remember to celebrate when you achieve your goal to quit your job.

How to Quit

Getting started is often the hardest part when you’re considering quitting your job and the first step can feel especially daunting. You might be unsure where to begin or the situation may seem so overwhelming that facing your financial challenges feels impossible. Here are 10 focus areas to help you take a step in the right direction.

Begin by focusing on one area at a time. Master that area until it becomes a natural part of your daily routine. Once you’ve got it down, move on to the next area. Continue this process until you’ve worked through the entire list. You’ll be well on your way to a better financial future for yourself and your family, making your dreams more achievable.

Budgeting – Create a detailed budget outlining your income and expenses. Allocate a portion of your income towards savings and investments before considering any discretionary spending.
Live below your means – Just because you can afford something doesn’t mean you need to buy it. Aim to spend less than you earn and resist the temptation to upgrade your lifestyle with every salary increase.
Set financial goals – Establish short-term and long-term financial goals such as building an emergency fund, paying off debt or saving for retirement. Having clear objectives can help you prioritize your spending and resist unnecessary purchases.
Avoid comparing yourself to others – Don’t let social pressure dictate your spending habits. Focus on your own financial situation and what’s important to you rather than trying to keep up with others.
Track your expenses – Keep track of your spending to identify areas where you can cut back. Use tools like budgeting apps, trackers or spreadsheets to monitor your expenses and find opportunities to save money.
Automate savings and investments – Set up automatic transfers to your savings or investment accounts. This way, you’re less likely to spend the money before saving or investing it.
Re-evaluate your priorities – Before making a purchase, consider whether it aligns with your values and long-term goals. Will this purchase bring you lasting happiness or is it just short-term gratification.
Practice gratitude – Appreciate what you already have rather than constantly seeking more. Cultivating a mindset of gratitude can help reduce the desire for material possessions and unnecessary spending.
Reward yourself wisely – Instead of splurging on expensive purchases, reward yourself with experiences or small treats that align with your budget and values.
Seek support – Surround yourself with like-minded individuals who share your financial goals and values. Having a support system can help you stay motivated and accountable on your journey to financial stability.

Summary

You can do this! Remember, the short-term challenges will lead to long-term rewards. It’s your “why” that will help you through the tough days. Your hard work and determination will pay off, allowing you to live life on your own terms. Whether that means spending more time with your children or simply doing what you love when you want. You got this!