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How Much Money Do You Really Need To Quit Your Job?
Most of us won’t ever be able to quit our jobs, even with an Emergency Fund.
I don’t have any plans to quit my job anytime soon, but I have been building an Emergency Fund for the past year. My goal is to have £10,000 by the end of this year (31st December 2021) and £15,000 by the end of next year (31st December 2022), an addition of £5,000.
I want to have this amount saved because it allows me to cover my basic expenses and a bit more for a year (£1,250 per month). I wouldn’t be able to quit my job with this amount of money, but if, for some reason, I lose my job, I know I won’t be in trouble for at least a year. It’s not the ideal scenario, but I will have a safety net to protect me.
As an immigrant living in the UK for almost six years now, I know how hard it is to get a job here. After losing my job in October/2019, it took me 13 months to find another one (proof that even my Emergency Fund plan might not be enough, and I might need 18 months of savings and not 12 months).
OK, we had a whole pandemic during these times, but we never know what could happen again. So for some people, there isn’t even an option to quit a job without another job lined up. I can’t afford not to have a stable monthly income. I need my monthly salary…
