No matter how wonderful your job is, we’ve all day dreamed about what we’d do when the perfect job opportunity arrives. But have you ever stopped to consider whether or not you could afford to take a new job?
While new opportunities can often be lucrative, the real cost of leaving a job might surprise you. Before you give your two weeks’ notice, make sure you budget for these secret costs that can really add up:
Cost of Leaving a Job: Tuition Reimbursement Goes Both Ways
The first thing to consider is the status of any professional development costs you may need to pay back. Many companies have a reimbursement policy that pays for a course or a conference so long as you stay with the company for one year afterwards. Got a better offer with a few months to go? You’ll be sending the company a check instead of the other way around.
Cost of Leaving a Job: Farewell Gifts Can Add Up
The first step in maintaining a good professional record is to give two weeks notice. The second step is to personalize your work experience before you go.
If you don’t already, consider thanking key coworkers with farewell gifts, or at the very least a heartfelt farewell card to let your coworkers know that you’ve enjoyed working with them. Not only is this a classy way to leave a job, but it’s a great chance to further relationships with people you might otherwise fall out of touch with.
Cost of Leaving a Job: New Clothing for a New Season
Arguably, new clothing isn’t always a necessity. But if you’re changing industries (from formal to informal, or especially informal to formal) you’ll need to invest in some clothing and spend some time at the mall.
Keep these costs low by shopping outlets, online, and major sales after holidays. Depending on the season, you can also visit thrift shops and seasonal sales (like yard sales, garage sales, and estate sales) to keep your costs low.
Cost of Leaving a Job: A Small Vacation Means a Loss in Pay
Even with a low overhead, if you decide to take advantage of your career change by taking some time off between jobs, you’ll need to account for that loss in pay in your budget. Not sure how much time you can spare? Take a look at your savings and your estimated final paycheck to understand what kind of gap could arise in your income.
Have you ever been surprised by the unexpected costs of changing jobs?