What I Did Before Quitting My Stable 9 to 5 Job in the Middle of This Wild Economy

I left my stable 9 to 5 position early last year to pursue a writing career. This was when the economy started to take a turn for the worse. Some might call me brave. Most probably thought I was making a huge mistake. But before executing this decision, it took a year to prepare so that I wouldn't drive myself into massive debt. 

These tips helped me hold my head above water, feel financially secure, and even gave me a peaceful relationship with money while navigating uncertainty as a "starving writer." And it wasn't about buying less avocado toast!

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Ongoing Money Discussion

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It may seem like an obvious way out to lean on the other person in the household financially while making this bold step, but I don't believe in completely relying on a man to take care of me. My mom always taught me that I needed to have the means to provide for myself with or without someone. And those fierce, independent woman's beliefs held true. I wanted to continue contributing financially to my family without much of a hitch.

But that doesn't mean that I didn't want support from my partner. Our marriage is based on being there for each other during the good and the bad. So this required me to be completely transparent with him the moment I knew I needed to leave my job.

After the kids went to bed, I sat him down and shared everything. I left the dialogue open and told him that the more clarity I had, the more I would communicate. Getting him involved from the get-go gave me the reassurance that he would have my back if everything failed.

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Tracking Expenses

I'm not the type to look at every single purchase that I made in a month. I pay my bills on time and do a high-level review every quarter. I had a general idea of my expenses but I didn't know exactly what I was spending each month, down to the penny.

So using Google Sheets, I made a spreadsheet to record all the money that was leaving my accounts. From phone bills, kids' activities, and groceries to impulse buys, everything went in. After about six months, I had a pretty good idea of what I was spending. I used those figures to project the next six months, taking into consideration upcoming payments like school fees, kids' extracurriculars, insurance, taxes, and utilities.

Tracking also helped me think twice every time I took that plastic out because I knew I would have to do that data entry the following month.

Saving Side Hustle Money

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I started side hustling a couple of years before my actual quit date. A few hundred here and there doesn't seem like a lot. Some people may use their side hustle money as their fun money when they already have a 9-to-5 job. 

Why save the bonus, icing on the cake stuff when you've got entire three-course meals coming every two weeks? 

But for me, I treated that money like it was my rainy day fund. I put away the side hustle money and matched the same amount from my paycheck into an investment account. I bought some dividend-paying stocks and watched the savings grow.

It grew to the point where it became a year of my expenses. Seeing that number gave me more comfort in my decision, that I had at least a year to live off of in case making money from writing didn't pan out.

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Cash Flow Management

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The most important thing I did was manage my cash flow so that it was positive, with more money coming in than out. It may seem like a simple concept, but to properly manage it meant I needed to have a full understanding of the numbers.

I had already been properly tracking expenses and my income, so managing my cash flow was simple and effortless. I merely needed to create an additional column to manage the flow. 

So, quitting my 9 to 5 job wasn't a spur-of-the-moment decision. I didn't dramatically send a resignation letter and immediately jump on the "turn your side hustle into your full-time gig" bandwagon.

Although I quit during possibly the worst time in the economy, I know I made the right decision for myself, making sure I had my checks and balances, and aligning with my values, priorities, and beliefs.