4 Struggles You May Have If You Quit Your Full-Time Job

Guest post by Melissa Batai

The pandemic has accelerated the decision for many women to leave the workforce. These women decided to homeschool their children and realized they couldn’t also work full-time outside the home. 

Some of these women eagerly embraced the change and are happy to be home full-time. Others are sure of their decision but still grapple with the change in their lives. If you are considering quitting your job to homeschool, be aware of the struggles you may have if you quit your full-time job.

Adapting to Living on One Salary

If you’re used to two full-time income streams, reducing to one can be a financial shock. If you’re planning to quit your job in the next few months, try to alter your budget as if you’re already living on one salary.

By doing this, you can put your salary in a savings account. This will allow you to have a healthy emergency fund to provide a cushion when you quit. You will also learn what you can and cannot afford on one income.

If you’ve both worked full-time for years, you may not realize how tight money can be on one income. You’ll have to give up some of the things you enjoy like dining out regularly or taking frequent vacations. You can still dine out and vacation on one income, but you’ll likely be able to do it less frequently and in a different way that’s not as expensive as you’re used to.

Missing Work Friends

If your job has been your life for the last few years, your friends at work may be the only friends you have. Be prepared to miss the camaraderie. I had work friends that I liked to chat with during the day, and I was surprised how much I missed this when I quit my job.

If this happens to you, make a plan to stay connected. You could stop by the office once in a while or arrange to meet one of your work friends in the park or for dinner out. You may be able to keep the friendship going by taking these steps. Or, you may find without the common connection of working together, the relationship naturally fizzles.

Taking a Hit to Your Retirement Savings

When you are thinking about quitting your job, you may not think through all of the aspects. One of those aspects is your retirement savings. When I worked full-time outside the home, my employer required me to contribute 8% of my gross salary to my retirement, and my employer matched that amount. When I quit, I walked away from a retirement savings rate of 16% of my gross salary. That hurt our bottom line, and we’re still not where I would like us to be in retirement savings.

Before you quit, make a plan for how you will compensate for the reduction in retirement savings. Losing your contribution to your retirement account can have long-ranging financial implications.

Feeling Like You’re Not Contributing

Raising and educating your children are two of the most important things you can do during your lifetime. However, our American society puts much more esteem on working outside the home.

When you choose to stay home, you may feel as if you’re no longer pulling your weight in the relationship, that you’re not contributing to the family. Please be patient with yourself if you feel this way. In a year or two, as you connect more with your children and settle into your new role, you will see the contribution you’re making to your family and how important it is.

Final Thoughts

Our society teaches us that our careers are one of the most important parts of our life, so it’s no surprise that leaving a career behind to educate your children can be a big adjustment. However, with time, you will likely settle into your new role and be grateful for the opportunity you have. Plus, you always have the opportunity to go back to work full-time later in life.