If you haven’t heard by now, I quit my job! My fiancee and I are moving and I did not want to make the hour plus commute so I gave my notice about a month ago. My last day was last Tuesday and so far being unemployed has been pretty awesome. Eventually I’m going to get back to my day job but for now I’m happy working online and living life. A lot of my co-workers thought it strange that I quit on a Tuesday but there was a method to my madness.
If you’ve been thinking about quitting your job, either out of necessity like me or on your own free will I have some tips that will save you some green. It’s nothing significant, but when you’re unemployed like me every penny counts.
Mondays Usually Suck
Mondays suck, there’s no way around it. And the more fun your weekend was, the more Monday is going to suck. But when you pick your last day to be on a Tuesday or Wednesday, Mondays are truly awesome. I was really looking forward to my last Monday since I knew I was only going to have a 2 day work week. I set up my going away lunch for Monday and there really wasn’t a whole lot of work they could pour on me at the last minute. My last Monday at the company was pretty much spent organizing my desk, going out to lunch and copying over my personal files.
The Day After Your Vacation Accrues
Coincidentally, my work also accrues vacation on the third Monday of the month. If you quit before that day, you lose out on your monthly vacation accrual. But if you quit after, you essentially gained anywhere from an extra day to 2-3 days depending on how much vacation you accrue per month. Since I only get 2 weeks of vacation per year, quitting after my vacation accrual netted me 6.67 hours in extra pay.
Maximize Your Health Benefits
When you leave your company, you generally have the right to continue your health, dental and vision benefits under COBRA for 18 months. Unfortunately though, the employee is responsible for covering the entire premium. It will probably come as a shock to you to learn how much the employer portion of your healthcare premium was but there’s one last thing you can do to squeeze a few extra bucks out of them.
My company states that medical, dental and life insurance coverage will continue through the end of they payroll period so obviously it makes the most sense to quit at the beginning of the payroll period. I was able to score 12 days of free medical coverage by quitting at the beginning of the payroll period and if your employer has a 1 month payroll period, you could essentially get an entire month of free healthcare when you quit.
Related Article: Get 2 Free Months of Health Insurance Through COBRA
My fiancee quit on July 5th and since she’s paid monthly she got to keep her medical benefits all the way until the end of the month! A self-employed friend of mine is paying $1,500 a month for health insurance for his family of 4 so you can see how much of a benefit this could potentially be, especially if you have a family.
So there you have it, that’s everything that went into my thinking when I quit on a Tuesday. Sometimes we don’t get to control when we quit but if you can, then make sure to look for a Tuesday or Wednesday at the beginning of the payroll period, right after a vacation accrual, or after a holiday is always a great idea too.
Readers, have you ever quit your job? Did you think about any of these things or did you just say good riddance and pick a day and quit?!
Track All Your Accounts With Personal CapitalPersonal Capital lets you see all of your accounts in one convenient place. Sign up now for free.
-Harry @ PF Pro
Latest posts by Harry Campbell (see all)
- 5 Unconventional Investing Moves for Your 20s - March 2, 2015
- 11 Signs You Could be In Over Your Head with Credit Card Debt - February 28, 2015
- DEAL ALERT: $1,000 Sign-Up Bonus For New Lyft Drivers - February 26, 2015