Care Affecting Your Working Role, Employment, Finances, Income, Leaving Work, Work-Life Balance

I’m worried about my future earnings by resigning from work

I’m worried about my future earnings by resigning from work

Why don’t you try? : What are the financial considerations when leaving employment to become a full time carer?

Deciding to leave your job can be a difficult decision.
You might need to spend more time with your family, your job or childcare may no longer be working out, or you might have to take some time out to look after your health or a loved one.
Once you’ve decided that you’re no longer able to work, there will be lots of changes to navigate.
It’s natural to feel nervous about what will happen next, but by taking things step-by-step you can make your new situation work for your family.

Making the decision to leave work may be influenced by your financial situation.
You may be retiring, have savings or receive financial support from your child’s other parent. Or you may have no other financial support.

Depending on your circumstances, you may be able to claim some benefits for the first time.
If you have been claiming some benefits whilst working, your entitlement will change when you leave work. The benefits you can claim may depend on the reason you have stopped working, and your individual circumstances. You can use the Turn2us online benefit calculator to check what benefits and tax credits you’ll be entitled to. The calculation is made based on your individual circumstances, including if you have any other income or savings.
If you are receiving tax credits you’ll need to let the tax credits helpline know that you’ve left work as you’ll no longer qualify for working tax credit. You should still receive it for four weeks after you finish work. You should report the change within a month of leaving your job, but the sooner the better. You can continue to receive child tax credit when you are not working, or you may become entitled for the first time if you have not been getting any tax credits due to your earnings.

If you’re thinking about leaving your job, you should speak to your employer. You may be able to agree some time off or changes to your working hours or pattern to help you to stay in your job if you want to.

Source: Gingerbread
Source: Pexels

Here’s a tip for you to try this week :

Have a discussion with your manager or supervisor about flexible working options, Find out if you can get help from your local authority with a financial assessment within the carer assessment, make an appointment with a financial advisor for advice and information, Book an appointment with the bridgit carer coach support team, Look online for any financial grants or discount schemes you may be entitled if you are on a low income.,

You can visit the Bridgit Shop at anytime to find our what products and services can support you.

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