A financial checklist to quit your job

Burnt out? Over it? Ready for a change?

Millions of people quit their jobs each month in what many have dubbed the "Great Resignation."

Before you join the exodus, do a thorough scan of your financial situation.

That means, of course, a hard look at your spending habits and any savings you’ve accumulated — you need at least a little cover you between jobs. It also means taking inventory of everything your employer currently subsidizes. Things like health care, retirement savings, commuter benefits and stock options, which you may surrender when you exit.

"People know they’re walking away from a paycheck," says Eric Roberge, a certified financial planner and founder of Beyond Your Hammock, a financial planning firm in Boston. "But they often forget to consider their benefits packages."

Use this checklist to avoid leaving money on the table when you leave your job.

Use your FSA

Flexible spending accounts don’t move with you from one job to the next. You typically need to use the funds before you resign or lose that money altogether.

With health care FSA accounts, you can use the full amount elected, even if you’ve only contributed a portion when you leave. With dependent care accounts, you can use what you’ve contributed up to your final paycheck.

Most FSA plans offer a grace period, allowing you to submit claims after you leave. But you’ll be reimbursed only for eligible expenses that occurred on or before your last day. So stock up on over-the-counter items before calling it quits.

There is one exception: If you opt for COBRA coverage (more on that below), you may be able to keep your health care FSA. If you go this route, you’ll continue to make contributions, plus pay any FSA and COBRA administration fees.

Spend any unused commuter benefits

Did you make pretax contributions to pay for parking or public transportation? Use those funds before your last day or you might lose them forever.

Use your health plan

If you have health insurance through your employer, take care of any routine medical appointments (and nonroutine things you’ve been putting off) before coverage runs out. Refill your prescriptions.

Time out for time off

Companies differ on how they handle accrued vacation and sick time. Some will cut you a check for any unused vacation when you leave. Others will pay out a set number of hours. With others, you forfeit any unused time.

Find out what your employer’s policy is and use up any time you won’t be paid for when you quit.

Replace health insurance

Don’t risk going uncovered while between jobs. .

You may also have the option to continue your employer insurance but pay the full premium, for up to 18 months via the Consolidated Omnibus Budget Reconciliation Act, better known as COBRA. You can also jump on your spouse’s plan or sign up for a new one through the health insurance marketplace. (Quitting your job is considered a qualifying life event.)

Protect investments

Make sure you’re well versed on the plan options with your employer’s 401(k) so you can decide what to do with your account when you leave.

You may choose to leave your 401(k) where it is, but that should be an intentional choice, not the default. If you have a new job lined up, you can roll it into your new employer’s plan (if it offers one).

Some companies use a vesting schedule for benefits like stock and retirement plan contributions. Leave before you’re 100% vested and some — or all — of that money could go back to your employer.

Before you quit, find out whether you’re fully vested. If not, take note of your next vesting milestone and how much money you’ll forfeit if you leave before then.

Kelsey Sheehy is a writer at NerdWallet. Email: ksheehy@nerdwallet.com. Twitter: @kelseylsheehy.