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How’s it going everybody this is beat the bush it looks like due to the current situation we’re headed for a depression and there’s gonna be a lot of layoffs even without a depression i minimize my spending just out of habit i spent about a thousand three hundred fifty dollars every single month just on all my basic expenses today i want to talk about what you
Might want to do if you suddenly find yourself being laid off or if you’re not too sure about the future you might want to limit your expenses just for now just for the next month or so just in case you might need to conserve your cash now for the people that’s laid off this is kind of like a very broad spectrum thing because if you’re not part of the essential
Services if you’re working in the service industry or anything that is somewhat social those jobs are looking like there’s gonna be a lot of layoffs going forward there are other jobs that are opening up to compensate for this walmart is hiring 150,000 jobs amazon is hiring a hundred thousand jobs in the fulfillment and delivery space i personally worked in an amazon
Warehouse before and i’ll have to tell you that a four-hour shift is pretty grueling at first until you build your muscles you gotta stand all day long in order to sort the boxes and put it on the pallets you might do better off doing the delivery because you’re just going to grab all the boxes and those are the people that sends the boxes all the way to your door
Possibly working at a grocery store because those things are still up and running everybody needs to buy groceries basically people that are not going to restaurants now they have to buy groceries so there’s a lot more demand for grocery stores possibly even costco i haven’t looked at the career site on there but something you might not have realizes that it seems
Like pizza stores are actually doing very very well people seem to want to buy a lot of pizza it’s like kind of like a comfort food so demand is really high on there and they need a lot more delivery people you might also consider other food delivery such as uber eats door – which is something i tried out myself grubhub insa cart this is something where you go
To the restaurant you pick up the food and then you bring it to a different address and then you give it to the person it doesn’t earn all that much but it is pretty good money if you were working minimum wage before if you were to be laid off i don’t have to say this but you really have to look into unemployment benefits i know if you’ve never gotten it before it
Might seem kind of mysterious so really really jump on it the first day that you got laid off make sure you file all these forms so that you get your money asap if you’ve exhausted all this and for some reason you can’t get hired at these places there are other ways to scrape together a little bit of cash here and there if you are at home and you’re waiting for a
Job to come through or something you’ve got nothing else to do you can try credit card churning but i don’t think this is gonna work out too well in this type of environment because if you need to spend five hundred dollars you probably only want to go to the grocery store once or twice and buy all of that to fulfill that 500 it’s probably a lot harder to fulfill
A credit card turning of three thousand dollars because you’re not gonna buy that much groceries it’s a lot easier if you can go to restaurants if you can take a flight vacation somewhere but in the current situation you’re not gonna go to great restaurants you’re not gonna buy all that much stuff because those are non-essential stores and you’re not going to
Go traveling anywhere so the amount that you can spend might be a little bit limited and you probably don’t want to spend all that much on expensive groceries because that might just be wasting it if you guys are interested in just scraping together a little bit more money i’m not saying this is a great way to earn money but you can sign up for a weeble brokerage
Account this is an affiliate link and it would help me personally especially times like these because whenever i make a video about this situation my videos actually got demonetized the last four or five of them they’re you know no money there at all if you sign up for account you’ll get one free stock if you deposit $100 you get another free stock each stock is
Worth something between two and one thousand dollars another thing that you can think about is go through all your credit cards if you’re like me i have like a dozen credit cards and each one of them might have a little bit of cash back i don’t know little money right twenty five fifty dollars or something like that and you just go in each one just redeem all of
It and that’s gonna give you a little bit of money there if you have a change jar go to your bank ask for two sleeves and then you can spend some time putting all this change into the sleeves and then deposit that money i know the last time i went i deposit roughly $120 or something depending on the amount of change that you’ve collected the tax filing deadline
Has been moved from april 15th to july 15th this goes for the federal and california state tax so although the deadline has been moved i personally am thinking of filing it anyway i’m gonna try because my taxes are actually really complicated but if you usually get a refund this is somewhere you can scrape together a little bit more money there has been talks for
A stimulus check of $1,000 to $1,200 and they’re thinking they might be able to afford to do this twice so my recommendation is just wait around for this until it finally gets approve it’s likely gonna come through maybe in the next couple days or a week and once it goes through you have to make sure that you qualify for it whatever way that they’re gonna distribute
It you want to get your money fast the likely income requirements for this is likely going to start phasing out at $75,000 a year and generally there have been talks that the income requirements they’re gonna look at your tax filing income from 2018 and if you don’t have 2018 it’s gonna go to 2019 in the current situation is the perfect time to practice minimizing
Your expenses i personally have been doing this just out of habit i looked at my expenses just recently and i spend about 1,350 dollars every single month things has fluctuated a little bit my insurance has increased a little bit as 95 dollars instead of 37 dollars i can see my interest income going to zero so i cannot rely on this my dividend income might be in
Jeopardy because a lot of big companies they might cut their dividend when they have financial issues like this so i’m just going to assume i’m not gonna get any of that and i still have a requirement of $1,350 every single month and i need to earn this money somehow let me go through all the different types of expenses so you can just follow along and make some
Notes if you want to do it or not for example for rent and mortgage right because this is such a widespread issue of people getting laid off there have been talks that you might be able to delay your mortgage payments you might be able to delay their student loan they might do a thing where you don’t have to make a payment they’re not going to penalize you might
Add on interest so your principal amount is gonna get a little bit larger every single month but at least you do not have to pay for those month and you’re not gonna get foreclosed upon or something if it’s a mortgage or they’re not gonna kick you out if it’s rent so you really have to check with whoever person that you pay or check on the news you know if there
Is some law enacted that allows for this another way to spin this is if you rent somewhere and you are renting month-to-month you might want to consider moving in with someone you might want to do something more drastic in order to drastically reduce your expenses maybe move a whole family into one single room i know when i was a kid living in hong kong this is
Possible it’s just that in the united states people are just used to having a lot of space and it’s perfectly fine as long as you have a roof over your head another thing that you want to start thinking about is minimizing or expenses in all your utilities including your gas and electric i’m not gonna talk too deep into these things because i talked about them
Before i have solar panels right there that i just hooked up and i put it more into the sun and now it looks like it’s gonna take about 10% off my bill i have a do-it-yourself solar panel type of thing down in the video description below if you guys are interested but if you do not have solar panels already i don’t think this is probably a good time to spend the
Capital to buy the solar panels because it might take about three years before you recuperate the amount that you spend on for example my set-up cost about three hundred dollars and it’s probably gonna earn me about seven dollars back in electricity every single month so you know about three years in order to recuperate my costs if you have a large place or if
People are living in different rooms you might want to consider maybe you should just all bunch up into a smaller space so that’s your heating requirements gets reduced drastically you might also want to do an electricity audit where you use one of these devices called a kilowatt i’ll leave a link to that device down in the video description below it doesn’t cost
All that much about $20 you just basically go around the house now that you have all this time you know after you get laid off and stuff just plug it into every single device that you own and then you can see it’s standby power it’s active power when the thing is actually on and if you just look at every single thing in your home you’re gonna find out how much power
Everything draws and then you can make an informed decision if you want to completely unplug something because you only use it once every two weeks for example if you have a microwave i found out that it’s not quite worth it to unplug and plug it in every single time you use it because over the entire month i’m gonna say maybe 10 cents or something if i avoid all
Vampire power so i decided to not unplug and plug it in because you know it doesn’t save me all that much money i’m okay with paying 10 cents a month to leave it plugged in something that can save you electricity on your refrigerator is if you have it somewhat empty there’s not much stuff in it you won’t want to put things such as drinks if you have a supply of
Drinks in the garage and you’re just saving it for later you might just want to fill up your fridge with these strings with beer with sugary water type of thing just fill it up so that every single time when you open it the cold doesn’t just pour out doing this will save you some electricity whenever you open your fridge and your fridge does not have to you know
Work really hard to make the air cold again another thing that you might not have thought of is if you are a late waiter like i am you might want to wake up earlier because if you wake up early you don’t have to turn on the lights as much if you go to bed earlier you don’t have to turn on the light during nighttime so this is gonna offset some electricity usage and
This is gonna help you save a little bit more on energy costs for using less water you might want to take shorter showers you might want to not water your plants anymore as much as you can as much as you’re allowed to buy your hoa if you have one of those you might also want to check your toilets for any kind of leaks just so that you’re not just having all this
Water just link down the drain for nothing if you are laid off and you don’t have any job prospects and you are just sitting around with unemployment and stuff and you don’t think you’re gonna use your car or maybe if you have a family with two cars you might want to consider just leaving one car in the garage and just switching to using one car instead that way
You might be able to go and cancel in your insurance which might save you a hundred or more every single month if you’re sheltering in place you don’t really need your car anymore you’re not driving all over the place so you’re gonna save a lot of in gasoline you’re not gonna buy all these restaurant meals or anything you’re probably not gonna buy all these new
Gadgets new clothes or anything you’re not gonna go around shopping so luckily for all of these things you’re not gonna spend much money on anymore i do have to say that if you plan on leaving your car unused you still want to turn on your gasoline powered car every couple days or so just so that the engine gets lubricated and stuff and any kind of condensation just
Gets evaporated when you turn on your car you also want to attach your battery maintainer just so that your lead acid battery you know that big 12 volt thing gets charged up because if you just leave your car there even for a week or two generally it drains the battery and when you cycle the battery this hard especially for lead acid batteries they tend to break
Themselves and if you do this a few times you might have to replace your lead acid battery a lot quicker and this is gonna be another 100 to $100 expensive you do not take care of this lead acid battery so if you have a battery maintainer put it on and make sure that it keeps on remaining charge if you do not have one of these just make sure you turn on your car
Once in a while to charge the battery for any kind of car maintenance or home maintenance you probably if it’s not an emergency you probably want to put this off just so that you can survive this just in case that you don’t have any income coming in you’re probably not going to do it anyway because if you’re hurting for cash you probably will put off these kind
Of maintenance things it’s any kind of elective surgeries any kind of cosmetic type of dental stuff you know anything that’s not superduper urgent you might want to put off for now a cell phone plan for all you guys that have a very premium plan like verizon or at&t cost you $80 a month now is probably the time to cancel those services and switch to something
Like mint mobile this is something i personally use i personally have the 12 gigabyte a month service but roughly a couple days ago they sent out an email saying okay because of this situation in the economy we’re suddenly going to make everyone’s service unlimited so i think even if you sign up for it during this month even if you get the lowest grade 3 gigabyte
Version you’re going to get unlimited data they may extend this going forward if this situation lasts for another month or so so if you get this then essentially you might be able to get free internet you might be able to watch all your news your youtube or whatever and you might be able to cancel your personal internet service and save a little bit of extra money
There if you guys are interested in this min thing check out my referral link down below when you’re cutting your expenses there’s a lot of things that’s non-essential you might be able to cancel your regular landline but i have to warn people you have to be very careful of this especially when you have special medical needs because sometimes a cellular link is
Not all that reliable imagine someone you know they have an issue with their heart or something and they’re on the floor you’re trying to use your cell phone and calling for emergency services or something maybe it doesn’t work for some reason you might want this landline as a backup service so be very very careful if you really need a backup phone service such
As a landline there are other things that are pretty obvious to me i don’t have any kind of subscription such as magazine subscriptions food subscriptions you can cancel those you know those cook yourself type of things video services you can get these for free these days gym memberships right you can’t even go to the gym so why not cancel it i know sometimes they
Have these things where you have an initiation fee or something but i mean you don’t know how long this is gonna last so you gotta weigh your costs and benefit over here if you are getting laid off then well you probably should cancel it even if there is an initiation fee your health insurance i’m not saying to cancel this but i personally just kind of thought about
It a little bit but i’m like well you know what if i get sick i still need my insurance so you know i personally am keeping on to this but for people that get laid off you might need to pay a lot of money to get cobra if you are an independent contractor you might have to just pay this anyway so i don’t recommend to actually cancel your health insurance probably
Legally i cannot recommend anyone to do this and i personally am not doing as well i hope going through all these depression-era type of mentality type of actions that you can take will help you guys out in reducing your expenses and possibly reduce your burn rate extend the amount of time that you have before you get kicked out of a home i feel like even if that
Happens probably your landlord might be a little bit lenient hopefully because even if you get kicked out they’re not likely gonna find someone to replace you you know just right around this time especially when everyone is in the same situation together so i hope these tips help you stretch your dollar a little bit more don’t forget to give me a like comment down
Below let me know if this helps and as always don’t forget to push that subscribe button and ring that bell icon thanks for watching
Transcribed from video
How to Survive a Layoff and a Depression By BeatTheBush
