10 ways to preserve my financial runway after being laid off last week
Got laid off. Have around $37k in reserves. Live at home with parents. Need to make it last for at least one year
1. Sell or get rid of things that I don't need
Can sell my 2nd macbook, can sell my motorcycle, can sell my drone. Get rid of stuff I own that i don't use anymore to reduce clutter
2. For purchases over $100, wait 3-5 business days before making decision
To prevent impulse buying and to prevent buyer's remorse
3. Consider getting a part time job, 16-20 hours per week
This will stretch out my reserves for longer, need to extend my time freedom
4. Ask my parents to let me pause my rent payments for 6-12 months
Mom and dad might be able to help me, i'll pay them back later after my business idea takes off
5. Analyze my spending to see where to cut costs
Already canceled lots of subscriptions, most of my spending is on food/supplements
6. If I come across a book that I want to buy, try to get cheapest kindle version
Or free online version, or read at a bookstore like barnes n noble
7. Work with fam to split costs on certain shared items
Laundry detergent can be split instead of me buying. Food is also possible to split.
8. Do extra work around the house to justify less financial contribution
Wash all dishes, take out all trashes, dog care, etc.
9. Cancel music subscription, but first save songs and playlists list
Figure out a way to export library info to my laptop
10. See if i quality for food stamps
This will significantly reduce my food costs, food is very important because I'm using foods to heal myself
11. Go on that one website to get my WiFi bill waived to lower cost
Find that gov website, found it https://www.reddit.com/r/povertyfinance/comments/14elsly/affordable_connectivity_program/
12. Explore loan options when i get to around $10k if needed
Reach out to close family members to work out a loan deal if worse comes to worse
13. Cancel or pause gym membership
Go to in shape in person tomorrow to see if they can cancel my membership
14. Order only one 5 gallon natural spring water, use homemade distilled water for everything else
need to reduce water costs
15. Cancel door dash dashpass before Nov 28
No more ordering stuff on doordash
16. Cancel substack membership
$20 per month, cancel by end of nov
17. Keep an eye on expenses, cut any fat, become lean, and be vigilant
Expenses will show me what needs improvement, looked at most of them, need to be vigilant
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