Hey, guys.
It's Chelsea from The Financial Diet.
And this week's video is brought to you
by QuickBooks Online Payroll.
And today, whether you are someone who may have recently
lost a job, or newly working from home,
are separated from loved ones-- like myself--
have had to radically reorganize your budget,
or have generally felt your life be upheaved in some way,
I want to talk to you about the things
that you can do immediately to help
counteract some of that feeling of being out of control.
And start taking charge of your life both financially
and logistically.
One of the things that we've been hearing
so much in the past few weeks is a sense of panic
and a sense of being out of control.
And ultimately, while some things are never
going to be totally within our grasp,
there are usually steps that we can
take in any given situation that help bring the ball back
into our court.
So not all of these may apply to your situation,
but at least, some of them would probably
help give you an overall sense of peace and direction.
Without further ado, because there are a lot of them
to get to, here are 21 things to do immediately
when life feels out of control.
Number one, cancel all unnecessary subscriptions.
Anything that you're currently paying for on a recurring basis
and are not getting an enormous amount of use out of
or something that you could be sharing with another person
to double up on that subscription,
you should cut right away.
It's an easy way to find a little bit of space
in your budget, and to make sure that you're not
paying for things that you don't absolutely need and use.
Number two, file for unemployment
benefits if applicable to you.
This is a situation that has been evolving
over the past several weeks with so many people
newly in unemployment.
And the benefits do vary state to state.
But in many locations, you can actually apply online
or on the phone, and at the very least,
can speak to someone who can help walk you through what
you're entitled to.
There is zero shame in filing for unemployment benefits
if you're eligible for them.
And at the very least, you owe yourself
a fact-finding mission.
Number three, see if you can qualify
for any other government assistance programs.
Even TFD as a small business has so many opportunities
available to us of late that didn't even exist a month ago.
And we've been making time with our accountant,
as well as with just each other, to try and understand
these options as best we can, weigh them against each other,
and see what opportunities we can avail ourselves
of today that we may never even have thought of before.
There could be so much out there for you
that you're not even aware of.
So at the very minimum, do your research,
and find out what you could be entitled to.
And remember, it doesn't just stop with money.
There are also tons of assistance programs for things
like food, government housing, mortgage relief, et cetera.
Number four, vent to a loved one.
I think we all have someone, or at least,
I hope we all have someone in our lives,
who feels like a place where you can simply
talk about what you're afraid of and really be listened to.
And sometimes what we want is for people
to provide us with pragmatic solutions,
while other times we really just want to be heard and told that
sucks.
But do remember that often when you're working yourself
up into a total anxiety spiral panic,
it's because you're living inside your own head
and only listening to your own internal monologue.
Simply looking at someone else's situation,
hearing what they think about it, bouncing ideas off of them,
or realizing that they might be in the same boat
can walk you off a ledge emotionally.
But if a loved one may not be enough for the kind
of emotional resources you need right now,
look at finding an affordable therapist in your area.
My dear friend Crissy Milazzo has put together
an amazing spreadsheet that lists all different kinds
of therapists in all different areas
across the country who offer really affordable programs
for people who may need therapy, but feel
that the typical expense of it is just not possible for them.
Now, more than ever, therapists are
making themselves available on sliding scales because we
need it to help each other.
And sometimes just venting to that loved one isn't enough.
We'll link you guys to Crissy's amazing spreadsheet
in the description where you can find all sorts of resources
depending on your needs and where you are.
Number six, do a full inventory of the food
that you have in your kitchen, and see what leftovers
or food items you have in your fridge that
may be going bad soon and could easily be put in the freezer.
The last thing you need at a time when money might
be a little tight or the future a little uncertain
is to be wasting food.
So having a total inventory of what
you have in your house, which both means how long you can go
before your next grocery shop, as well as how much room you
need to leave in your budget for more food,
is a great way to regain that sense of control
over your schedule and some of your recurring purchases.
So don't let something just linger
in the back of your fridge.
If it needs to be frozen, freeze it now.
And similarly, number seven is take inventory
of the ingredients you have, and make a list of recipes
that you could currently put together
that are great for big batches and freezing.
Things like soups, stews, pasta sauces.
All kinds of things that you could
make with very versatile ingredients,
depending on what you have on hand,
can be made in one big pot and then portions and frozen.
That's something that you should put
at the top of your to-do list because it will ensure
that no matter what else is going on you
have a nice meal you can turn to in a pinch.
I'll link you to some of my favorite big batch
and freeze meals in the description, which
are very interchangeable depending
on the kinds of specific ingredients might have on hand.
I recently even made a stew the other day
that was quite delicious, if I do say so myself.
But made with really impromptu ingredients
because I didn't have all the ones I typically would have
bought for it at the store.
Number eight, if you are in any kind of hardship
with regards to your debt, call them and find out
what relief resources they are offering either now
or generally.
If you are ever in a situation where you are making payments
to someone and you may not be in a position for at least
the immediate future to continue your payments exactly
as you've been making them, remember that their goal aligns
with yours, to some extent.
Which is just making sure they can keep getting something out
of you, even if it's not exactly what they would have wanted.
Which means that you often have an ability to negotiate.
Being able to adjust your payment plan
or even possibly adjust the terms of your repayment
is not just something that's more available now
because of a lot of government assistance
that's being provided, as well as policies
that are being implemented.
It's also something that generally
exists on an ongoing basis with most debt structures.
Remembering that you can call to negotiate
with Lenders or collection agencies and at least
attempt to be honest about your situation,
rather than just ceasing payment and letting it go into default
is a great way to take back some of your power.
Number nine is looking for a remote/temp
work you can take on in a pinch so
as to supplement your income, and not
feel like you're totally beholden to what
may be at this moment a total state of unemployment
or a fairly limited fixed salary.
We'll link you to our all-time famous 12 jobs
you can do from bad video, all of which
would make really good side hustles
if you're currently staying home.
Number 10 is make a list of the absolute essentials
that you need at the store, and plan the best time
at which to make that trip.
One thing that you do not need at a time
when life feels generally out of control
is the feeling that you're always missing something
or might have to run out and grab something,
particularly if it's a time when that's unsafe.
Feeling like you have a total inventory of the need
to have items--
things like basic cleaning products, light bulbs,
basic ingredients, hygiene items,
even a very basic tool kit that you might need in a pinch--
is going to ensure that no matter
what happens in your house, you're
going to be start with the right supplies to handle it.
And not only does that give you the security
of being start with the right inventory in your home,
it also gives you the peace of mind
that you can fully budget for those items.
Because it's much harder to budget
when you're constantly having to run out for something here
and something there.
When life feels out of control, you
want to have a really watchful eye over how you're
spending on all of your various household items,
and the best way to do that is all at once.
Number 11, do a full inventory of your bills right now,
and put them in the list of priority
if you can't afford to pay them all.
Our editor, Kristen Wong, recently wrote a fantastic post
on how to prioritize all of your bills
in order if you're not able to make all of the payments.
Some of them might be negotiable.
Some of them may not penalize you for being late.
And some of them might be things that you could cut out
altogether for a time.
But making sure you have a full picture of all of the bills
that you currently owe and can rank order
them by ability to pay and absolute necessity to pay
gives you a much greater sense of control
and next steps when it comes to figuring out which
ones need to be contacted.
Otherwise, it's easy to just feel totally overwhelmed,
and like you can't afford to live your life,
and you might as well just throw it all to the wind
and go live in the woods.
Number 12, do a full inventory of your medicine cabinet,
both for preventative products and the right things
to ultimately treat an illness you're likely to get.
You want to make sure to have the basics.
Things like emergency and thermometers
and Band-Aids and Tylenol.
Perhaps things like sleep aids or medicine for PMS.
Basically, knowing that you have a fully stocked medicine
cabinet and can keep yourself as safe as possible
while preparing for a moment that you might have
to be at home and taking care of yourself for a while
gives you such an increased peace of mind.
And yes, eliminates the possible need to run to the store,
again, unexpectedly.
One of the big ongoing debates in our home
is that I believe that zinc combined with Emergen-C
is one of the all-time best cold slash flu preventative measures
you can take.
And Mark thinks it's completely placebo effect.
But listen, I usually get sick way less during flu season,
so who's laughing now?
Number 13 is creating cogent, thoughtful, clear form letters
with any attached legal rights needed for bills that you
may not be able to pay.
Things like your rent, your mortgage, loans, et cetera.
If you are in a position where you are suddenly
unable to pay these things and fear
any kind of possible retaliation,
it is so important that you know your rights
and express yourself as clearly as possible.
It may be an uncomfortable thing to do,
but it is so much better to face things
head on than to try and avoid the problem
and potentially, in worst case scenarios,
be thrown on the street.
The website Nolo has tons of great legal information
and resources for all of the ongoing exceptions currently
being made to obligations like rent and mortgages,
as well as up-to-date breakdowns on what your rights may
be in cases like this.
Whether you qualify for forgiveness programs,
or you're currently in an area with an eviction freeze,
or any number of possible considerations
that could impact this situation.
Keeping your head in the sand about something
like this will not do you any favors,
but arming yourself with your rights and speaking clearly
and confidently is the only way to go
to regain some of that control.
Number 14, curate a list of news sources
that provide you with accurate, actionable information,
and tune out the rest.
One of the easiest ways to put yourself
into a spiral of anxiety and be overwhelmed
with a sense of being out of control
is constantly consuming a media diet of information
that is often misleading, or overly catastrophic, or based
on potentially misleading data, or generally not applicable
to your life.
When it comes to really overwhelming,
scary news information things like--
I don't know-- a pandemic, you should put yourself
on a need-to-know basis.
Is this going to change how I live my life?
Is this something I need to know?
Is this something that is going to give me
additional actionable information?
If the answer to these things is no,
you are probably best tuning it out.
You should focus on following the best possible behaviors,
listening to your officials, and trying
to follow the data as accurately as possible
without overwhelming yourself.
But a heavily curated media diet is
one of the most essential components
to regaining a sense of stability
in a situation that can feel out of control.
And endlessly scrolling and torturing yourself
with terrifying headlines and sound bites
is the opposite of doing something productive.
Number 15 is to pause any automatic withdrawals from
your accounts for things like savings if you cannot currently
afford them.
The last thing you need is to know that you are accidentally
going to put yourself into over-drafting
or not being able to pay bills because you haven't taken
the time to stop any automatic payments or withdrawals
that you can no longer afford.
It takes a few minutes, and you can easily resume them
once you are back to earning your regular salary
or are more flexible financially.
But remember that as much as automation is your friend when
you can afford it, it can be your worst enemy when you
can't.
Number 16, if the market is in freefall,
stop checking your 401(k) obsessively.
It's not going to be fun.
Why are you doing that to yourself?
Stop doing that.
Number 17, look around you to see who in your life
you could possibly combine subscriptions with for things
like streaming services.
Or if you have much better off people in your life-- like,
let's say, your parents--
maybe you can mooch off of their subscription for a while.
Give yourself an opportunity to save, and to keep
those little joys in your life without necessarily
having to pay for them totally out of pocket.
Number 18, if you're dealing with a lot
of overwhelming anxiety, look for communities and forums
and even places like sub-Reddits where
people are getting together to talk
about those anxieties in a productive and non-judgemental
way.
There's is a sub-Reddit entirely for dealing with coronavirus
anxiety.
There are great online forums for people
who are currently dealing with financial instability
or economic fear.
And there are tons of resources even
your own community for people who are currently having
a difficult time.
Remember that often, just talking about what we fear
most-- whether it's about a pandemic, or the economy,
or even your own community on a day-to-day basis--
getting together with other people
and being honest about how you feel
can be one of the best ways to release those demons.
I won't lie, that coronavirus anxiety sub-Reddit
has helped me many a time.
Number 19, if you are homebound in this time,
make as many virtual appointments
as you can with people you love.
Even in times when we are isolated,
we still profoundly need human contact.
And it can be difficult to just call people out of the blue.
So making sure to structure that time with people around you.
And give it the same kind of space in your life
that you would give to work or--
if we're being totally honest-- panic scrolling social media,
can be a great way to relieve some of that aloneness
and add structure to your day.
Number 20, start taking things like free online classes that
can help not only enrich your life,
but give you something else to focus on for a while.
When things are out of control and maybe-- for example--
you might have lost a job recently
and are suddenly faced with a lot of extra time,
every minute that you spend just focusing on how bad things are
and turning in circles is a moment that you're
going to feel worse about the situation.
When ultimately, even in times when
we might be isolated at home, or currently unemployed,
or separated from loved ones, there
can be opportunities in that.
And one of them could be learning
a really good new skill or at least, taking the time
to enrich yourself in another way that would often just fall
to the bottom of your list.
Several of us here at TFD are taking different online classes
in this time, just because, quite frankly, it
provides a really nice, welcome distraction.
And reminds you that not everything
needs to be defined by the job that you have,
the amount of time you're going out and doing
amazing social activities, or the money that you
have in your bank account.
This is holding myself accountable to freaking finally
learn Spanish during this time.
Lastly, number 21 is double-sided.
If you sense that you might need some immediate financial help
beyond what might be offered to you structurally,
make a list of people in your life
whom you would feel comfortable going to asking for that help.
Whether it's financial or in terms of a place
to stay, or maybe help with food, or even
help, perhaps, finding another job.
Try and find the people that you can reach out to
in a way that feels warm and welcoming and nonjudgmental.
Because, at the very least, if you have in your head
the people who could be places to turn to,
you won't feel so panicked and alone when you find yourself
in a tough situation.
But alternatively, and maybe more importantly,
if you are someone who is in a position to help,
if you can help people financially
in terms of a place to stay, with food,
with job searching, whatever it may be,
if you are in a more privileged position
and could be of help to people in your life
that you sense may eventually need it,
find a way to let it be known to people
that you are a safe place to turn and willing to help.
And you don't have to be so egregious
as to be like, hey, if you need some money, here's some money.
You can say something as simple as I just
want to let you know that I really care about you,
and if you ever need anything at all, do not hesitate to ask.
Because I would so love to help.
Anything I can do.
There's ways to wink and nod and make it clear to people
that you're really there for whatever.
And honestly, if you feel that someone in your life
is genuinely struggling, one of the easy things to do
is send them a gift card for something like food.
It's not quite as obvious as sending them money
if you sense that might be something
that they need, and can feel a little bit more
acceptable slash less like something they
have to immediately pay back.
But it's also a good way to show that you're there,
and that you care.
And also, remember no matter what,
if you are helping someone out financially,
one of the best pieces of advice is
to always treat it as a gift.
Do not expect to be paid back, even if they eventually
may be able to pay you back.
Because having that expectation of it
being a loan between friends or family
is what can automatically create a really toxic and resentful
dynamic.
The more you can open yourself up as a resource and a place
for people to be safe and get help,
the better things will be.
And if you are like me and you're a small business owner
and you're constantly looking, especially in times like this,
for ways to make your life easier and less complicated,
one of the best things you can do is streamline payroll.
And as someone who has used QuickBooks personally
for years with her small business,
I could not recommend their online payroll system more
to do that.
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You can learn more about QuickBooks Online Payroll
at the link in our description.
And as always, guys, thank you so much for watching.
And don't forget to hit the Subscribe button
and to come back every Monday, Tuesday and Thursday
for new and awesome videos.
Stay safe.
Take care.
I love you, guys.
Bye.