How To Prepare For Economic Hard Times

You do not have to be a rocket scientist to understand that the current economic outlook is not good for the next few years. Hopefully I am proven wrong on this, but when you look at the cold hard facts, it is obvious there are some hard times ahead.

The housing market has not hit rock bottom yet, and the worse is not yet over. A lot of analysts are worried, that too many people are in a false sense of security here at the start of 2012. No one really knows what the outcome will be because what we are witnessing is unprecedented on a global scale.

The problems out there now are a lot different to the depression in the 1930’s. While there are some similarities, you must understand that many changes have taken place since the 2008 financial crisis, many people have lost great sums of money, but remember it is more important to focus on “what you have now” and not “what you had” back at the height of the crisis. Do not get caught up in all the hype and hysteria at the moment.

There is a lot of hype out there at the moment about an end of the world scenario that is about to play out.  While there is cause for concern, there are many things you can do to help minimize the risk to you and your family.

1) Pay Off Your Debt

Do what it takes to pay off all your existing debt. You may need to downsize your home to pay off your debts and bills more easily. Start by paying off your larger debts first and then your smaller debts last. Remember that the more you pay off each month, the less interest you will have to pay down the track.

Do not waste money and engage in obtaining more loans or credit cards in this period. That will just add to your problems.

2) Destroy All Your Credit Cards

You are making someone else rich by having your own credit card. It is too late for most people before they realise this. If you can’t pay cash for your items, then you should not be using credit that you cannot to pay later down the track. That is a very dangerous game to play.  It is better to pay cash and destroy all the credit cards you have at the moment.

3) Save Cash For A Rainy Day

It is always handy to have some cash in your safe at home or close at hand in case of an emergency or problems with your local bank. Back in the 1930’s many people lost their entire lifesavings when the banks failed and the stock markets crashed. So it is always handy to have access to money for the necessities in life such as food, water and gas for your car. 

4) Stock Your Pantries

You might have thousands of dollars invested in the stock market, but in times of need that is not going to feed your family. You should start thinking about stocking up your home with food, water and other canned goods. Not only will this be a great back up plan, but you will end up saving tons of money in the long term.

Buy everything your family eats, especially canned goods with lengthy expiry dates. Also you may want to stock up on other daily necessities like toilet paper, medication and personal hygiene items.

5) Learn Self Defense

This is your god given right. To defend your home and your property in times of need. If food becomes scarce people will do anything in order to survive. Make sure you purchase a gun and ammo and learn how to use it.

You may want to take a self-defense course and learn how defend yourself.  Make sure you evaluate your home and see if it has any weak points or susceptible to a home invasion. Can you fix these problems or vulnerabilities?

6) Have At Least Two Back Up Plans

Always have a backup plan, and then a back up to that backup plan in case of an emergency. The government do not have y our best interest, and it important for you not to rely on the grid. If the power goes out for an extended time period always make sure you have extra food, water, heater and light.

Always think outside the box, and realise that you should plan for the worse and hope for the best. That way you will win and be able to survive no matter what.

7)  Acquire New Skills

Learn new skills from time to time such as how to bake bread, gardening, hunting, fishing, knitting, making soap. Any of these skills will be useful if things slow down. They can make your life easier too. Certain skills require time and patience on your part, but will be worthwhile and will keep you prepared no matter what. 

8) Make Friends With Neighbours

In today’s modern society we tend to stick to ourselves. Back in ancient times, people harnessed the true power of living in small groups. You can help each other, and make heavy workloads lighter by chipping in, and working in a group.

Get out, and meet all your neighbours. Get to know those around you better. Not only will you make new friends, but your neighbours can help you look after your house when you are away, and help protect the surrounding neighbourhood in which you live. Small based communities like this will survive if the economy dwindles further. 

9) Get Fit

You will want to keep up physical peak fitness as the economy weakens. Scientific evidence suggests that people who are more physically fit are healthier, feel better, look better, get sick less often, and are normally happier.

You will also want to stay fit in case you have to walk long distances or have to protect your home for various reasons.

10) Pray 

Ask the lord to keep you safe and guide you and give you the wisdom you need to make the right decisions. Not matter what happens to the economy, you must realise that God is still in control. It may not be easy, but these changes are happening for a reason and we must trust that it is for our own good. Think of the coming changes as a wakeup call for society to focus less on greed, money and materialism as we go forward.

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