At the rate we’re going right now, there’s a strong possibility we’re gonna fall under an economic collapse.
With businesses shutting down, folks getting displaced, and companies laying off workers, we’re inching towards it, and there’s no escaping it.
One way to deal with a possible great recession is to stay informed and stay prepared for the worst.
Here’s everything you need to know about preparing for an economic crisis:
How to Prepare for an Economic Collapse
Preparing Your Finances
Build Your Emergency Fund as Early as Now
Living paycheck to paycheck won’t cut it during an economic collapse. If you lose your job, you might also lose your home and suffer from poverty. In addition, it won’t be easy to look for a new job during an economic collapse.
This situation is exactly why you have to start an emergency fund now. Your goal is to save up money that can cover your expenses for at least six months until you can find a stable job. Just make sure you keep your backup stash separate from your savings account, so you won’t be tempted to spend a dollar of it.
Have Cash Ready
Assuming a complete economic collapse is still far from happening, it’s essential to have a pack of Benjamins readily available in a cash box, hidden in your home, or in a separate savings account you can easily access.
This bulk of cash enables you to temporarily survive until you can gain access to your emergency fund. Now, it’s only a matter of time before money becomes useless or significantly devalued, so stock up on commodities like precious metals or fuel that you could barter.
Find an Alternative Source of Income
Before things go south, consider starting a home business. Let’s not forget the fact that you could be laid off from work. And we all know finding another job in a time of crisis can be difficult. That is why it helps to have an alternative source of income, so you won’t have to rely on your salary alone.
But don’t just start any business; find ideas based on your skills or things you enjoy doing. You can also think of the necessities that folks will need during an economic collapse and sell those, too.
Pay Off Your Debt
Unemployment rates are gonna skyrocket during a financial crisis, so prepare yourself for the possibility of you being one of the thousands who will lose their jobs.
Before the country spiral’s into a great recession, you better settle your debts as quickly as possible so you don’t drown in them when the time comes. Once you have your debts figured out, you have one less problem to worry about.
Storing the Essentials
Store Emergency Water
Water supply, in the event of an economic collapse, might be interrupted. So it’s best to store clean water for drinking, cooking, and sanitation.
The safest and most reliable source of water in an emergency is unopened commercially bottled water. However, storing water in your own containers is an excellent choice as well, as long as the storage drums are cleaned and sanitized correctly before use, and the water is replaced every six months.
Lastly, make sure you store at least one gallon of water per person per day for three days. You can also try to store a two-week supply if possible.
In times of crisis, resources are scarce. As preppers, it’s natural for us to have a well-stocked pantry. But a prepper pantry is unlike your regular groceries; it’s the supplies you set aside for emergencies where all the food is non-perishable.
Food prices may also skyrocket during an economic collapse where essential food items become costly in the future. So, it’s best to stockpile now.
Stock up on food that doesn’t need to be refrigerated or frozen like canned goods, so you don’t have to worry about power outages. You can even preserve your own food by canning, dehydration, curing, and fermentation.
Keep in mind that you should also store food that provides the nutrients you need to survive.
Start a Survival Garden
When grocery store item prices go up, or your stockpile is running low, a survival garden will help your family avoid starvation. One of the biggest advantages of having a garden is that you continually have fresh, nutritious food to serve on the table; it perfectly complements your emergency food supply.
You won’t ever have to worry about food shortages or price hikes since you’re on the right path to becoming fully self-sufficient. Plus, with a survival garden, you save money on grocery bills.
Build an Emergency Kit
If you need emergency supplies for natural or human-made disasters, you’re also gonna need one in an economic collapse. Put simply, having an emergency kit ready for any type of situation is crucial for survival.
During a financial crisis, you may not be able to buy the resources you need, so you better start building that emergency kit before you feel the effects of the slump. To be extra prepared, don’t forget to include medical supplies because accidents and injuries can still happen.
Securing Your Home
Build a Safe Room
A lot of folks are likely to lose their jobs in the recession. As a result, many of them turn desperate since they can no longer afford to feed their families. When hopeless, looting and scavenging are their only chances for survival.
For preppers like us, this situation means only one thing: these people could threaten our homes. Since there is a high chance of a home invasion, a place to retreat is what you need.
Fighting a group of perps is no good, especially with your family around. That said, building a safe room is your best defense against these intruders. It’s a fortified room in your house where you and your family can escape during emergencies, perfect for escaping riots and chaos.
Install a Security System
Looters and thieves are gonna multiply when the economy collapses, so you have to beef up your home even more to avoid break-ins.
Store Survival Gear
Don’t think an entrenching tool is handy in an economic crisis? You’re wrong.
Sure, being able to protect your home is fantastic and all, but you also need to be able to build anything you might need. So what can help you with that? An arsenal of survival gear.
You can even use some of your tools as self-defense weapons if the unprepared folks come knocking at your door and demand a piece of your stockpile.
Bracing Your Family
Let Everyone Know of the Situation
Prepping your family for what’s about to happen is just as important as preparing your survival supplies and survival equipment.
You can call for a family meeting and inform them about the situation and discuss your plans. Each member must take everything seriously, so everyone can slowly get into the survival mindset before things spiral out of control.
Save an Emergency Fund for Each Family Member
Everyone in the household should also keep their own stash of money. Your family’s emergency fund might not be enough to provide for everyone’s individual needs. If you put aside some cash of your own, you won’t have to depend on that one emergency fund.
Pack Essentials Individually
Yes, your prepper pantry can feed the entire family for weeks, but it’s wise to prepare a bag of essentials for each family member if things go wrong and you’re forced to bug out during an economic collapse.
Your bug-out bag should contain survival supplies like food and water, clothing, a first aid kit, medications, gear, and don’t forget to include essential documents.
Teach Your Family Survival Skills
Aside from stocking on survival supplies, your family’s gonna need to learn a set of survival skills as well. Some basic knowledge on building a fire, performing first aid, gathering water and purifying it, hunting and growing food can be helpful during SHTF and what comes after.
Team Up with Another Family or Group
You might not like the idea of working with folks outside your immediate family, but an extra pair of hands can up your chances of surviving an economic fallout. However, you have to be picky when deciding who to welcome into your circle. Make sure these people are reliable and will put in work for the benefit of everyone.
We know...there’s a lot to consider when prepping for an economic collapse. But to be truly ready, you have to think about every little thing. You want to cover all bases, so you won’t encounter problems once you’re in the middle of it.
Of course, you have the freedom to prioritize what you think is best for you and your family. But, as long as you have the resources and skills you need to survive, then there’s no reason you won’t get spared from the effects of the recession.
Do you have other tips you want to share? Tell us in the comments!