The economy may not be at its absolute worst just yet, but we can all see the proverbial writing on the wall. The global economic situation is likely to get worse before it improves. Knowing this; there are steps you can take today to prepare yourself and your family for the inevitable fallout of the economy as we know it today. It’s not paranoia – it’s simple math. The US has seen ten recessions in the past eighty years. And don’t even get me started on the Great Depression where all bets were off!
Here are eight simple ways to prepare for economic collapse: 1.) Get out of Debt, 2.) Build an Emergency Fund, 3.) Ensure Long Term Food Storage, 4.) Stock up on Canned & Dry Goods and Other Supplies, 5.) Get Some Gold or Silver, 6.) Make or Buy a Bug Out Bag, 7.) Get a First Aid Kit, and 8.) Stock up on Batteries, Bulbs, and Water Purification Systems.
1. Get Out of Debt
You might not realize it, but a growing number of economists are predicting an imminent crash. The United States is $20 trillion in debt, with very little means to pay off that debt and the government just printed trillions more with nothing to back it. And worse yet, other countries like China have even bigger debts. Prepping is like having insurance that will pay you anytime you want.
You have instant access to whatever goods or money you have saved – whenever you want. So when will it happen? No one knows, but experts predict any time that there will be another economic crisis. To be prepared for such a catastrophic event, you should start living on a smart budget as soon as possible.
2. Build an Emergency Fund
You don’t need an actual fund in the banking sense, just some extra cash you can stash away if disaster strikes. You should have three to six months of living expenses on hand. That means no credit cards, though. If you use your debit card or credit card to pay for things out of your checking account when times are tight, it will deplete your savings quickly.
To save faster, work a side job or do side hustles online or in person. Say you make $20 an hour and work 20 hours a week: In one month alone, you’ll earn $1,600. That’s more than enough to build up a small emergency fund, even after taxes. Not bad! Just make sure not to spend any of those hard-earned dollars on nonessentials, such as nights out with friends or expensive new clothes; that would defeat the purpose of saving in the first place!
This will sound crazy, but after I did this for a couple months and saw some cash in my stash box, I didn’t even miss the nights out. It was still fun. I just spend more time working and less time playing. Even if the sh*t doesn’t hit the fan soon, I have a nice slush fund to help with retirement or combine the best of both worlds and buy a nice little off-the-grid piece of paradise.
3. Ensure Long Term Food Storage
In order to survive any economic collapse, it’s important that you have food storage. Experts in preparing for catastrophe recommend having enough food on hand to last you and your family at least three months. To do so, you need proper emergency food storage – not just the food. Your precious supplies are useless, and even dangerous, once they spoil of get infested.
In addition, stocking up on non-perishable foods will help you avoid being forced into buying harmful and expensive pre-packaged emergency rations if an emergency occurs. It’s always better to buy what you like, while you can get as much as you need. You can live on fall-out shelter MREs if you have to, but why not do a little preparation and get the stuff you love? Some of it is super cheap and can last decades!
Of course survival food has come a long way since the 1960’s and ’80’s. Civilian available MREs (meals ready to eat) and meal replacement bars can give you all the nutrition you need. They just tend to be more expensive than everydau items you can store youreself like canned meats, rice, and beans.
Having both types of food is best but get prepared to defend what you have: Even with stored food, it might not be safe from looters or desperate neighbors. It’s best to keep food storage areas secret from anyone not invited to the party including those you love and trust that might talk too much. Also follow up by learning additional skills such as building shelter or finding potable water sources in case more conventional means of survival become necessary.
4. Stock up on Canned Goods, Dry Goods, and Other Supplies
Storing canned or dry products is another way to prepping for economic collapse. Having a stash of things you can’t find at your local grocery store will make it much easier in case of an emergency. That said; I’m not talking specifically about Armageddon-type tasteless MREs. I’m talking about foods you might enjoy everyday.
Top items to store include canned meats, white rice, steel cut oats/oatmeal, honey, dried beans, wheat, flour, sugar, brown sugar, powdered milk, dark chocolate, coffee, and anything else you may need. Just check the expiration or “best by” dates on the items based on manufacturer packaging and see if you can extend this shelf life by placing the items in cool, dark, airtight containers – especially vacuum sealed. That’s a great way to get ten times the usable shelf life out of many items.
Food packaging is typically developed in low-cost/high-volume ways to give their contents a shelf life that works for pantry use. And example of this is two years for a bag of rice. If you can re-store that food in long-term solutions, such as dry vacuum-sealed, non-light emitting containers kept in a cool location – you can often get 10X the shelf life suggested. Just remember, when that food vault is opened, the expiration clock starts. It’s a good idea to keep multiple sealed boxes or drums so you can access rations as needed. Then you simply rotate out your food stores regularly.
These are just a few examples of great prepper foods; check out our detailed list for more inspiration. We also offer many great tips on food preparation!
If you don’t have room to store cans, dry goods, and other items at home, consider finding a temperature controlled storage unit nearby. Be sure to rotate these products as much as possible, rotating them monthly will keep freshness high and prevent spoilage.
Store canned meat, white rice, steel cut oats/oatmeal, honey, dried beans, wheat, flour, sugar, brown sugar, powdered milk and anything else you may need. These are just a few examples; check out our detailed list for more inspiration. We also offer many great tips on food preparation!
5. Get Some Gold or Silver
It’s no secret that when an economy collapses, people turn to gold and silver. Precious metals have value across cultures, eras, and economies. If you are investing in physical precious metals or mining stocks as a hedge against economic collapse, be sure you know what you’re doing. It may be a good idea to consult a financial advisor or certified commodities professional before committing.
In addition, make sure you don’t become overly attached to your investments because they can become liabilities if your economic situation takes a sudden turn. Remember: The more desperate things get, the less practical solid investments will seem.
6. Make or Buy a Bug Out Bag
Is someone looking to prepping for economic collapse? Well, there is no downside to good planning and proper preparedness. In many disaster scenarios, you won’t have time to wait for help. That’s why it’s important to prepare a bug out bag. This is a pack of supplies that allow you to survive on your own in an emergency. This, of course, includes food and water (which can be heavy so plan carefully).
Each bug out bag should contain enough supplies and food to last 72 hours in any environment. This includes both urban and rural settings. Once again, balance is key: take nothing from home you don’t already have. It’s better to make multiple small purchases than fill up one big bug out a bag with non-essentials.
7. Get a First Aid Kit
One of your top priorities should be to have a well-stocked first aid kit. This is especially true if you live in an area that’s prone to natural disasters. Some of the items that occupy the least space and provide the greatest benefits are… Self-adhesive bandages (like “Band Aids”), aspirin or ibuprofen, liquid rubbing alcohol, BZK-based or alcohol pads, burn salve (also sunburn cream or spray), “liquid stitches”, antibacterial ointment, safety pins, 10-to-30-foot roll of 1” medical tape, good tweezers, razor blade or disposable scalpel, fine-point pick or probe, butterfly stitch bandages, sterile gauze pads, antihistamine, calamine lotion or anti-itch cream, blister cream, and diarrhea medication.
Other important items in your kit are “Ace” type bandages, a splint, and a good CPR mask. The latter can make all the difference when it comes time to delivering mouth-to-mouth resuscitation.
8. Stock up on Batteries, Bulbs, and Water Purification Systems
If you live in a major metropolitan area, you’re used to seeing lines at grocery stores. When there’s a run on supplies, those same people go to big-box stores to hoard whatever they can. This is especially true before and after major storms. But what if things don’t get better in days or even weeks or months? What if those disasters turn into long-term issues with no clear solutions in sight?
No matter where you are now, it’s important to prepare for impending economic collapse. You can do this by stocking your home with essentials like… Batteries, light bulbs, water purification systems and other gear that will help keep your family alive when things go south. Not only that, but knowing how to survive without life’s luxuries is just as crucial as basic physical preparation.
Final Word!
Like all survival scenarios, the world economy is unpredictable. When it does collapse, no two situations will be the same. However, given these circumstances, there are some precautions that anyone who has any amount investible income should consider. Having the ideas outlined in this guide can help everyone in prepping for economic collapse!