Oct 02 2008
Depression ‘09 - How Will You Survive?
Let’s not jump the gun, but also let’s not be caught with out a clue. Preparation never hurt anyone. So, let’s get busy and see what we can do. It will bolster our confidence that we are ready for any situation. These tips are not only good advice for any bad times ahead, but also just in general. If you follow them, you’ll be in good shape for anything that gets thrown your way.
1. Get rid of your debt. Stop using your credit cards and start paying off any balances. Once they are paid off, if you are still using them, send a check for the balance every month. We’ve watched, just recently, how big banks and investment firms have gone down hard. If others follow in their place or other companies are feeling a big pinch, they’ll be anxious to get their money from you. If you lose your job or your income decreases and you miss a payment, they will be knocking on your door quicker than in good economical times. They will want to get their hands on whatever you might have that can turn into the money you owe them.
2. Even though house selling is difficult at best these days, get it on the market if you have a mortgage. If you can sell you home and still purchase something smaller or in a less expensive outlying area with the profits you will get rid of your mortgage. The most important thing is to have a roof over your head. Make sure wherever you move, you have a decent sized yard to grow a vegetable garden.
3. If you can get solar, wind or other “green” sources of power you won’t have to worry about the prices that may rise beyond your ability to pay. Put out a rain barrel to catch rain water for your new vegetable garden. Stock up on candles. Even if you have to continue to purchase power and water, find ways to conserve it so your bill will be diminished.
4. Make a list of all the salable skills those in your family unit possess. Consider how they might be used during an economic turn down (or shut down). Are there new skills in the same area you could add to them or ones you could work at getting better at? If money is in short supply, bartering is always an option. You can perform a task for someone and get something you need in return.
5. Consider what business would still prosper or at least make you a living during a downturn. They are likely to do well even if all comes out find. The explosion of seniors is still shortly on its way. Even if wages are low, it would make sense to find skills in this area. Also, it seems that cigarettes and alcohol sales never lost a beat during the depression of ’29. They also baked bread in their kitchens and sewed quilts from old clothing and sold these items. Who knows, it may work again.
6. You don’t have to be a hoarder, but it wouldn’t hurt to have some extra socks and underwear put away. As well as some canned goods and non perishable food. Just purchase things you would eat anyway or at least would eat. If you are on any medications, start trying to get your prescriptions a little earlier each time so you have some extra. Batteries, bottled water and TP are good choices. Get a battery/electric powered radio. Purchase anything you could use during a time when things might be less available or less affordable.
7. Stock up on some garden seeds. Even if you have extra, you will be able to use them for bartering. Besides, even a vegetable garden in good economic times is healthy and better tasting than store bought. If you don’t know anything about gardening, learn. Or, at least purchase a good book that will give you step by step directions. Don’t forget an extra informational book on organic gardening, so you will no how to get rid of garden pests without expensive chemicals. Learn to can and stock up on some canning jars and lids.
8. Save your money. It’s true, we won’t know how much it will be worth, but it’s all you’ve got. Put money in your savings and have some stored in a safe location at home. But don’t go over board. Gold would be a great investment, unfortunately the price has already soured and is out of reach for many. Eat in more and out less. Right now that’s extra money in your pocket. Stop buying things that are not necessities.
9. Share what you have. You have to think of your own family first, but don’t become hardened in hard times. Lend a helping hand and care for those that still may be less fortunate or less prepared than yourself. A good heart should not be lost, ever.
