How would you prepare for a financial depression?

**HandyMom** · 07-07-2008, 01:39 AM

I'm retired on a disability, living alone with my ungrateful teenager so my plans are a bit different than most others would be in case of emergency. My income is already just a smidge above poverty level and so I've been scraping and saving and stock piling all along. I've had to pay out most of my savings on medical bills, taxes and home repairs (in that order) and so there really isn't even enough left to bury me with if I died. No life insurance, either.

I don't have much to give up besides my home, my internet and my car I would consider selling my house and moving in with a relative or friend. Can't even grow grass in my backyard and the moles and grubs are taking over the front! I have a tomato plant growing in a bucket on my front porch.

Other than that, I am hanging in there by threads and trying to keep up with a older house crumbling apart around me.

**prftstrngr** · 07-07-2008, 10:25 AM

Originally Posted by HandyMom

Other than that, I am hanging in there by threads and trying to keep up with a older house crumbling apart around me.

Would you be better off to sell your older home and buy something that is maybe a little newer or in better shape?? If its costing you money you would be saving that expense. Even if you got something smaller?? I dont know the whole situation....just a thought!! Then again if its paid for you dont want to go into a house payment either...hmmm

**FrugalMomof3** · 07-07-2008, 10:38 AM

I would stockpile for sure especially dry goods: Sugar, coffee, flour, canned veggies/beans, boxed pasta, spaghetti sauces, etc...

I would also conserve alot more energy by using candles at night and walking around with it around the house instead of turning the lights on.

We would have tons of leftovers., etc...

I would love to sell my house and possibly move to the country with a paid for house (even if a fixer upper, as long as it's in livable condition). I would grow my own veggies, etc...

I would also NOT have cable TV OR home phone AND might cut off the internet until the depression ends. TV would be limited to cut on electric use and water use would be cut dramatically (unless included in the house taxes).

There are so many things we all can do even NOW to prepare. Most of us already do as much as we can with only a few options available to cut down on or out all together.

**brenda67** · 07-07-2008, 10:44 AM

Originally Posted by freyadog

Update here:
both freezers are now full. have started canning from the garden. added 5 guinea chicks now in brooder for watch dogs. have 25 Rhode Island red chicks coming on the 21 of this month(July) for meat birds and of course eggs.

we are going to cull our roos this weekend and can that meat. messy job but that is what we have them for. Umbridge#1 and Umbridge #2 have 15 chicks between them. so our chicken numbers are increasing fast.

Holly(goat) the 2nd milker will be here probably next weekend. Got to meet her today and actually milked her. Mini-Nubians are different in milking than a full size Nubian so girfriend wanted to work with me to make sure that I was able to milk her. She has blue eyes just like The Moz(Moses). With two milkers we will probably get almost a gallon of milk a day so most will go in freezer for soaps and lotions later on. Already have a girl calling me about soap.

tops of garlic are dying back so that means I will have garlic this month to put back. onion tops have already been pushed over so they are just laying in the ground waiting.

not gonna get many sunflower seeds. Miss Arwen got into them and almost cleaned me out.

I have a question for you..my onions have been in the ground since the middle of April and someone told me to fold over the tops and the onions will get bigger is that true? If it is how do I do it? TIA...

p.s. when do you know when the onions are ready to harvest?

**prftstrngr** · 07-07-2008, 11:08 AM

Alot of the things I would do Im trying to do now. Like we need new windows to save on heat...we already supplement our oil heat with a wood stove insert in the fireplace. I have a huge house so I would probably be the one to take in my mom and brother because mom couldnt afford to keep her house and look after him too(black sheep and useless). Besides we would be better off altogether it would save on power and everything. I already make lots of soups and stews and often freeze them for later. My mom has land we could cut wood from if needed. I would barter what I could with neighbours. I do garden some and I can and preserve. I have a sewing machine and I can sew just dont very often. I think the biggest thing for us would be gas and furnace oil. Id love to switch to wood furnace now but really cant afford it. I think that will be something we will start saving towards. My son is in for a rude awakening.... he thinks money grows on trees...hehe! Although he is much better now that he has a job and I make him save some and buy the things he wants from his own money. I provide the needs....he pays for the wants. I just think he wouldnt like it at all as he is used to just being able to get what he wants one way or another. Most of us will understand far better than our kids!

**freyadog** · 07-07-2008, 11:22 AM

Originally Posted by brenda67

I have a question for you..my onions have been in the ground since the middle of April and someone told me to fold over the tops and the onions will get bigger is that true? If it is how do I do it? TIA...

p.s. when do you know when the onions are ready to harvest?

dh went down the row of onions and just took his foot and laid the tops over on the ground of the onions. Sort of mash them down. We normally just after the tops die cover with hay and get them as we need them. This year however we may pull them up and try for a second harvest for fall and maybe enclose that section. we have an old sliding glass door that would make a great top for the winter.

**Hamada** · 07-08-2008, 08:11 PM

In some ways I feel like I am already stockpiling as much as possible for some really hard times ahead. Keep on building stockpile, get a couple more medical supplies, supplies for bicycle repairs, supplies for sewing machine, probably take on a roomate and/or move to a place where a large garden could be grown, stash as much cash on hand

**Janbee** · 07-12-2008, 01:01 AM

I would get some Seeds and
Canning supplies (Flats, Rings, and Jars)
I would stockpile non perishables and did I mention stockpile non perishables and oh yes I would stockpile non perishables.

I just wish my house was paid for.
I have been making extra payments on it, oh how I wish it was paid for.

**MommyBliss** · 07-12-2008, 04:07 PM

We've already been discussing this with my best friend and her hubby. We would double up both families to live in one larger home. We currently live in a larger place and could all live in this house. I've been hitting the thrift store and stocking up on jeans, sweatshirts, warm weather clothing for the kids, pjs when I can find them. I'll be storing larger sizes as soon as I get hubby to clear out the garage, we plan on having it ready by fall to hold a stockpile.

I'm stocking piling food, water, material, learning to use my sewing machine, teaching the girls how to use theirs. I plan on getting my best friend a used machine as a Christmas gift to teach her. We're getting rid of extra tvs, gonna cut back on our cable, buying toys and games for the kids that they can learn to play and use their imaginations.

Hubby and I have been talking about it and we'll start keeping some cash on hand, the goal is to keep about $1000 cash on hand. The kids and I are starting a garden, and we are homeschooling now. I'm keeping my kids close to me.

**DonnainME** · 07-14-2008, 08:18 PM

WOW - ya'll have great ideas. I have extra seeds and a stockpile - but not near enough. We are struggling financially and can't do much more.

**Clutterbug Jen** · 07-14-2008, 10:24 PM

Donna,

You might not feel you're doing enough but you did say you do have some extra seed and a stockpile and so at least you're on the right track.

Some is better than none ... keep working on it, sweetie and you'll get there!

Love,

Jen

Originally Posted by DonnainME

WOW - ya'll have great ideas. I have extra seeds and a stockpile - but not near enough. We are struggling financially and can't do much more.

**LastDragonfly** · 09-24-2008, 02:45 AM

Well, it's been 2-3 months since you all last posted. A financial depression may be more of a reality than what we thought in July. So here is my list of what I would do.

Finish my heirloom seed shopping and actually place that darned order!

Stockpile more flour and baking goods.
Stock up on more canning lids (I just bought 10 cases of jars recently) Yay

Continue our stockpile of wood--it's free since fil collects and breaks down wooden pallets. (you should see their stockpile of wood)

read more self help books

stock up on postage stamps (during the depression I wouldnt have internet)

try to cut my electric bill even more since everyone around here has had about a $100 increase over the last month

I still have some of my grandmas rationing cards from WWII--I've got to store some sugar! More sugar--my pantry surely doesnt have enough.

purchase the parts to make an oil lamp with a canning jar (see your Lehmans catty- I'm sure there are other places too--I just came across that one first)

My parents and dh are giving me a greenhouse for Christmas. I've got to learn more about greenhouses. We have lots of sunshine in the winter even if it is cold.

I need to continue to prepare winter clothes for the little girls.

Your lists have made me think of LOTS of things I need to do. I'm starting my journal tonight.

You all inspire me.

**ironmaiden** · 09-24-2008, 10:06 AM

I was wondering if there would be more posting on this topic considering the financial news of late - what they are trying to do now is stave off the next Great Depression. Let's hope it works.

As I read this, I realize that no amount of stockpiling is a complete answer. A depression would last years - 3,5,10,15 who knows. The last one, beginning with the stock market crash in 1929 lasted til WW2. I doubt many people will have that much food around. I'm definitely not saying don't stockpile, just don't think that even a year stockpile will get you through to the end.

Those who think they'll sell their house and move into someone else's house or the country, well, there will be very few people buying houses, so who are you going to sell it to? And with the current situation, even if someone wanted the house, they may not be able to get the loan anyhow. And with house prices sinking, you'd have to sell your house cheap, and would you be willing to do that? At what price would be your breaking point?

**ironmaiden** · 09-24-2008, 10:19 AM

And now that I said all that, what I think I should be doing...

Expanding and improving soil in garden.

Save money. Save money. Save money. Save money. Save money.

Have more cash in the house.

Buy flannel sheets for all the beds.

Read about how they managed the last time. Anyone have any suggested books?

Kids - Make sure they know how to entertain themselves without money.
Self organize games with neighborhood kids - whiffle ball, street hockey, football etc.
Read with them, family board game nights, teach them card games and chess. Drawing.
Teach them sewing, knitting, cooking, woodworking and any other skills you have. You can never have too many skills.

It is the kids who know nothing but watching tv, being on the computer and playing video games who will have the toughest time. Those who haven't learned to use their imaginations and just enjoy playing with other kids. And those who don't know what to do with themselves once the entertainment committee has left. I guess they'll learn.

I'm hoping that as long as DH stays employed that we'll be fine. But that is the million dollar question ... will he stay employed and unfortunately there is no way to know. I have a SIL who is a PhD chemist who was convinced that she'd never be laid off. Well, they closed the entire building and laid off 10,000 total in many locations. So in the end, it didn't matter how valuable her project was or how good of a job she did.

**kimmy4433** · 09-24-2008, 01:02 PM

I need to start paying off all of our debt. Right now it is a struggle and is only going to get worse as winter comes and DH work slows down (plumbing is always slow in the winter in Michigan)

~ Learn to use that sewing machine (or 1 of the 3) that are collecting dust.

~ Continue to stock pile where I can

~ Make Christmas gifts this year, to save money and help PDD

~ Go through entire house and sell any and everything we do not use and do that now to help PDD

Good greef, ya know back in 2001 I told one of my good friends that we were headed for a depression... I wish I would have done then what I said I was going to do. I would be in much better shape...