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How would you prepare for a financial depression?

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#1 ·
If you knew that there would definitely be a depression in 6 months to a year,

what specific things would you do now to start preparing for it?

Would you try to learn any new skills? If so, what ones?

If you lived in a city [large or small], how would you prepare?

I'd love to hear what all of you would do, whether in a city or the country.

[I realize that most likely, some of the things would be different depending on where you live, etc.]

~*Jen*~
 
#2 ·
I would try to get my house sold as fast as possible and make my move to Iowa to be close to family. I would look to buy a new house with plenty of back yard room so I could have a garden and some fruit trees. I would make sure the house had a source of alternate heat, like wood and/or solar.

We are debt free, and I would keep it that way. I would stock up on items that we use most while they are still available. I would check my investments to be sure they are in secure places. Finally, I would continue to save and keep a reasonable amount of cash on hand.
 
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#3 ·
- I'd increase my supply of heirloom garden seeds

- I'd increase my stockpile of items likely to be rationed or in short supply (flour/wheat, sugar, oil)

- I'd make sure my chimneys were in working order and get my woodstove going again. I'd also get plenty of wood on hand.

- I'd be discussing the option of staying with m aunt a few nights a week so I'd not have to drive back and forth to work each day (she lives a few blocks from my work, I live 50+ miles from work)
 
#4 ·
Increase the food stockpile, and the H&B stockpile (soap, deoderant, toilet paper etc etc) increase the veggie patch, try to drive less.... I'll think of more I'm sure.
 
#5 ·
Hmmm....
Well I'd start reading more recipes and bookmarking/copying the ones that looked frugal and stocking for those.

I'd stock more non perishables; rice with beans may not always be the best, but there could come a point when fresh meat/produce are not available or over priced

Stock up on cheap protein

Try to go to the grocery 1x every two weeks or so
 
#6 ·
I would stockpile more for sure.
Do a bigger garden
Since we live in the country with land and fil has hunting land that would definitely help in the food dept. I think in case of dire straight since we have the farm and the rest of the family is in the city 30 miles away we would be in the best position to be self sufficient and help for the rest of the family. Also with all our Amish neighbors there is a wealth of learning there!
We have a wood stove we don't use but we could. We have free wood in the woods if needed.

The biggest issue would be gas to get dh to work. In a severe depression I can't imagine my pt field would survive so it would be worth the 60 miles round trip for my pt job.
 
#8 ·
I would:

~ stock up on all non-perishables

~ Learn how to can and perserve. Then do it like crazy for this gardening season.

~ push to increase the size of the family garden

~ learn how to grow some indoor ediebles

~ look into a wood stove

~ find out if we could have a few chickens

~ look into how to convert an engine to run on bio-diesel that you make yourself
 
#63 ·
I would:

~ stock up on all non-perishables

~ push to increase the size of the family garden

~ learn how to grow some indoor ediebles

~ look into a wood stove

~ find out if we could have a few chickens
Since I started this thread, I'm guessing I ought to include my own list, huh? *lol*

1. I'd stockpile non-perishables and things that I use a lot of.

2. I'd learn to use my sewing machine & maybe how to quilt [could always use quilts to barter with.]

3. Would try to grow vegetables inside

4. Would stock up on yarn [have to have something to keep me busy!]

5. I'd take any $ out of savings account and convert into small bills [$1, $5, $10 and $20's.

6. Would start putting into practice ... "use it up, wear it out, make it do or do without.

7. Read up on substituting [vinegar and baking soda for cleaning and that sort of stuff.]

10. May stock up some on essentials and use them to barter with [I know me though and most likely would end up just giving to those in need]. :tedpink:

~*Jen*~
These are all the ideas I was thinking about. I am really stuck on the gasoline situation. We live far from my work and use about $50-60 per week in JUST traveling to and from work. I would have to consider carpooling with colleagues as they will not be shutting down the school (Thank goodness!) My big concern is the gas situation for society... Groceries will SKY ROCKET! We really need to be writing to out elected officials to make changes in our dependence on foreign countries ~ but that's a different thread.
 
#9 ·
Since I started this thread, I'm guessing I ought to include my own list, huh? *lol*

1. I'd stockpile non-perishables and things that I use a lot of.

2. I'd learn to use my sewing machine & maybe how to quilt [could always use quilts to barter with.]

3. Would try to grow vegetables inside [no place outside here to do it.]

4. Would stock up on yarn [have to have something to keep me busy!]

5. I'd take any $ out of savings account and convert into small bills [$1, $5, $10 and $20's.

6. Would start putting into practice ... "use it up, wear it out, make it do or do without.

7. Read up on substituting [vinegar and baking soda for cleaning and that sort of stuff.]

8. Would start making things from scratch again [bread, cakes, etc.]

9. Would stock up on cat food

10. May stock up some on essentials and use them to barter with [I know me though and most likely would end up just giving to those in need]. :tedpink:

~*Jen*~
 
#11 ·
10. May stock up some on essentials and use them to barter with [I know me though and most likely would end up just giving to those in need]. :tedpink:
For Y2K, and other "disasters" I started putting dry soup mixed in 20 oz. soda bottles. I use these to hand out to anyone in need - I have the cooking directions on a label on the bottle.

Nonfood items are the best barter things here, since so many of my community farm/garden/have livestock. So toothpaste, deodorant, shampoo, aluminum foil, cigarettes are the best bets.
 
#10 ·
Pretty much all of the above. Can't sell my house though b/c it's right beside my Moms. She has long had her's paid for, and I have to be near her. Plus it's just too close to her to sell to someone else. We have no other neighbors nearby.

So.. I guess I would first try to save as much cash as I can to make the house note. I'd probably want to keep cash on hand , and preferably a lot of it in smaller denominations.

Stockpiling food while you can is always a good idea, as long as you don't get things you won't eat or get so much of something that it would go bad b/f you would use it.

It's best to just prepare for the worst and hope for the best in any sort of economic enviroment. Income can go away for so many reasons. I do what I'm able to... whether it would be enough prepared is doubtful if there were actually a depression though. I just have to keep reminding myself to do what I CAN.
 
#12 ·
-I would stock up on flour, sugar, oil, non perishables, and HBA items.
-I would make sure to get our side of beef and pig with our stimulus check coming in May.
-Stockpile of seeds.
-Plant a few fruit trees.
-Learn to can.
-Barter with my neighbors. One has chickens, maybe I could trade stuff for eggs, if it came to that.
-I may just get myself a few chickens myself.
-Cook from scratch.
-Utilize my sisters-one always has a huge garden with extra foods, and the other's husband has learned to can.
-Use my food dehydrator for everything.
-Make sure my garden is ready and even make it bigger.
-Use my sewing machine to its fullest ablitity and have extra thread, needles and such.
-Be completely debt free.
-Completely cut back on all other utilities we use.
-Get out fireplace checked, maybe try to find a wood stove insert, and get firewood. We only have ceiling heat.
-Kids would learn to do with out or less.

Wow I would be extremely happy if I had six months to a year to prepare. It would take that long.
 
#13 ·
Dh and I are going to participate in our local community garden this year. I am also going to do alot of canning with the neighborhood ladies. I want to make sure that I have at least and possibly more...a six month supply of food for the family and the pets. And since my dear MIL survived Hitler's war and went through pure hell for almost two years afterwards, we are listening to her and incorporating her opinions into what we need to do. Food and water are the two things that she instills in us. Also, since we are in Michigan and we do heat with a wood stove, we need to make sure that we alway's have enough wood to heat our home. We have been very fortunate to get all of our wood for free for the past 5 years. Dh has worked very hard to find and cut wood and transport it home. Also, since dh's very life depends on his supply of Imdur and Nitro, I think he should have a good supply of those two things on hand. You just never know when there could be shortages of anything. Consider all things! This is a great thread!
 
#14 ·
Just wanted to say thank you to everyone who's taken the time to post on this thread.

I love hearing all of your ideas and there's some things that had been listed that I hadn't even thought of.

If anyone else would like to - please, jump in 'cuz we'd love to hear your ideas as well. :)

~*Jen*~
 
#15 ·
If I had 6 months to prepare for a depression:

I would increase my stockpile of drinking water, non-perishable foods, cat food (dry and moist), and HBA, tp, and other essentials.

I would make sure I had a decent amount of: flour, sugar, oil, honey, oats, and spices to help me cook and bake items from scratch.

I would freeze extra veggies and fruits to use in baking and cooking (assuming we all still have electric available.)

Not buy anything new. Put as much money as I can toward my debt pay off now. Take my meager EF from the bank and convert it into: quarters, 1's, 5's, and 10's (to have on hand for emergencies).

Continue to use items sparingly, make do with what I have, use up what I have, or do without.

As I typed my list I realized, I already do or have started to do the things on my list. Hopefully that will help me if we don't quite have 6 months to prepare.
 
#17 ·
I am not really worried about a depression. I would stockpile cash or household items if I was worried about loosing my job..I am more worried about a huge natural disaster like the supervolcano at yellowstone or the one in Indonesia blowing again, or some other natural disaster. I have been adding edible plants to my landscape. I have a water filter for the pool that makes the water safe for drinking. I have been working on clearing my pantry but am adding canned meats,canned soyburger and other dried foods. I would like to get some backup antibiotics.
 
#18 ·
Some more good ideas, gals! :)

Sunshine ... good question about why we're not doing this now.

I guess what I need to do to get the plan in action is to actually sit down and write everything out on paper and then to go from there.

Note to self: Get a notebook out this week and get started!

Marie, I wish I had a meager EF fund like yours [as ya can see, mine's even more meager! *lol*]

That's 'cuz I've had no self control in the past but I'm working on it! :)

Frugal: I guess I'd never heard of canned soyburger before. Where do you get it from?

I don't eat meat and am always looking for non-meat type of things to eat and I'd love to give this a try!

~*Jen*~
 
#19 ·
I have some seventh day adventist friends. Check with their church they usually have a store or sometimes a truck comes and sells items.I have even bought items as the Adventist hospital thrift store when I worked there.They had good markdowns on bread etc. I do not like the artificial hot dogs or bacon. But i also get the boxed tofu as a storage item from the chinese store and also canned butter and corned beef. The soyburger I like is from Worthington foods. My family did not even know it wasn't hamburger.
 
#20 ·
You also may want to check into buying an adventist cookbook. They have great ideas for meatless meals. I like their casseroles. They have a Special K one that uses cottage cheese and eggs that is really good.Adventists can be strictly vegetarian or some eat fish and chicken. I also make a shredded zuchinni and egg patties when I have to many in the garden.
 
#21 ·
We have already started our preparedness.

We have 15 chickens now. And probably get more in about 4-5 months. We also have 2 New Zealand White rabbits and will be getting a doe and buck from a different litter in about 6 weeks. Also a friend of dh's has a buck so that will bring in a new bloodline.

Have gotten plants already in ground and covered with hay. 3 sisters, potatoes, spinach, onions, horseradish, banana peppers. To plant later this month are tomatoes, more squash and 3 sisters, tomatoes, turnips, beets and sunflower seeds for the chickens and rabbits.

Dh when it is not raining has been bringing down deadfall off the ridge and stacking it for cutting up before winter. Nephew also has 15 acres so we are going to get from there and also a friend of ours has trees that he doesnt need so we get get more from there.

Buying from all the sales that we see. We are not gonna stop buying just because we have storage. We have family living in different parts of the east coast/south that would probably come here in an emergency and we need to make sure that we have enough. Especially for my mother who is 76 next month.

My main concern is medicines. Both dh and I take prescription meds and we can only get 3 months at a time so gonna have to try and figure that one out.

Have tp, shampoo, conditioners, lotions, soaps to last about a year or more. I also have been stocking up on baking soda since that is what I bath with instead of soap. I just use soap myself for my hands.

Have gotten a second pasta machine, cereal maker. Apple peeler and corer, meat grinders, grain mill, a second canner, a wood cookstove, and a new tiller.

We have a treadle machine but it needs a leather belt and some bobbins. So we are gonna order that stuff this week. We have every kind of material possible so quilts and clothes can be handled easily. Thread, needles, elastic, buttons are also in our storage. Along with very old clothes that still fit that we can use for patterns.
 
#30 ·
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.
 
#22 ·
Wow, freyadog! You are WAY prepared!!! Impressive!!!

Now I feel SO behind the power curve!!

We're near a water source (lake) and have the ability to purify water. We live near a bunch of trees, so would have heat. We have about 4 months? of dry goods stocked up (maybe more) and about 2 months of canned goods. I have enough wheat (we grind our own) for a year.

I have a sewing machine and plenty of notions, but not a lot of fabric. :spool:

We have a generator...but need to get more fuel.

I have my freezer full...but would like to get the deep freeze stocked (my parents have an upright one and we get to use a bit of space).

I am WAY needing to stock up on TP :tp:, tissues, H&B, and OTC meds. I've started a list and am going to go to Walmart/Costco/etc. SOON. (Need Dh's help as my foot is still in this walking cast and I can't drive).

We have an EF that would last us about 6-8 weeks. Hoping to bulk that up a bit... I'd like to use part of the stimulus check for more pantry stocking...and then put the rest into the EF.

I know things will get worse before they get better... I'm just wondering HOW MUCH worse?
 
#24 ·
These are all great ideas. But, ladies, you need to be doing these things NOW. From what I've been reading/hearing on the news, a recession is certain and a depression is likely. Look at it this way, if it never happens, you'll be in a position to be even more frugal/self-sufficient and you'll be better able to handle the curves life throws at you sometimes.
 
#25 ·
I'm pretty well ready!

I have 2 full freezers
plenty for pantry
H/B for over a year
Laundry detergent for over a year
generator - got a great deal this summer
4 huge water containers
working sewing machine & supplies
we are debt free
always keep $500 - $1,000 in cash at home (for emergencies)
I cook from scratch
tons of candles
I garden, can and preserve
grill, camp stove
tons of extra canning jars
tiller
grow many herbs that I dry
tons of books we haven't read (gotta have something to do!!)

I need to get:
more seeds
extra catfood
plenty of matches
probably more canned goods and staples (sugar, flour, salt, b.soda)
extra tanks for grill

I think we are in pretty good shape
 
#26 ·
I want to start a cash EF, no large amounts in the bank.

Get seeds, lots of seeds. And pest control for the the garden is a must in my climate.

I need canning supplies and Dh is going to plant an Avocado tree next weekend. They are much higher in nutrients then any other fruit.

Need more fabric and thread.... lots more.

No need to worry about cat litter. IF it gets that bad I will put the cats outside.
 
#28 ·
what specific things would you do now to start preparing for it?
I would continue to stock up on non-perishables and I would buy another freezer.

While I wouldn't learn any new skills, I would start vegetable gardening again and we would install a wood furnace just like the one we used to have. It heated both the house & our water. I would also start canning again (ugh) and I'd probably mend our clothes...
 
#31 ·
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.
 
#32 ·
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
 
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