How would you prepare for a financial depression?
Page 1 of 8 1234 ... LastLast
Results 1 to 15 of 119
  1. #1
    Registered User Clutterbug Jen's Avatar
    Join Date
    Mar 2008
    Posts
    736
    Post Thanks / WTG / Hug
    Blog Entries
    1
    Rep Power
    13

    How would you prepare for a financial depression?

    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. #2
    Registered User forHISglory's Avatar
    Join Date
    Nov 2007
    Location
    Right Here
    Age
    71
    Posts
    3,849
    Post Thanks / WTG / Hug
    Blog Entries
    11
    Rep Power
    43

    Default

    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.
    Spiritual:
    "You are fearfully and wonderfully made." Please... respect life.

    Financial:
    Debt free, hoping to stay that way!


    MY BLOG: glorybug.wordpress.com


    1. Keep on writing.
    2. Get some balance in my life.
    3. Lose weight. Hopefully 20# this year.
    4. Continue to be looking for how God wants to use me this year.


  3. #3
    Registered User sunshine's Avatar
    Join Date
    Feb 2002
    Location
    central midwest
    Age
    59
    Posts
    7,854
    Post Thanks / WTG / Hug
    Blog Entries
    56
    Rep Power
    40

    Default

    - 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. Remove Advertisements
    FrugalVillage.com
    Advertisements
     

  5. #4

    Join Date
    Sep 2006
    Posts
    451
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    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.

  6. #5
    Registered User FreesiaE's Avatar
    Join Date
    Aug 2005
    Location
    Lexingon, KY
    Posts
    558
    Post Thanks / WTG / Hug
    Rep Power
    16

    Default

    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

  7. #6
    Registered User nodmicks's Avatar
    Join Date
    Sep 2004
    Posts
    6,988
    Post Thanks / WTG / Hug
    Rep Power
    45

    Default

    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. #7
    Registered User Clutterbug Jen's Avatar
    Join Date
    Mar 2008
    Posts
    736
    Post Thanks / WTG / Hug
    Blog Entries
    1
    Rep Power
    13

    Default

    I'm loving reading all of your ideas, keep 'em coming!

    ~*Jen*~

  9. #8
    Registered User TheRootedNomad's Avatar
    Join Date
    Oct 2006
    Location
    Lost in thought
    Age
    49
    Posts
    3,394
    Post Thanks / WTG / Hug
    Blog Entries
    10
    Rep Power
    25

    Default

    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

  10. #9
    Registered User Clutterbug Jen's Avatar
    Join Date
    Mar 2008
    Posts
    736
    Post Thanks / WTG / Hug
    Blog Entries
    1
    Rep Power
    13

    Default

    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].

    ~*Jen*~

  11. #10
    Registered User Jellybeanz's Avatar
    Join Date
    Sep 2005
    Posts
    450
    Post Thanks / WTG / Hug
    Rep Power
    17

    Default

    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. #11
    Registered User sunshine's Avatar
    Join Date
    Feb 2002
    Location
    central midwest
    Age
    59
    Posts
    7,854
    Post Thanks / WTG / Hug
    Blog Entries
    56
    Rep Power
    40

    Default

    Quote Originally Posted by Clutterbug Jen View Post

    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].
    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.

  13. #12
    Registered User momof42003's Avatar
    Join Date
    Apr 2004
    Location
    Eugene, OR
    Age
    49
    Posts
    1,885
    Post Thanks / WTG / Hug
    Blog Entries
    5
    Rep Power
    18

    Default

    -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.

  14. #13

    Join Date
    Jan 2002
    Posts
    2,020
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    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!

  15. #14
    Registered User Clutterbug Jen's Avatar
    Join Date
    Mar 2008
    Posts
    736
    Post Thanks / WTG / Hug
    Blog Entries
    1
    Rep Power
    13

    Default

    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*~

  16. #15
    Registered User Marie78's Avatar
    Join Date
    Jan 2007
    Location
    Central NY
    Age
    42
    Posts
    3,373
    Post Thanks / WTG / Hug
    Blog Entries
    2
    Rep Power
    19

    Default

    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.

Page 1 of 8 1234 ... LastLast

Similar Threads

  1. With all that is happening, what are you doing to prepare
    By fixer in forum Preparedness and Survival
    Replies: 182
    Last Post: 05-13-2012, 12:50 AM
  2. Update on how would you prepare for a financial depression?
    By Frugaljan in forum Preparedness and Survival
    Replies: 15
    Last Post: 10-18-2010, 02:48 PM
  3. Prepare me...
    By YankeeMom in forum Health and beauty
    Replies: 36
    Last Post: 04-18-2008, 04:12 PM
  4. Prepare for the unexpected!!!
    By Dave'sGirl in forum Frugal Living
    Replies: 54
    Last Post: 10-29-2006, 10:52 PM
  5. Free Financial Booklets from Thrivent Financial
    By daddys3chicks in forum Freebies
    Replies: 1
    Last Post: 11-23-2005, 03:35 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •