[fixer]

With the economic situation we are in, what steps have you taken to prepare for hard times. Every time I watch the news I get a nagging feeling that I should be doing something. I prepare even in good times, so I am at a loss on what to do.

 

[madhen]

I just recently started stockpiling, so I am adding to that. Canning a lot of things I wouldn't normally can. Trying to make sure I have enough of everything to get by, just in case.

Interesting side note: apparently, California is LONG overdue for the big quake. We average one really huge quake every 150 years, and haven't had one for over 330, as per the news story I was listening to. Southern California is preparing with some earthquake readiness drills, and there was a woman who was an official of some sort (can't recall, because I was kind of only half listening at first) who is putting on presentations re: how to prepare for when the San Andreas fault finally shifts. Similar things to what we have been talking about here - have plenty of food and water available, stock up on several days' worth of emergency supplies, as it may be several days before emergency crews can reach you, learn some self-administered medical techniques, prepare for days without electricity. Kind of made me feel the same way as you are feeling - do I have enough? Am I ready? I think I need more water, as I go through it very quickly, but I'm trying to figure out an inexpensive way to store water that can be used for washing and such (vs bottled water for drinking).

 

[staceyy]

Dh put his 401k in a money market last year, we stockpiled a years worth of food, toiletries, paper products and otc meds. We stocked up on firewood and started making newspaper logs, I started gardening and developed an income from home which is paying off. We are continually learning everthing we can about living frugally.

 

[ironmaiden]

I feel that way too. That nagging feeling of doom. Some of it is media hype and some of it is having grown up with depression era parents.

Also having gone from a sense of we're doing really well as everything we've done we've paid for in cash (cars, remodel, vacations, adoptions, major house repairs) and that we were on track on 401K savings, had some other investments to we paid for everything in cash, and thus don't have alot of cash left and having lost alot of the retirement money. Our only debt is 3 1/2 years of mortgage left. So like I said, I thought we were doing great, until ...

So we're cutting back spending and ramping up the cash.

After Xmas when kids clothes go on sale, I'll buy some bigger sizes - not just cause it is cheaper, just so that I have the security of knowing that they'll have clothes. My son will be happy to wear Red Sox 2007 World Series Champion T-shirts for many years! I save DS winter outerwear and any other clothes that's not too "boyish" for DD just in case too. She also gets lots of hand-me-downs and actually likes wearing her brother's old fleece jammies.

I was stockpiling and now we have mice running around. So far they are content eating the food from the traps.

I just feel like I should be doing more...

 

[Cricketlegs]

Working on a years stockpile of dry, boxed and canned foods, HBAs, and cleaning ingredients.

Dh bought a generator bigger than our needs I think.

Dh plans on stocking charcol and lighterfluid and gas cans of fuel for the generator. He also bought battery less flashlights that have weather/news radios in them.

Saving money.

Paying off that pesky debt.

Stockpiling pet supplies.

Need to see about pain relievers,topical meds and a hand operated can opener.

My dh is buying a gun. I am not really happy with this although I strongly believe in the right to bear arms, I am not very happy about having a gun in the house. This is one of the few times that I need to give in to dh as it is very important to him.

Need to talk to dh about weatherizing the house. More insulation, caulking, etc.

I am scared.

 

[fixer]

I feel that way too. That nagging feeling of doom. Some of it is media hype and some of it is having grown up with depression era parents.


I too find my self with a bad feeling about this. I can not explain it since I normally am a very optimistic person. I try not to get caught up in the media hype and filter the news down to the facts.

 

[ironmaiden]

I think it is the sense of that it is out of your control. When you did all the "right" things - spent within your means, didn't take the equity out of your home, didn't buy too much house, saved for retirement and yet you still get screwed.

And whether DH gets laid off or not will have nothing to do with his performance at work and that is very unsettling. SIL, a PhD chemist, was convinced that she'd never get laid off - she was working on a money making project. Well, the company laid off 10,000 and closed her entire building.

So the lack of control over the situation is what is getting to me. All I can do now is spend less, stockpile more, but realistically how we do all depends upon whether DH is employed.

 

[dwallyfam]

I have started stockpiling food. Clothes aren't a big issue for us.

Have been saving money like a mad woman and trying to live as cheaply as possible.

 

[Buckeye5]

Trying to cut back, and be prepared. It is hard with 2 kids in college and Murphys been bustin my *$#...for the last few months especially. We are trying to be very frugal.

 

[katybug]

I feel that way too. That nagging feeling of doom. Some of it is media hype and some of it is having grown up with depression era parents.

I too find my self with a bad feeling about this. I can not explain it since I normally am a very optimistic person. I try not to get caught up in the media hype and filter the news down to the facts.

I'm not hopeful at all in fact. DH and I are JUST starting out in life, we have nothing really. If the worst happens, we could probably move in with my parents and just have an old-fashion extended family. They have a wood stove, their house is paid off and fantastic frugal skills (I didn't pick them up magically! ) We would help out anyway we could and save save save (which is what we've been doing all along).

It is just frustrating for me because it feels like I never even had a chance to get started. I would like for things to turn around, but I'm not hopeful.

~KB

(Oh, what am I ACTUALLY doing? Not spending what little money we have, and stock pilling warm socks )

 

[khjmom]

The biggest thing is we have started stockpiling. Our goal is to have a years supply in place. I am still working on exactly where to put the stockpile. I haven't been buying as many clothes this year. I am learning new skills to help take care of my family (sewing and quilting) and my dh and I are trying to save alot more but not necessarily in the bank. We are learning to make do and instead of spending.

 

[TheRootedNomad]

First off I'm attempting to have "faith" in my country and the people within it. I believe there is still enough American ideals/spirit that we should be able to pull out of this and come out better for it. I think the key is not acting only on that fear and gloom that spreads like a disease, but that we continue to think things through and look at the possible long term results of our choices.

For the most part, as individuals, a lot of the situation is out of our control. This means I try to stay focused on what I can control, what I can do.

Can I control if the co. DH works for goes under? Probably not. I can however control how well prepared we are to fend for ourselves without that job, or without mine for that matter. Some of the ways I do this, and this is how I try to think ALL the time, not just in our current economy are as follows:

~ LEARN
There is nothing more powerful than knowledge. The more things that I know the better prepared I can be for things. If I am use to working on a line at a factory but I also know how to type, am proficient in Microsoft, do not consider weilding a mop beneath me, volunteer in a field where I have no background (but now I'm learning it), take classes in a new field, and so on, all of these things make me more employable in other areas. Then there are the areas of learning skills that SAVE you from spending money such as canning, hunting, plumbing, electrical, building, and so on. The more versital our knowledge base the more capable we become.

~ Having a stockpile for a rainey day is always a good thing both of money and food.

~ Remembering that I am not better than anyone else.

~ Work on creating streams of passive income, or even if they aren't completely passive, streams of income that don't come from your current employment.

~ VOTE , every time, it matters

~ Continueing to help others that are in worse shape than we are. Being selfish only fosters that selfishness. In times of trouble, every man for himself is not the way I want it to be.

 

[joyofsix]

Well, I keep food and paper products and if I see a great deal on kid's clothes in a size they will be in and I don't have already I pick those up. I don't think the world is going to end, but the job market is uncertain and I don't see food and clothing prices going anywhere but up so why not get them now at a lower price. DD starts college in the fall of 2010 and that is my biggest concern. She is working and saving, we have saved too but the costs are sky high. I might need the stockpile then.

 

[TexasPeanut]

Personally I think a lot of the gloom and doom is simply media and fear mongers playing on peoples minds. Not to mention we now have at our fingertips any and all information available to us more than we ever have, I look at it like this ... there's probably been for years whisperings of attacks, economic gloom and etc only now people are more aware of it because it's in your face daily to where as before you may not have even been aware so you just went on about your daily life like nothing was going on. So I think of a lot of it is people just starting to open their eyes and pulling their head out of the sand and seeing what's going on, but meanwhile the media is playing right into the knowledge that people are now paying attention.

That being said, I live in hurricane territory so I stayed prepared for anything and everything if at all possible. We've always been diligent about having a generator, food/personal/home supplies on hand. The only thing we've really changed within the past year is starting a large vegetable garden to save money at the store, we've changed our food/water stockpile from about 3 months to near 9 months supply so far, other than that nothing has changed for us, like I said we live in an area that we've always been prepared for a sudden change and we've always been frugal, living well beneath our means so there's no sudden adjustment there. I think the most important thing we really have done which we started doing after we got out of debt is simply live. People need to get outside, take a walk, ride a bike, sit on the porch, just enjoy your life and live it....stress free.

 

[dcompton]

Seriously stockpiling food and household and personal goods.

Stopping the non-mandatory part of the 403b contribution for two or three months and putting it in savings. I really, really hate losing the tax break, which I know costs me, but I also feel that at the moment I need a larger emergency fund available. First of the year, I'll re-evaluate the savings/retirement allotment and decide what to do at that point.

I'm building a six month CD ladder through my online savings, each covering a months fixed expenses - rent, utilities, insurance. I like the idea of having those essential costs locked in place, leaving the rest of the emergency fund for other expenses.

Other than that, not really anything. Unless you could count my backlog of unworked jigsaw puzzles. I guess I'm stockpiling entertainment too!

 

[frugal-fannie]

I just recently started stockpiling, so I am adding to that. Canning a lot of things I wouldn't normally can. Trying to make sure I have enough of everything to get by, just in case.

Interesting side note: apparently, California is LONG overdue for the big quake. We average one really huge quake every 150 years, and haven't had one for over 330, as per the news story I was listening to. Southern California is preparing with some earthquake readiness drills, and there was a woman who was an official of some sort (can't recall, because I was kind of only half listening at first) who is putting on presentations re: how to prepare for when the San Andreas fault finally shifts. Similar things to what we have been talking about here - have plenty of food and water available, stock up on several days' worth of emergency supplies, as it may be several days before emergency crews can reach you, learn some self-administered medical techniques, prepare for days without electricity. Kind of made me feel the same way as you are feeling - do I have enough? Am I ready? I think I need more water, as I go through it very quickly, but I'm trying to figure out an inexpensive way to store water that can be used for washing and such (vs bottled water for drinking).

My friend was hearing a big quake was predicted very soon (like this weekend), from someone who had predicted some of the other major ones around the world. I honestly haven't had time to research what she heard, but I have been working like crazy and my cupboards look like mother hubbards. So I may go shopping this weekend. I have lots of first aid and water, But will make sure the propane for the grill is full. I am also buying a gun- in case there are restrictions put on them.During the riots here I had someone try and get into my house and the police response was pathetic. I am getting every ones passports renewed . In case I decide to leave or send my kids out of the country.That is worst case scenario, but it takes time to get them so I am doing it, as some of ours have expired. I am also looking for a solar cooker, but I do know how to cook in a box stove. I already have gold and silver on hand but am thinking of increasing the amount I have along with having more cash on hand. I am also going to have someone pick me up some antibiotics from Mexico for my emergency supply kit.

 

[madhen]

I believe the drills were going to be in the very near future, but I don't think anyone gave any kind of estimate as to when to expect a quake - just that it was VERY overdue.

 

[ironmaiden]

I'm building a six month CD ladder through my online savings, each covering a months fixed expenses - rent, utilities, insurance. I like the idea of having those essential costs locked in place, leaving the rest of the emergency fund for other expenses.

Fantastic! This is definitely what I'm going to do!!! It makes sense.

I'll explain for anyone needing more details. You take one month's worth of expenses and get a 6 month CD. The next month you take a month's worth of expenses and get a 6 month CD. You do this for 6 months. Say you started the first one in January and it comes due in June. In June, you have the choice of taking your money out if you need it or use the money to take out another 6 month CD.
The February CD comes due in July. So every single month starting in June, you'll have a month's worth of expenses either at your disposal or going into another 6 month CD.

I have heard of retirees doing 1 year laddering with money coming available once a year. But I love the idea of the monthly availability as this money's purpose is safeguarding against layoffs/disability. It's to keep paying the mortgage.

 

[Wendy99]

I've started saving as much as possible, shopping at thrift stores 99% of the time before going to walmart or department stores, cut way way back on groceries and house supplies. There is still so much more we can do - OAMC (started this on and off, but need to do more to curve eating out), stop eating out, simplify the house (get rid of stuff we no longer use) which would get us a lot more organized which would give me more time to do OAMC and keep better track of coupons etc. I'm not just hoping to continue to do this stuff through the "recession" however at all times just cover our own but and hopefully stay away from credit in the long term.

 

[ironmaiden]

Okay. Now that, I've taken a moment, I realize that I will build these month by month. I kinda don't have 6 months worth of cash to move into these CDs. So if the minimum value of a CD is $1,000, then maybe month one I put a $1000 into a CD and when it comes due in 6 months I'll add to it. Then month two or it need be month 3, I'll hopefully put in another $1000 etc. If I wait until I have the entire month's of expenses, nevermind all 6 months, then this will be one of those projects that never gets off the ground i.e. a good idea that doesn't happen.

I'd rather have a smaller amount available each month than one lump completely unavailable for six months.