An economic collapse can be caused by a number of things, but often happens after some type of war, natural disaster, or disease pandemic, the economy is often on shaky ground, and sometimes it takes it a while to get back up. Do you know what you would do if there were an economic collapse and you weren’t able to live in a “business as usual” situation? Banks won’t be operational, food could be scarce, and everyone will be on edge. It could make everyday situations very difficult, and some of them near impossible. Fortunately for you, there are some steps you can take in the event of an economic collapse that will help make things easier for you.
Get Out of Debt
This is something you can start doing now. If there is economic collapse, you may not be able to work, or if you do work, all of your money may have to go to medicine or food (due to surge in costs). This would put creditors on the back burner. By getting out of debt now, that is one less worry you will have then.
All preppers know the importance of having a good food stockpile. This will be invaluable to you in an economic collapse, too. Food prices will soar, and you will be very glad that you took the time to stock up on food ahead of time. If you garden, plan to can some of your leftover produce or freeze it. In addition to growing your own food, you can also try to raise livestock for meat, eggs, or milk. It would be less you would need to purchase from a store. It’s also smart to stockpile staples like grains, rice, beans, and canned vegetables to use as a bartering tool.
Live on Less
Cutting expenses is another way to plan ahead for weathering economic collapse. Trim your cell phone bill, ditch cable, stop eating out as much. All of these will help you put back some cash and learn to live off less, so that when you have to live off less, you can do it without it being too much of a drastic change.
Take Money Out of the Bank
This is something you can do immediately after an economic collapse. Take some cash and keep it out. Move some to other banks, Don’t keep it all in one spot, whatever you do. You should also take some and buy something that won’t go down in value, like gold or silver.
Sell What You Can
If you have stuff lying around the house you don’t use, stocks you can sell, a car you don’t need, SELL THEM. The less you have to be responsible for, the better, so if you can liquidate some of your assets now, it will make things a little easier on you while you wait for the economic situation to improve. If you do it before things get really bad, you’ll get the most you can for your items, and you won’t be stuck trying to sell them when no one has any extra money to spend.
Our ancestors weathered the Great Depression and came out stronger for it. It was hard, and they made sacrifices, but they made it! You can do the same in an economic collapse; it just takes some planning and willingness to cut things loose where you can.