Thursday, March 4, 2021

Getting Ready for Economic Bad Times

 We all know it is going to happen again.  It always does.  We are not exempt from economical bad times.  They happen for many reasons.  There can be a recession (probably will be), job loss for any reason, illness, loss of wages, catastrophic weather events - you name it.

We CAN'T avoid them - but  we CAN prepare as well as possible.
We all face challenges - but instead of fearing what might happen - look at it as an opportunity to be ready and make it through with grace.  It is possible! 
We can make it through with what we know and what we have.


Some things to think about in advance:
  • When the economy gets bad - you need your community.  Whether your community is family, friends, neighbors or your city/town - you may need them.  You will need to have a community you can share and barter with.  People you can help and who can help you.  We definitely need other people - greed needs to go by the wayside and helping one another is in.
  • Reduce your debts NOW.  Get rid of as many debts as possible - so if income changes, you can still be OK.
  • Prepare your pantries NOW.  Have a stockpile of food and other goods that you use and need.  If you have your pantries in order - not only will you be able to eat and survive, but you can help someone else.  Try to have a minimum of 2-3 months of goods - preferably 6 months or more.  You can hide it and find ways to store it if you try.  Add a little each week - $5 worth of goods each week can make a huge difference!!!!!   Trust me - this could save your life!!!
  • Be ready to live on less.  If you have to take a job making less money - do it!  Some money is better than no money!!!!!  If you have to take 2 jobs - do it.  You do whatever you need to to provide for your family.  No job should be beneath you - honest work is honest work.
  • Be open to every opportunity that may come your way - sometimes help comes in mysterious ways
  • Be prepared to face the fact that you may have to stop cable, internet, extra phones, etc.  You won't be buying new stuff, clothes, cars, or taking vacations or taking holidays, eating out.........
  • You will have to get creative in ALL ways.  Learning to mend and sew will be handy.  Cooking from home.  Maybe garden.  Learn about nature and what you have available in your area - that could help you survive.  ie. - where are nut or fruit trees you can glean from, what weeds are edible or medicinal, who has animals that can provide protein that you can barter with, etc.
  • Look at your skills and qualities NOW.  What might you need to learn?  What books might be useful to have on hand?
  • Look at who, what and where you are - know yourself and your limits
  • Get your spending habits in check NOW.  It will be easier to spend less if dire times if you are used to budgeting now
  • Plan for the worst and hope for the best
  • Have cash funds on hand at home if at all possible!!!!  You just never know what might be needed
  • Be willing to make lots of changes - maybe some big ones!!!!!!
  • Be willing to live much simpler - no frills - no extras - just the basics
  • MOST IMPORTANTLY - Be positive and open minded
Don't panic if stuff hits the fan.  Know that you can survive and be fine.  Life changes many, many times during a lifetime.  We need to just realize that, and be as prepared as possible at ALL times!
There are always opportunities around us - we just have to pay attention.  They may be things we never thought of - but we evolve as do our lives.  
Learn that change if OK - it is the only constant in the world!!!!!

Stay focused, plan ahead, get your home and finances in order.
You can survive whatever comes your way.
We got this!!!!!!

31 comments:

  1. Great post! It is definitely harder for city dwellers to barter, but that is where skill acquisition would definitely come in handy. Also figuring out how to capitalize on things you might have that your neighbors don’t, like doing laundry so people don’t have to schlep to the laundromat etc. I
    really enjoy reading your blog posts. Thanks!

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    1. Oh good point. Laundry would be a good barter - being close to home would sure be better than a laundry mat. Lawn mower for use or a chain saw. Maybe homemade cookies or pie for something. There is no end to the things we could use to barter to make life a little better.
      Thanks.

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  2. I think a lot of people have learned a lot this year about dealing with difficult financial times. Some will have learned that they've been living on credit for far too long, and others have learned that they can live on less. I'm one of the latter as I carry very little debt, the biggest is the mortgage on my home. That wasn't always the case in my life but I was never one to overextend myself.

    Take care, stay well.

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    1. Exactly! Very good point. I know I have lived on less this past year - just because I stayed home more. No shopping or browsing is quite conducive to saving!
      Let's hope many have realized this as well.
      Blessings

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  3. WONDERFUL post!!!!!

    One of the Lessons many Learned, from this miserable China/Covid Pandemic, is to keep a "deep pantry." At least, I hope they learned it. And it is one of the things, none of us should forget. I hope.

    It isn't always easy to find the space. But we have to think 'outside the box' and get creative. -smile-

    As to Economic Issues, how can they help but arise? With our Government now being run by people, who want to tear down our present form of economics and government, to replace it, with another... -sigh-

    Thank you for this post.

    🌸 🌷 🌺 🌸 🌷 🌺 🌸 🌷

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    1. Thanks. Many lessons learned indeed (hopefully).
      I would have thought people would have learned about pantries after all the shortages and hoarding of products.
      It ALWAYS makes since to be prepared - no matter what may happen.
      Yep, thinking outside the box and getting creative is huge. Even thinking outside the box with what we have - new uses for example.
      Just a little noggin ingenuity!

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  4. This morning we were discussing the $1400 stimulus check and the idea that people who make over $75K may not get one and the person I was speaking to said that was unfair. I told them I would rather make $75K than get a $1400 stimulus check.

    This is another great blog post, Cheryl. If a person has debt the best thing they can do right now is to pay that off. Stop any unnecessary spending until that is paid off. Like you said, if their income changes hopefully they will be OK.

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    1. Thank you. I would wish they would help the small businesses before sending out more money - but that is just me.

      This is supposed to be a helping hand up - not just a handout. I am with you I would rather make $75,000 than get $1,400. Never made that kind of money in my life!!!!!

      We need to be responsible and do what we can to get by in bad times and not depend on the govt. We are in charge of our finances.
      Take care.

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  5. The deep pantry is the best thing I think. So funny the things we have an over abundance of now. Rotating goods is of great importance too.

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    1. As long as you will use them, an abundance is good. It may be a priority at some point when/if you can't get it.
      Rotation is key!

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  6. While I am not spending on things like clothes, travel or eating out I am doubling my debt payment each month, I've opened a new savings account (it will get whatever is leftover each month) and I keep some cash - in small bills - at home.

    I went through the pantry yesterday and moved up a few things that have just passed their BB date to use up over the next week or so. I have at least 3 month's worth of food but keep my eyes open for bargains whenever I go grocery shopping.

    I keep expenses as low as possible but living in a large and expensive city means I can only do so much. On the other hand, living in a large city means that I have access to a lot of free amenities so lots to do (at least in normal times).

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    1. Good for you on paying off that debt! That is huge and very admirable!!!!!!
      Yes, we need to rotate those pantry goods. A deal is not a deal if we throw it away or don't use it.

      Bless you for seeing both good and bad about large cities. Expensive, but things to do. More people need to look at things that way. Thanks.

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  7. Great points. Paid off our home years ago and I try to keep bills as low as possible. Not much chance of bartering, but since I sew, and knit things are just perfect as I can mend our clothing and make our clothing as well.

    God bless.

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    1. Good for you! You can make wonderful things for your family and friends. That is a win. Helps with gift giving and just being kind.
      Love that you could make clothes if needed. Good skills to have.
      Blessings

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  8. As always a great post. To be fore warned is to be fore armed.

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    1. Thanks. Yes indeed!!!!!!!
      Ready for the battle.

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  9. Love your post today as usual. And love that everyone is STILL thinking ahead. Oh how important that is. Even though there may not be the major shortages we endured last year, the prices this year are going to escalate and now, more than ever, it will be important to stock things in as they go on sale. I started last week with replacing things I used over the winter with items that went on sale. So each week now, whenever they have a sale on canned good, tea bags, coffee, whatever, I will buy one extra for my 'deep' pantry and rotate. I love beating them at their own game so to speak. And when the farm markets open back up this year, I will be replacing what I used this winter. Never too soon to think ahead. And like you, $75k would be nice but since most of us do not get that, we have learned to save. I NEVER spend more than I make and that has helped me in this horrible time. Thank you for your encouraging and helpful words.

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    1. Thank you. I love that you are on the stocking journey. Great idea to buy whatever you use that is one sale. It is money in the bank. Whatever you get now cheaply is a huge savings for the future and you also have food security.

      Never spending more than you make is HUGE. I was taught this from my parents. It makes life so much easier.
      Love how we are all on this journey together!

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  10. Thanks again Cheryl for the great reminders...Jane

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  11. One thing I started doing pre-covid was to buy duplicates at garage sales and thrift stores. I have an extra crock pots, rice maker, hand mixer etc for very little money. My rice maker is 40 years old and bought an extra one new for $4. I sure do miss garage sales. Great post as usual. You make us think about things.

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    1. Oh great idea. I have 2 crockpots, just recently replaced my electric hand mixer - however I do have old fashion mixer and a stand mixer. I like old fashioned tools - old can openers, mixers, and things that require no electricity.

      I miss yard sales too - maybe this year!
      Thanks - that is all I am trying to do!!

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  12. Great post, great comments! The Urban Farmer has always been one to keep extra food, and I have added extra paper supplies, health supplies, cleaning supplies, etc. It is difficult for some to store anything extra and we have stuff stashed in some odd places...ha! My daughter has a house with a basement and boy, would I like to have a space like that. Overspending is often spurred on by coveting what you see. One thing that has helped us was cancelling Netflix and other television subscriptions. It was a small thing financially but I think we gained more from that by finding activities we enjoy more than filling our minds with junk. I have noticed on several blogs that the ladies talk about cutting the cord.

    Thanks again for your very encouraging words!

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    1. Love having extra - you just never know. A basement is truly a luxury! I have so many things down there - not all are needed!!!
      Yes mam, we often covet things and then they lose their luster after we get them. It pays to take time to think on things.
      I got rid of Netflix as well. Not a lot of money - but a time waster. I have enough of those.
      Thanks - have a good one.

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  13. Great advice! I can see it coming!

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  14. Great post Cheryl! Like D Fuller above, I keep spare appliances too that I bought on clearance. I'd rather have the extra items when something breaks, than pay full price when I need to replace something.

    One other thing I would advise people to do, is keep an extra energy source like a generator. That big blackout of 2005 taught us a valuable lesson. DH started building generators for our use and we also have solar panels, so we're now completely off grid. We also have gas stoves and a wood stove for in the event we need heat or something to cook on.

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    1. Great tips! An energy source of some kind is very important. Wood fire, grills, solar lights, oil lamps, rain barrels, whatever. It is important to think ahead.
      Good for you for being off the grid - that is wonderful.
      Thanks

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    2. I just read,yesterday, about how costs of all goods will be going up a lot, as they are running out of SHIPPING containers in Asia (where all our stuff comes from) and also the ports on West coast were over run and out of space, many companies cannot get room to unload when they do dock.. it was a complicated story but the gist of it is.. we will see delays in receiving goods from clothing to electric toothbrushes to computers to cars and bicycles,etc. All goods! AND prices will soar. That said, we don’t need anything in our home to be replaced any time soon.. a few replacements were made a few years ago , like a new mattress, a new refrig and a washing machine. So,we’re good. Clothing and odds and ends I usually buy at consignment and thrift stores should the need arise.ANd while I always had a good pantry, I got even better with Covid and have a good 5-6 months supply.now. Dry beans and brown rice are an excellent and easy/frugal way to stock up on protein against an emergency.We eat that way a few times a week, but if meat becomes scarce, we can give it up completely,and we have plenty of dry goods to get by.I See an economic shift come in ,too.

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    3. Thanks for the information.
      Yes, I am sure things are going to change, and not for the good. I don't think I need anything BIG - hopefully!
      Little things I can do without. Food is always stocked. Like you said beans and rice can perfectly fine meals. We can get very inventive with those items - it doesn't have to be boring. They are economical and easy to store. WISE folks surely will stock up!!!
      I see a shift coming as well. Eventually things will get back to "normal" (whatever that may be) - but until then we need to be on our toes!
      Thanks

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  15. Great post, filled with lots of reminders. Having a well-stocked pantry and rotating foods is so important. Whenever I start thinking I'm getting low on something, I add it to my "when it's on sale" list, and I'll stock up then or when I find a coupon to use. As for bartering, it doesn't always have to be a good for another good. It can also be do for me and I'll do for you -- even unspoken. I have good friends, who I discuss and share samples of my canning each season. He's a self-taught gourmet home chef and expressed an interest in learning. I offered to teach him water-bath canning when I did my tomatoes last summer. He learned and wants to do more. What do I get in return? They regularly invite me for dinner, at least monthly. Once the initial panic of the pandemic settled down, they became part of my "bubble" of trusted people. It was good to occasionally get together and break bread with them. I teach him, he feeds me, and I have good conversation with her.

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