One day you’re sipping a tall order of Pumpkin Spice Latte from Starbucks, the next you can’t even afford to boil water to make a cup of cheap instant coffee at home. When recession hits, it hits hard. Don’t wait for an economic disaster to happen before you make the right moves and decisions. If I were you, I’d start preparing now so my family and I can get through recession if it ever does happen.
Preparing to Get Through Recession
The reason why the old folks wanted you to have a piggy bank when you were still a youngster is to instill in you the value of saving. When you were younger, you might have saved up for something you badly wanted, say, a new Atari or tickets to a Metallica concert. As you got older, you probably saved up to finally drive your own car. Perhaps you also stashed away money to save up for your education, wedding, and/or retirement fund.
While all those mentioned are legitimate reasons why you should save money, you shouldn’t forget about your emergency fund. This pool of money should only be used for medical emergencies and other sudden expenses. An emergency fund will help you get through recession or sudden unemployment until you get back on your feet.
Settle All Debts
You’re not the only one who will be affected by recession. Everyone else will at some degree or another. That means the people you owe money to will likely be asking you to pay up. As you can imagine, settling your debts during recession may not be ideal for you.
Before such a scenario ever comes to fruition, you must start settling all your debts. Pay off all debts and avoid borrowing money or getting something on credit. Once you\re debt-free, it’ll be easier to focus on your emergency fund and other savings.
Be More Self-Sufficient
You’ve got your day job and an online business for additional income. Make the most out of your free time by tending to your garden. In fact, make it a family affair so you get to spend quality time with your loved ones while making sure you have food to eat in case you have to get through recession.
Turn Trash to Gold
Start with the simple stuff. Set aside your kitchen scraps. Try re-growing them. You can do this with ginger, potatoes, bean sprouts, celery, lettuce, and avocado. One vegetable or herb you can grow at home is one less thing to spend on.
For kitchen scraps that can’t be re-grown, use them in your compost pit. By making your own compost, you increase the chances of your garden to thrive and you save up on money you’d probably waste on fertilizers. Composting is also good for Mother Nature. Find out how to compost properly from this guide courtesy of Homesteading.
Instead of just throwing away your kitchen scraps, you’re providing yourself with opportunities to be more self-sufficient. The money you save from your kitchen scraps can be added to your emergency fund. The Homestead Survival will give you a better idea on what plants can be regrown.
Start Your Garden
The seeds you save from your kitchen scraps can be planted in your backyard. You can also spend a little on seeds and seedlings. If you take care of them, the rewards will be a lot better.
For one thing, you’re setting yourself up to have a food resource in case buying from grocery store is no longer a viable option. Such a scenario can happen when you’re trying to get through recession.
Another, you know what’s on the food you eat. Ideally, you shouldn’t use pesticides and other chemicals on your garden. If you do, you’re consuming chemical residue with the produce. This is what normally happens with the produce you buy from the grocery store. Even if you clean them apples thoroughly, there’s a good chance you’ll still be putting chemicals in your body.
Another advantage is that, as mentioned, you get to spend time with the family, make it a point to turn your garden into a family affair. Everyone should help out so you can accomplish the goal of self-sufficiency. Tell the young ones that you are preparing for the worst but also enjoying every minute as you work together.
Other Ways to Be Self-Sufficient
Aside from your backyard garden, you can also start raising animals. Start with quails and chickens. They will provide you with eggs and meat. Their excrement, meanwhile, will be useful as fertilizers.
Solar panels are quite costly but if you have the means, you should definitely consider shifting to solar power. When recession hits, you’ll still have electricity. Even if there’s no economic collapse, the solar panels will help you cut back on expenses in the long run.
Aquaponics is another option. Having an aquaponics system in your home means you’ll have plenty of fish and vegetables at your disposal. Of course, you need your system to be a success. If you’re interested in trying aquaponics out, check here as well as the video below.
Build Your Pantry
Get that extra bottle of water every time you do your grocery shopping. Better yet, add that can of soup, as well. If you get that one extra item every time out, you’ll soon have a well-stocked pantry.
The secret to building up your prepper pantry is to continuously add to it. Every time you have to use one of your stocks, replace the next time you go grocery shopping. If you have lots of money to spare, you can buy by the bulk. This is much cheaper compared to buying one item at a time.
Having a prepper pantry is not as simple as just hoarding food. There is a science to it. However, it’s not that too complicated. You need to consider the kinds of food that can be stashed, nutritional value, the expiry dates, and the requirements for them to be consumed. There should also be a system in place so you don’t end up wasting all your supplies. Here’s a quick rundown on how to build your prepper pantry from Ask A Prepper.
Every family should consider having a prepper pantry. It will not only help you get through recession, the food, water and other supplies will also be useful in time of disasters and other emergencies.
When Recession Hits
Talk About How You Can Get Through Recession
As a family, you should never keep secrets from each other. Some parents may find it unnecessary to tell their children about financial issues, especially if the kids are still little. Instead of protecting them, however, you’re only setting them up to fail. They should learn early on that if there is a problem, it should be tackled head on.
Every member of the family should know about your financial situation so they can all help out in their own ways. You’d be surprised how a 5-year-old will try his best to help out.
Both parents and the older kids can take jobs while everyone can help out in cutting expenses. Something as simple as turning the light off when no one is in the room and not letting the water run when brushing your teeth are ways to help the family get through recession.
Find Other Ways to Earn
If you can work two jobs, go ahead and do so. Just make sure you’re not compromising your health or even your time with the family. A better option is to find another source of income that’s not as taxing as your main money maker.
For example, you can offer your services to the neighbors if you happen to have handyman skills and such. Host a barbecue party in your backyard and have your guests pay per plate while the little ones can sell lemonade. Sell baked goods. Brew your own beer and sell them.
Do you have lots of stuff you don’t actually use? Hold a garage sale. An online business is also a great way to earn more money that’ll help you get through recession if ever that happens. There are plenty of ways to make extra money. You just need to be creative and passionate.
Of course these moneymaking endeavors can be done even before recession hits. Start earning extra and stash the additional income in your emergency fund.
According to Fortune, economists believe that the next recession would happen after the 2020 presidential elections. That’s not too far from now.
Right now, you may be enjoying the fruits of your labor. You have a nice paying job, the kids are going to school, and you get to go on a vacation every now and then. There’s food in the fridge, and a steady supply of water, a heater to use on cold days and an air-conditioner on hot ones. This is the perfect time to start preparing for the what ifs.
Fortunately, Amazon is currently holding the much anticipated Amazon Prime Day. This means there are tons of products that can help you get through recessions that are available for cheap right now. Instead of taking advantage of the sale to get the latest gadgets, why not spend your hard earned money on food, water and other supplies that will help you through hard times.
Remember, the more you have in your prepper pantry right now, the less you have to worry when it’s time to get through recession. Aside from Amazon, check out stores such as Survival Frog that are offering discounts right now. They usually have their own sale to coincide with Amazon Prime Day. It’s a win-win for everyone as long as you spend your money wisely.
Just a disclaimer – We have partnered with these companies because we use their products and/or proudly trust and endorse them – so we do receive a commission if you make a purchase or sign up for services. Often, we are able to negotiate special discounts and/or bonuses, which we will pass on to you via our links. We often get short notice on sale items available for 24-48 hours as we will pass these savings onto you.