Surviving Coming Economic Collapse – how Do We Prepare Ourselves?

Nowadays, surviving coming economic collapse has become everyone’s concern. Especially during the Covid-19 pandemic, when there’s uncertainty in the economy. The economic crisis has happened several times in history around the world. But despite that, many people are still unprepared. That’s why we have listed down all things you should consider so you can be ready for the coming economic disaster on this topic.

Why should you study how to survive a pandemic?

If you wonder why you should study how to survive a pandemic, the answer lies in our experience with the COVID-19 pandemic. This pandemic taught us that everyone should be prepared at all times with or without the pandemic. Another pandemic can happen anytime, and it can cause an economic collapse.

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Prepare your Finances

  1. Create an Emergency Fund

Creating an emergency fund is a must even without the economic collapse. If you lose your job, you have an emergency fund you can use for your basic needs until you get another job again. If you’re still paying a debt, save for your emergency fund first before using the rest of the money for debt payments, bills, and other expenses. The goal is to save for an emergency fund that can last up to 6 months minimum.

2. Get out of debt and avoid it

If you have debts, pay them and avoid them as much as possible. Taking on more debt will only make your financial status worse, and you may not be able to cope up with it. If you still have a job even during the pandemic, pay off your credit card bills and loans while you can.

3. Ride out your Investments

If you have stock investments, try to ride them out instead of rushing to take them out. Stocks will rise and fall; it happens all the time. The feeling of loss only comes when you’ve taken your investments out, and the market picks back up.

4. Make the most of your Liquid Savings

Try to make the most of liquid savings, such as your savings account, checking account, money market account, certificates of deposits, and short-term government investments. These resources will help you during times of economic disaster and financial crisis that are not far off. They do not get devalued regardless of the market conditions. You can also take your money out without penalties anytime without losing money, except for CDs where some earned interest are forfeited if you close your account early.

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5. Maintain a budget

If you have not maintained a budget, the best time to start doing that is right now. Determine how much the money is coming in and out of your household each month. Check if you’re living within your means or maybe overextending yourself. Work out a budget that can improve your financial standing. It would help if you did this first before knowing how much you can save for your emergency fund.

6. Reduce and manage your Bills

You may find it difficult to pay for your bills in times of economic collapse, so it’s time to reduce and manage them. Check if you’re paying unnecessary bills. Sometimes you’re paying for services, subscriptions, or memberships that you rarely use or you don’t even need. Perhaps it’s time to cancel them and reduce the number of bills you need to pay monthly.

7. Generate another stream of income

Generating another stream of income will give financial security. Relying on one income source is risky. You don’t know when you will lose your job, and you could be unprepared when that happens. That’s why finding another stream of income is a good strategy. It provides you with financial security in case you are unemployed. There are plenty of extra income opportunities online. Try to look for legitimate online jobs that are long-term or can provide you with a passive income.

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8. Keep cash on hand

Having cash on hand is better than none. If an emergency happens, you can easily access cash anytime without the need to go out and withdraw from the ATM or the bank. Sometimes withdrawing money from brick and mortar institutions takes days before you can get them.

9. Shop for better insurance coverage

Now might be a good time to get better insurance coverage or shop for lower insurance rates. Check if you can cancel certain types of insurance during an economic collapse. Determine if you can request extensions and what the requirements are when you need one.

10. Regularly check your finances

Make it a habit to check your finance regularly. There could be things that you need to change to keep you on track. It is also best if you are tracking your finances so you can manage them easily.

Surviving Coming Economic Collapse  - preserving food

Preserve Food & Store Essentials

  1. Stockpile Food

Stockpiling food to prepare for economic collapse differs from the groceries you buy every week. Look for basic staple foods with a long shelf life, such as dried foods, pasta, oats, wheat, rice, sugar, beans, etc. These staple foods can last anywhere between 25 up to 30 years when properly stored. Canned goods last from 1 up to 7 years. Try to store them on a dry and cool storage shelf and check them once in a while.

2. Grow your Food

Growing your food will require some basic gardening skills, gardening tools, and other materials. If you have a small lot, you can consider creating a container garden. Easy-to-grow vegetables and herbs such as peas, tomatoes, potatoes, carrots, spinach, lettuce, cabbage, broccoli, etc.

3. Store water for emergency

Fill up water containers and store them for emergency purposes. Place the containers in shaded areas or storage rooms if available.

4. Prepare the First Aid kit and Medical supplies

You can either prepare or purchase the first aid kit. Ensure that you have all the things you need to treat minor injuries without going to the hospital. Stock common medicines for headaches, coughs, colds, and pain relievers. It’s also a good idea to stock vitamin supplements. Stocking vitamins supplements is also a good idea.

5. Gather basic tools

Basic tools can also make a difference during an economic collapse. For example, kitchen tools will allow you to make food for your family instead of ordering, delivery or going for a drive-through. Handyman tools can help you repair broken items in your home without hiring a repairer. Garden tools will enable you to do gardening and grow your food without buying them. Imagine the money you can save when you have these tools ready.

Work together with Your Family.

  1. Create Awareness

Sometimes you need to sit down and talk to your family to create an awareness of the impending economic collapse. Even if they know about it, some matters deserve a proper conversation. Hold a meeting with your family and make sure that they have enough understanding about the upcoming economic collapse.

2. Help each other

Your family member may need help in making preparations for the economic crisis. Talk about how you can help not only with the financial aspect but mentally and emotionally as well. Economic crises can bring worries to many people, and they can sometimes take a toll on the mind and health of the person. It’s best to help them early on before it’s too late.

Secure your Home

  1. Strengthen your Home Security System

Home security systems can help safeguard your home against intruders. Even without economic collapse, you should have one set up to protect not just your home but also your family. Wireless security systems are less expensive and easy to install. Otherwise, you can secure all entry points and make your home less appealing to thieves. You can plant thorny bushes as barriers, building sturdy fences, or ensure you keep all valuables hidden.

Get involved with your Community.

  1. Build valuable relationships with Neighbors

Creating valuable relationships with your neighbours is also important in times of economic disaster. Try to offer your help whenever possible. Helping does not mean through monetary means only. You can help by offering your services if you’re skilled, letting them borrow tools when they need them, or exchanging services (I can repair your leaky faucet, in return, help me with my garden).

2. Prepare to help other people

Prepare to help other people too. The economic collapse affects everyone. Other people may not have prepared for the economic disaster better and needs all the help they can get. When you have more than enough, consider donating them to your community or your locality.

Anticipate the Economic Collapse

  1. Learn about Inflation and Economic Growth

Learning how inflation works and its relationship with Economic growth is also important because both impact our daily lives and future. Economic growth can cause inflation. Possibly due to the economy growing faster than the supply can’t keep pace with. Both the demand and prices increase, which can cause a decrease in unemployment but an increase in wages. This results in people spending more money, leading to inflation of prices.

On the other hand, slow economic activity also slows down inflation. This affects the prices of goods and services, which can signal a crisis in the economy.

2. Keep an eye on financial markets

Keeping an eye on financial markets can also help you in anticipating a recession. What you want is a steady and calm financial market. If market prices tend to go up and down significantly, the market will most likely decline. If the market soars in one day, there’s a possibility that it will dive the next day. These can signal a major economic downturn.

3. Monitor the prices of Commodities

These are the commercial commodities that are exchanged during commerce. Some of the examples are gold, natural gas, or lumber. If they change prices, it affects the economy. An increase in prices is correlated with an increase in inflation. If commodity prices drop, it means inflation is slow, which could indicate an economic decline.

Final thoughts on Surviving Coming Economic Collapse

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Home » Make Money Tips » Surviving Coming Economic Collapse – how Do We Prepare Ourselves?

10 thoughts on “Surviving Coming Economic Collapse – how Do We Prepare Ourselves?”

  1. You describe some good tips on how to survive coming economic collapse in your post. I love the one in how to generate another stream of income. i took a look at your recommendation about wealthy affiliate, and I like the idea that i was able to join for free to test it out first before I put out any cash.

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    Agnes

    Reply
    • More people every day are looking for ways to generate additional streams of income, and the only way to survive the coming economic collapse is to follow the tips that I mention in my post.

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  2. I have seen my savings depleted at a dramatic rate because of this pandemic. With the Us government not willing to extend pandemic unemployment it is going to be very difficult to provide food for my two kids.

    Thank you for providing the different ways that I can use to help me and my kids. I am in the process of gathering my basic tools that you have mentioned, and I will look at generating another stream of income was I get back to work. Thank you for this post.

    Jane

    Reply
    • This pandemic has caused lots of pain to people from all walks of life, and I am sorry that your family is going through such pain that unemployment comes to an end. If you want to work from home in the future, please reach out to me once you start back working; I would be happy to show what is working for me and many others who decided to get started with my number one recommendation.

      I wish you and your family well and that the employment continues until you find a job.

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  3. A very detailed list on surviving coming economic collapse you put together. This pandemic has drained a lot of people savings, and maximize their credit cards and retirement plans. I can safely say that was the case for me and my family. I have invested with some crypto, and I have looked for an online opportunity which is paying a little income for the short time I got involve, thanks to your help.

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    Wayne D

    Reply
    • Hey Wayne, it is great that you got some value here on surviving coming economic collapse post. Whether we want to believe it or not, I think that we are definitely heading in that direction. I myself have taken advantage of cryptocurrency and it is working out for me in a big way. Glad to see that you are having success as well.

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  4. With this pandemic soring across America, and people are loosing their jobs and savings, this article came at the right time. Thank you for taking the time to right down these tips so that we can prepare ourselves for this economic collapse.

    Having other streams of income is what would help my family and I as we fight to make ends meet in today’s market. Looking forward to joining Wealthy Affiliate, your number one recommendation that you mention at the end of your post.

    Lila

    Reply
    • I am happy that this article finds you at the right time and can get some value out of it. Having multiple streams of income is always the best approach. That is the reason I recommend Wealthy affiliate so that you can accomplish just that.
      I would be happy to meet you in the members’ area and assist you through your training. Talk to you soon.

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  5. Thank you for a very informative article. I will go over each tips and be sure to look at your number one recommendation. This post comes in the right time so I can prepare for future economic collapse.

    Corin

    Reply
    • When you take a look at my recommendation, feel free to contact me if you have any questions. People are seeing results as they go through the training,
      and I would want the same for you as well. I will be talking to you soon inside the members’ area.

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