What You need to do to Prepare For a Depression

Life is uncertain so knowing how to prepare for a depression is vital.

If the last Great Depression taught us anything it is that unemployment and other financial issues can combine at the right time and make life miserable for most people.

Like the Great Depression of the early 20th century, many people today are unprepared for when it will happen again.

Even with the Covid 19 response of the 21st-century people are still unprepared to handle when money and jobs get tight.

Here are some steps you can take to prepare for a depression so you are ready when it hits.

How to prepare for a depression

#1. Get out of debt

Bankruptcy court is not the safety net it used to be.

The bankruptcy laws have changed making it tougher to get rid of debt.

If you are caught with no income, you will be stuck with those bills.

The first thing you should do is make paying off your debts as quickly as possible a top priority.

Clean the slate so you can have more disposable income on hand for when money gets tight.

Don’t look to banks to help you out.

They will be needing cash as well and may liquidate your collateral at the first non-payment

#2. Reduce your spending

Stop trying to keep up with the Joneses and save your money.

Let the other person spend thousands on an entertainment system while you make do with one that costs only a few hundred dollars.

Budget your money so you do not spend it on the next bright, shiny toy that different brands produce.

Also, get rid of any subscriptions you do not use.

Those monthly fees are draining your bank account and you need to cut them off.

Be content with your used items and avoid buying brand new cell phones and other toys.

Watch your spending and see where you can cut back.

#3. Make yourself valuable

This is more for your employment than anything else.

Upgrade your knowledge so you become indispensable at work.

When your boss sees that you are going the extra mile, they may keep you employed.

Adding to your talents is one way to stay employed and when a depression comes, you will need your job.

So do what you can to show your supervisors that you work hard for the company.

Making your employment secure helps you to have income at this difficult time.

It is a good way to provide for your family.

#4. Get new income streams

Too many people have stayed with only 1 job throughout their lives.

This is great when the economy is good but not so good when there is a depression on the way.

Find ways to add to your income by adding more employment options.

Do affiliate marketing, start a second business, and so on.

There are many ways to add to your income if you take the time to look.

Look for sure things and be careful if you invest in stocks and bonds.

#5. Do financial planning

This involves many facets beyond adding new employment to your schedules.

Cut out credit card spending and save on the interest you pay.

Then, take some money out of the bank so you have emergency cash on hand.

Banks will not be releasing money very easily in a depression so protect your savings and keep some at home.

After that, don’t live beyond your means.

If you have a large mortgage, sell your home and buy cheap land and build a smaller home.

Make sure both are paid off so you do not have to worry about a mortgage payment.

#6. Have emergency food and water supplies

Food and water may be scarce during this time so prepare a storage room to hold whatever food items you can buy.

Make sure to have plenty of water on hand as well.

Find or buy some water storage jugs that can be sealed and keep them full of water.

Cycle the food and water so they do not spoil on you.

Pick out items you want to have that were in short supply in 2020 and 2021.

#7. Have backup power options

Investigate solar power and see what it can do for you.

Build a good system so you can run your appliances and lights.

You can do this a little at a time as solar power components are still expensive to buy.

Or buy a good generator.

Not one of those smaller units that only power one or two items but a larger one, for example, a 5000 to an 8000-watt generator.

That way you will have enough power to last you a long time.

When you want to cut your utility bills, switch on the solar power early and begin to save some more money.

If you generate enough power, you can make some by selling the extra back to the electric company.

#8. Create a stockpile of material items

Look at what products you needed, but were in short supply during the pandemic.

Then go out and slowly stockpile those products you and your family will need during a depression.

Things you need will be ammo, toilet paper, batteries, first aid items, feminine hygiene, flashlights, chargers, and more.

Make a list so you get those high-priority items first.

If you stockpile too much, you can always use it for barter during the depression.

Don’t forget to cycle those products that have a best-before date so your products will be fresh when the time comes.

#9. Learn some survival skills

People will lose homes during a depression and the biggest question you will have is how will you take care of your family?

Learning survival skills will help you answer that question.

Be trained and be ready as depressions do not always bring out the niceness in people others are always talking about.

If you bought some cheap land, then you have a place to bring your family and help them survive.

Don’t forget to stock up on a couple of heaters, tents, and a few sleeping bags so you can protect yourself and your family from the elements.

#10. Have extra medicine on hand

If you or your family suffers from asthma, or allergies, or may get injured or sick during the depression, having those extra medicines will save you a tough journey to the pharmacy.

If you suffer from a chronic disease right now, stock up on the medications you need right now.

Like the food and water, keep buying them so you can cycle the medicine before they expire.

#11. Start a garden

Not one full of beautiful flowers but one that allows you to grow different vegetables and fruit.

Having a garden helps you have fresh food on hand when your family needs it most.

If you do not have a large plot of land, think about starting a bucket garden.

This option allows you to grow more than one vegetable or fruit in a limited area.

Pick out the vegetables and fruit you and your family like and start growing today.

This will help you cut down on your current food bill and help you save even more money.

#12. Buy some chickens

If your land is large enough get some good egg-laying hens.

That way you can always have a good supply of eggs as well as new chickens to eat when meat is hard to find.

If you have some rural land, buy some other farm animals like goats and pigs.

That way you can drink fresh milk and have ham for supper from time to time.

Being prepared for a depression means thinking outside of the box and making sure you have all your angles covered.

There may be other farm animals you can buy that will help provide food, etc. For your family.

Honorable mention

Invest in hunting and fishing equipment- this is going to be one option for extra food for your family.

Learning how to hunt, skin animals and clean fish is a great way to provide for your children, etc.

These skills can help you keep your family fed and in some cases, you can use the skins of animals to make warm clothing.

That means you need to learn some tanning skills.

Not sun tanning skills but the process that helps you turn animal hide into clothing.

Any skill you can learn now will help you be ready for the next depression.

Some Final Words

Preparing for the next great depression is a matter of common sense.

All you need to do is learn from the previous experiences and see what you and your family will need to survive the next one that comes.

Learn where to cut back on spending and do not let friends or celebrities convince you to spend big when you do not have to.

Starting to prepare for a depression begins now and it will take some time to pay off those debts.

Make your plans, and prepare for a depression asap.

Originally posted 2022-11-18 12:53:13.