Yes, I'm in a little bit of a panic.
I spent the past several hours reading about preparing for an Economic Depression. I know this may be a little premature, but let me tell you, do a google search for "preparing for economic depression" and you will get pages and pages. Many people think this is going to happen.
So, here is what I am thinking about doing to prepare:
1. Stop extra debt payments (as mentioned in my last post). Although many articles I read suggest paying off debts as quickly as possible, I am afraid of being cash strapped. (Of course, if the dollar loses all value, cash won't be worth anything anyway.)
2. Stock my pantry. When I began paying attention to my finances I started with stockpiling groceries. It is a great way to save on food and be prepared for the unexpected. As I have gotten busier I have not stockpiled as much. I plan to start now and fill my pantry with as many non perishables purchased at the lowest price possible. I am thinking: rice, flour, sugar, salt, oatmeal, pasta, tomato sauce, soap, shampoo, toilet paper, paper towels, laundry detergent.
3. Stock up on water. My husband will think I'm crazy but I'd feel better with 25 gallons of spring water in the garage. I'd also like to look into getting water purification tablets. Can't hurt.
4. Keep some cash in the house. I'm not talking about taking all my money out of the bank, but I think I would feel better if I had $1,000 to $2,000 in cash in the house.
I think those will be my first steps.
Do you think I'm crazy?
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3 comments:
It sounds like you're anticipating both failure of utilities (that's the reason for stockpiling water, correct?) and failure of not just the banks, but also the FDIC. I'm not sure I'm expecting things to get that bad, but following your suggestion, I'm going to read more on preparing for a depression. Certainly there will be many more bank failures, but what I've heard so far is that FDIC is sufficiently funded to handle it. I hope that's right. I really don't want to keep a lot of cash around the house--I don't think that's safe either. I think you're right, though, about trying to build up cash savings rather than paying down debt now, and also about stockpiling pantry items. I'm planning those two things as well.
don't think you are crazy at alll --- if that is what makes you feel better & more secure, I say go for it!
putting all of the economic uncertainty aside, you have nothing to worry about. Your husband is a great sales rep or he wouldn't be at he level he's at. I promise you, even in a down economy or a depression, the best sales reps are always in great demand and they can always earn their keep. I think he's that type of rep.
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