Introduction
In past centuries, our ancestors have weathered many storms, in both the literal sense and figuratively speaking. While there may not have been much they could do in the past to avoid devastation and destruction, in today’s world, there are many precautions we can take to ensure the safety of our family and our property.
Every decade, there is a new type of threat that sits on the horizon looming over us and disturbing our peace of mind. If you are willing to prepare for what may come, you will be able to sleep easy at night knowing that you and your loved ones will be ready.
In the year 2022 (and beyond), there are 4 very distinct areas of concern that survivalists & preppers must get ready for. They include economics, health, weather, and political unrest. You may be prepared for a short term emergency, such as that lasting 72 hours, but you need to take the time to assess your plans and make sure that you are also prepared for a long-term event just in case.
( 1 ) Preparing Your Finances for a (Financial / Economic) Crisis
Whether you are living in poverty or are one of the wealthier people in the world, you will be impacted when the economy struggles or suffers from a complete collapse. You have to prepare your finances to withstand the direst situations or even a slight squeeze that will bring stress and discomfort to your life.
There are many different issues associated with an economic disaster. We are experiencing many of these at this moment, including inflation – which is the increase of the price of goods and services to a point where many can no longer afford them.
This will happen with your food supply, gas, and other goods and services that you routinely use in your everyday life. You may also be watching an economic situation as a recession takes root.
This is when there is a drop in spending, and this may affect you as an employee or business owner because you won’t be taking in as much when people are unwilling to spend what little they have.
Another problem that can arise is supply chain shortages. There are many different reasons for this problem, but you may start to notice that you are unable to find what you need on grocery store shelves and other places, including items for big-ticket spending like home building needs, cars or car parts, electronic gadgets, and more.
There are many things you can do now to ward off any sort of financial panic in the year 2022. First and foremost, you need to create a budget that is tightened up and try to stick to it.
In times of economic chaos, you don’t want to be spending haphazardly on unnecessary things. Try to create emergency savings for you and your family in case anyone is let go of their job or suffers from some sort of medical emergency.
You may even need this income to be able to afford everything that is rising in cost that you feel is a necessity to your life. You want to begin paying off your debt if you have any.
Do this as soon as possible so that you are only living on expenses that are not incurring interest. If you want to, you can shop smart and buy certain things used or by using discounts and coupons whenever possible.
You can also make some major changes with the debt that you do have. For example, find out about refinancing your mortgage so that you have a lower house payment. You may also be able to call various companies – such as your electric provider, cell phone provider, cable or streaming entertainment, gym membership, etc., and try to negotiate a lower price or better deals for these services.
Keep your finances on track during a Global Recession:
While no one is immune to the effects of the recession, you can still protect your finances. Here are some tips to help you weather the storm:
- Financial emergencies often strike without warning. You can prepare for this, however, by setting up an Emergency Fund* for tough times.
- Creating a budget is a great way to see where your money is going and to make sure it is being well managed. If you’ve already budgeted, take the time to review your spending.
- If you already have a diversified portfolio *, it is better to keep your investments. (* A diversified portfolio contains a variety of investments – stocks, fixed income, commodities – which can perform differently in any given market environment. Some investments may gain in value, while others will lose. A diversified portfolio can reduce your overall risk, as gains made on some investments may offset losses on others.).
- Seek professional help from an advisor. Worried about the recession and its impact on your savings? Consulting a professional might help you see the solutions.
