You might not think that personal finance has much to do with preparedness, but in these rough economic times, it’s even more important to make sure you are financially ready as well as physically ready for an emergency!
If you are like many people in America, you may Replace yourself struggling to pay all the bills at the end of each month. You know -- too much month at the end of the money. Mounting debt can bring on your own personal emergency situation. Here are a few tips for staying afloat if you Replace yourself drowning in debt.
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Comments
The principles stated in this article are so true and relative to what is going on in our country at this very moment.
I have not thought of preparedness for my creditors, I will have that information in my emergency kit this weekend. thanks
All excellent tips. Reducing debt, using coupons, buying in bulk, and growing your own garden can save you hundreds of dollars. There are a lot of extras we spend money on that are not necessary for life. It's good to think about it.
We can never be too prepared. Thank you for all of your valuable information.
Vicki
Good in formation in your post.
I'm sure MANY people never thought there would be a financial " survival" situation country wide in their lifetime. I know entire families who are eating nothing but Raemen noodles for weeks at a time morning,noon and night.
I might go even further and say instead of a $5 movie rental at home try out that netflix thing. It's like 8 bucks now and from looking at it at my niece's house it certainly seems like a value for entertainment if you don't have cable. It's the little things that can keep you going during the rough stuff.
This is such an important concept! I'm so grateful I was taught these concepts early on—I was shocked in college to learn how many of my peers hadn't been.
so many people want to prepare for the catastrophes that make the news, like Katrina or the Indonesian tsunami, but job loss and catastrophic injury causing missed work are so much more likely to happen, so being ready financially is so important. it's not as glamorous as stockpiling MREs, but getting out of debt is so freeing…
thanks for the great site and all the food for thought…
Fantastic article! Many people over look this very important part of preparedness. They worry over debt but don't think about having an extra cushion of savings. We take it one step further and have a "savings" at home in case something happens and we are unable to get our money out of the bank for a period of time.
Ten years ago, I left my job as teacher to become a stay-at-home Mom. We cut our income in half. Knowing that we were going to do this and wanting to feel prepared (as we were cutting our income in half), we started to bank my paycheck each month. Many people told us that we weren't going to be able to do it. For 6 months, we did. Ten years later, I am still at home.It was hard to do. But, our family has survived and has still be able to save. (I can be one frugal shopper!)Now I wish that I had been smart enough to have been doing that all along. :)
This is so true. You never think the unthinkable will happen to you. My husband lost his job two months ago, something we never expected to happen to us. It's hard enough to take care of the mortgage and utilities. I so badly wish I'd been more wise with our finances so we didn't have any debts to stress over in this horrible trial. And it's too difficult to predict the circumstances that might require needing some cash set aside "for a rainy day".
Thanks