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07/08/2019 / By Zoey Sky
A lot of articles about prepping usually talk about self-defense, weapons, supplies, or survival skills that you need when SHTF. These are all important aspects of prepping, but most people forget another element that all preppers need to consider: financial preparedness. (h/t to BeansBulletsBandagesAndYou.com)
Settling your debts and having an emergency fund will help you deal with various personal disasters like medical emergencies, financial troubles, or unemployment.
Detailed below are core preps that you can start implementing to address personal disasters that may occur. At first glance, some of them may seem difficult or even impossible, but by focusing on your goal and making financially responsible decisions, you can live a debt-free lifestyle and be financially prepared.
The best way to prevent personal disasters is to aim for financial independence, which becomes easier if you follow a debt-free lifestyle. This requires commitment and some sacrifice on your part, such as being frugal and driving old, but reliable, cars. (Related: Preppers save for a rainy day: Why financial planning is crucial for surviving an economic downturn.)
Once you settle your debts and pay off your mortgage, you can indulge in a vacation fund. But remember, that gets funded last because it’s a personal want, not a pressing need.
It’s perfectly fine to prep clean water, a stockpile of survival food and supplies, and a backup energy source, but it’s also important to clear your debts while you’re young and able to work.
This might seem boring, but prepping and survival isn’t all about impending doom or unlikely scenarios like the zombie apocalypse. You’re more likely to slip in the shower than turn into a zombie. But if you have an emergency medical fund or medical insurance, these personal disasters won’t seem impossible to deal with.
Tagged Under: Collapse, debt, disaster, emergency savings, finance, finances, financial planning, financial preparedness, future planning, money, personal disasters, planning, preparedness, prepper, prepping, self sufficiency, self-reliance, SHTF, survival, sustainable living
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