4 Tips for Preppers to Become Financially Prepared

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Become Financially Prepared

Financial preparedness in prepper terms refers to having enough money to not only buy stocks and supplies but you should also have enough stashed away to allow you to immediately evacuate to another place should the need arise.

Many times, when people are asked to evacuate by the authorities, a lot of them stay put where they are because they just do not have the means to travel and stay in another place. They’re short of money and can’t pay for airfare or a two week stay at a motel.

During Hurricane Katrina, many people were left stranded and they took refuge in certain locations. There were many reports of assaults, rapes, thefts and other crimes of opportunity.

To avoid being thrust into such an unsavory situation, it’s best to have enough money to get out of the affected area well before disaster strikes.

In this article, we’ll look at 4 ways you can build up your funds so that you have enough money to not only buy supplies but to also have a reasonable sum stashed away to help you get out of Dodge.

 

  1. Increase your earnings and reduce your expenditures

You’ll need to develop new skills to land a better paying job so that you have more money. Do not immediately buy a new car or house and try to keep up with the Joneses. This is a mistake the masses make and that’s why most people are always in a vicious cycle of debt.

Trim your expenses as much as you can so that you can save. It’s not how much you earn but how much you keep that matters. Eat at home often, shop at thrift stores, discontinue memberships that aren’t necessary and do not buy a new car if the one you’re using is in good condition. All these little efforts will make a big difference.

 

  1. Reduce your debt

Credit card debt can be crippling and take forever to get out of. Make a repayment plan and stick to it. The interest on these cards is eating into your finances. Pay up the card with the highest interest rates first while paying the minimum sum on the rest. Once that card is done, pay the next highest one over and above the minimum sum and move on to the next one and so on. The amount will snowball, and you’ll get out of debt as soon as possible.

 

  1. Buy cheap

Try and get the best value for your money. Avoid branded goods which are only popular because they cost so much. These ostentatious goods only portray an image of wealth. Real wealth is being financially secure. Try out generic brands and you may be surprised to find that they’re good too.

 

  1. Insure yourself adequately

It’s always best to have some form of insurance for your life, health, car, home, etc. If your home accidentally burns down and you have no homeowner’s insurance, all your savings will end up being used up to buy a new home. Insurance will save you here. The same applies for automobile accidents and health issues which can accrue very costly bills.

Observe these 4 tips and save your money wisely. Even if there is no crisis and you don’t need to touch your emergency cash, you’ll be building financial security for your retirement. He who does not economize will have to agonize. Do sacrifice immediate gratification for long term security and peace of mind.

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