An Economic Collapse is an economic crisis where there is a breakdown in the regional or national economy. It is usually an aftermath of a crisis and can cause long term effects on the citizens. This often occurs during an economic depression or recession after an unexpected event that causes the economy to collapse. The effects of economic collapse are the following: increased unemployment rates, lower wages, decline in tax revenue and increased government debt, and government spending, decline in asset prices, bond yields fall, price wars, cost cutting, and inequality.
How to survive an Economic Collapse:
- Build a stockpile of all the basic necessities for survival, like food, water, clothing and shelter
This also includes medications, first aid kits, and prescription medication. Remember that the basic necessities are more important than anything else. Ensure that you have enough water that is safe for consumption. Each person in your household needs at least 1-2 gallons of water each day. People can live about 3 weeks without food but can only survive 3 days maximum without water. Once you’ve secured water, then the next thing you have to do is ensure you have a food supply that is enough to feed the whole family. The next priority in your list is securing a shelter that protects you from the elements. If you have paid all your housing bills, then you can rest assured knowing that won’t be taken away from you. Learn how to sew and repair clothes because fabrics can go scarce during an economic collapse.
- Build a stockpile on the necessary tools that you will need, like kitchen tools, gardening tools, and home repair and automobile tools
These will help you do home repairs yourself and makes you more self-sufficient. Expect services such as plumbing, gardening, etc. to either be non-existent or very expensive. Learn how to manage things in your household without relying on other people so that you can survive the collapse. If possible, go for the higher quality items because they are guaranteed to last to a long time. Knives stay sharp for longer, shovels don’t break off, and you have all the repairs necessary
- Start growing your own food
Being self-sufficient on food is very important during an economic collapse, because grocery and food items will definitely increase their prices, growing your own food in your backyard is a good way to survive. Planting berries, and fruit-bearing trees, growing an herb garden and growing your own crops. Also, if you have a lot of space for a farm, you can also raise chicken and livestock, and also a dairy farm.
- Prepare to live without electricity
Look for other ways to generate your own electricity. Look for alternatives such as solar, wind or propane resources. Also you can reduce your energy consumption and try to preserve as much energy as possible.
- Pay your debts, be financially stable and independent, have multiple sources of income, and try to save as much as possible and avoid unnecessary spending
With an economic collapse, jobs may be scarce, and a lot of people may be laid off. Ensure that you have multiple ways to earn money. This allows you to continue providing for yourself and for your family so that you can weather through this economic crisis. This is also the time to be frugal. It’s time to say goodbye to purchases that do not have a direct affect to your living. It’s time to prioritize your needs over your wants because you never know if there are any emergencies down the road that will require you to use your funds.
- Learn basic survival skills, like gardening, handyman skills, driving, cooking, hunting/ fishing
This is part of being self-sufficient. If you know how to these kinds of skills, then you will not need to depend on others to do it for you. Not to mention it can save you on costs. Why pay a taxi driver to take you somewhere when you can drive there yourself? Similarly, you won’t have to keep on ordering food from restaurants because you’ll know how to cook delicious meals for yourself. And, if you learn how to hunt and fish, then you won’t have to depend on another corporation for your food supply.
- Build relationships with your family and your community
Cultivate a culture of sharing with your neighbor and community so that you will have other people to back you up. By building good relationships with your community, all of you are more open to helping each other out. No one struggles when you’ve got strong relationships with one another because everyone relies on each other for certain things and activities. Similarly, you can create activities that are safe for the entire community for everyone’s entertainment during hard times. Now is the time to foster bonds with the people who will be sharing your experiences in the near future.
- Protect your family, make sure your home is secured, and learn self-defense
Everyone gets desperate during an economic crisis, and unfortunately, this leads to more violent acts of desperation such as robbery so that they can continue surviving. To protect yourself and your family from this, learn self-defense and lock your house down. Make sure your security system is switched on whether you’re in the house or not. Your home has everything important to you. Protect it so that no one else can take it away from you.
- Keep your important documents, like passports, bank account numbers, insurance policies safe.
These documents identify who you are and prove any claims of ownership. Bank accounts can hold proof to any other assets that you may hold. You will need other important documents like your passport in case you want to move out of the country to get an easier life. Most people would wrap them in plastic so that they are waterproof then lock them in a safe where they are protected from thieves, but easy to access.