Uncertainty is something that preppers are constantly on the lookout for.
Any indication of trouble is a sign that they may need to put their skills and resources to the test, no matter how short or how long the uncertainty will last.
But while most folks are stocking up on supplies or learning new skills, they may forget that preparing financially is important as well.
If you have a strong handle on your finances and the ability to plan ahead, you’re going to fare much better (unless an extreme situation does happen, like money suddenly becomes useless).
For those looking to be prepared for uncertainty, here are 15 money management tips for preppers in uncertain times.
15 Money Management Tips for Preppers in Uncertain Times
#1. Place a Greater Emphasis on Saving
When there’s trouble on the horizon, you want to make sure you’re prepared.
Having an emergency fund and other forms of savings can carry you far when times get tough, especially if you start as early as possible so that you have a nice nest egg set aside.
If you want to be a good financial prepper, place a greater emphasis on saving.
#2. Make Your Funds More Liquid and Accessible
Funds that aren’t able to be withdrawn and used are funds that you don’t technically have.
These funds will not serve you during uncertain times.
Do what you need to make your funds more liquid and accessible so that you’re able to tap into them when you’re facing an emergency.
This includes keeping cash, gold, silver, and coins in a safe at home.
#3. Be Wise About Any Investing Activity
Investing is smart, but taking risks or overextending yourself financially is not something that you want to do during times of instability.
This can easily result in lost funds that you couldn’t afford to lose.
If you are going to invest, choose safer or lower-risk investment opportunities that will keep you financially healthy.
#4. Start Carrying Some Cash with You
The prepping way is all about making sure you’re ready for any situation, which is why so many preppers have access to cash should they need it.
Whether it’s in your bug-out bag, at home, or on your person, start having some cash on you and some cash stored away in a convenient place so that you have it if you need it.
#5. Invest in Yourself
Investing in further education and skill sets is crucial during uncertain times, largely because you never know if your livelihood is at risk.
The more valuable you make yourself and the more proficient you become in areas you have experience in, the harder it is to not find work.
Of course, it’s also worth noting that you should look for industries that experience the least disruption during times of struggle.
#6. Utilize Available Resources to Grow Your Wealth
Whether it’s savings accounts offering higher annual percentage yields, CDs, or even money market accounts, there are so many resources out there that can help you grow your wealth with ease.
You don’t want your money to become stagnant during difficult or uncertain times.
Use what’s at your disposal to produce security and stability.
#7. Don’t Lean Too Hard on Debt
It’s easier than ever to rack up debt.
From maxing out credit cards with the intent to pay it off later to buy-now-pay-later options to payday loans, it’s no reason people are becoming more financially unstable rather than financially secure.
Even when things become rough, never lean too hard on debt.
It will only create future problems that will impact your ability to navigate the situation at hand down the road.
#8. Consider How Your Own Debt May Impact You
Speaking of debt, do you have any?
If so, which debt is essential to pay off, and which debt may be able to wait when things are uncertain?
Knowing how to manage debt and the consequences of doing so can make a world of difference when things get tough.
Keep a close eye on your debts and use your resources strategically to manage them.
#9. Be Smart About How You’re Using Funds to Prep
Prepping is something that you’re obviously doing, especially when you’re facing uncertainty.
But how much money are you spending on prepping?
Are you investing in tools you really need or tools that you think you need? Are you using too much money and getting little in return?
These are all questions you need to ask yourself to make sure you’re spending wisely on prepping materials.
#10. Get Adequate Insurance Policies
Nothing would be more disappointing than to prep for uncertainty and end up becoming a victim to medical bills, out-of-pocket car accident payments, or something else.
While insurance can certainly feel like a drain on your resources, it does have its purpose.
If you’re not insured during times of uncertainty, it can quickly lead to financial ruin.
#11. Look for Ways to Save on Everything
Whether we’re talking about essentials like groceries or treats that you buy yourself from time to time, look for ways to save on everything.
Join rewards programs, use rewards cards, use store apps or cashback apps, and download extensions or look for promo codes when you’re shopping online.
The more you save, the more confident you’ll be you can cut down your spending when it matters most.
#12. Buy Secondhand or Get Certain Items for Free
Speaking of saving, do you always buy new?
There are some things you should buy new, but some purchases like furniture or clothing can be bought secondhand or found for free.
Just make sure that they’re in good shape and that they’re not infested with bugs (in the case of free items you might find on the side of the street).
#13. Ask for Support
Support is out there when people are struggling, and there’s no shame in asking for help when uncertainty has made your life substantially harder.
Take advantage of government programs to more easily afford food, rent, and even your internet connection.
This will give you what you need to be able to manage what money you do have more effectively without having to worry about basic needs.
#14. Think About Any Major Investments You Were Previously Considering
Times of uncertainty may not be the best period to pursue major investments, such as buying a home.
If you were thinking about major investments like a home or even a new car, return to your plan and carefully consider whether or not now’s the right time.
Life is all about strategy, and the financial planning that you previously relied on can change in the blink of an eye. Be flexible!
#15. Create a Comprehensive Budget That Helps You Stay on Top of Everything
Your budget is the only thing that will help you navigate uncertainty effectively.
Create a budget that helps you see your finances at a glance and one that will help you spend money in such a way that helps you not only survive but thrive during periods when you’re not so sure of what lies ahead.