How to Prepare for What Comes Next by Daisy Luther for The Organic Prepper
It’s pretty safe to say we’re living in a world where everything is dramatically different than it was a few months ago. Regardless of how we personally feel about the response to the coronavirus pandemic, we still have to live in a society that has adjusted the parameters of acceptable behavior and has changed irrevocably.
While it’s impossible to guess precisely what comes next (I mean, were you really expecting aliens and murder hornets?), we can surmise from the things happening right now which way the future is headed. And we can use that information to prepare ourselves for it.
The following are some areas in which we may soon (or already) be facing difficulty, as well as some suggestions for meeting them head-on with resolve and preparations. If you’re looking for more information about the second wave of the virus and effects of that, go here.
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The economy
It’s no surprise that the economy is in shambles – after all, it’s been all but shut down for months. Back when I wrote about the potential costs of COVID, I underestimated the total destruction of small businesses and the devastation of the workforce. I didn’t go deep enough in my analysis to foresee 40 million people becoming unemployed in the span of two months or that not just small businesses would suffer – that dozens of major corporations would also go under, taking even more jobs with them.
Few would have predicted the mass money printing for stimulus checks and small business loans and grants, putting our nature further in deficit than ever before. There’s even a possibility that the US could willfully default on its debt to China as the government struggles to handle the most exorbitant national debt in history.
Things that could directly affect individuals are:
- Unemployment: It may be difficult to keep your job or find another one.
- Inflation: As the government continues printing money for “stimulus” it weakens the dollar, reducing its value. This means that the price of goods will increase. So every trip to the store will cost you more money.
- The implosion of credit: As more and more people become unable to make their payments, massive swaths of the economy will suffer, including housing, banking, and the automotive industry. This will result in an inability to get future credit for mortgages or cars, and will also result in a loss of jobs.
What can you do about these things?
It’s more important than ever to have an emergency fund. That might be easier said than done when jobs are difficult to come by and when the money you do have doesn’t stretch as far. If you are getting that extra $600 a week from the CARE Act, I can’t stress this strongly enough: SAVE IT.
Now is not the time to try and pay off all your debts, particularly if your future is looking precarious. Continue making the minimum payments while you wait to see what’s going to happen. Put aside the money you would be using to pay off debt – you can always pay it off in a few months if things are looking up. Remember that the big banks get bailouts. Everyday people do not. Paying off your unsecured debt should not be a financial priority right now.
Don’t get in over your head with expenses. If you can cut back, you should start doing so now. Don’t sign new phone contracts or expensive leases. Reduce your monthly cost of living as much as possible.
The public education system
The public education system was early to exit from normal operations. Children are currently doing “distance learning” online with their teachers and being guided by their parents.
While a lot of parents complain, many others have enjoyed reconnecting with their children. Some parents are also realizing that the education they thought their kids were receiving isn’t all it’s been cracked up to be when they find their children are far behind the curve and the teacher never even mentioned it.
After seeing some of the horrifying plans for schools reopening with “appropriate social distance,” many parents may decide not to let their children return to school at all. Here’s what the CDC is recommending.
