Poverty Prepping?

I think Poverty Prepping is the same exact thing as Being Responsible.

You have a responsibility to yourself and your family to be prepared for something that could impact your income or drastically impact your budget by having some sort of plan in place. That is usually a combination of an emergency fund so bills can be paid, a store of non-perishables so you can reduce your food budget to free up money elsewhere while still being fed, a supply of toiletries and medications for the same reason above, a working budget and knowledge/plan on how to reduce and eliminate expenses as well as contact information for all your bills. We've all been faced with a hardship at some point. How did you make it through? How did you fail in that time? Make adjustments and plan accordingly so that if you were in that same scenario you would be able to survive it. Now take a step further and think of a situation somewhat worse and prepare for that so you can survive it. How far up the "oh *hit" scenario ladder you want to go is up to you, some people will plan for an extreme and some people won't plan at all.

Poverty Prepping to me is just preparing for a future catastrophe.  Saving whatever money you can would be my number one priority.  Stockpiling at very low prices would be the second thing.  Keeping the cars in good shape so you wouldn't have to buy another one for many, many years would be my third.  But we do these anyway.

Quote:

Originally Posted by Karen1985 

I think Poverty Prepping is the same exact thing as Being Responsible.

 

You have a responsibility to yourself and your family to be prepared for something that could impact your income or drastically impact your budget by having some sort of plan in place. That is usually a combination of an emergency fund so bills can be paid, a store of non-perishables so you can reduce your food budget to free up money elsewhere while still being fed, a supply of toiletries and medications for the same reason above, a working budget and knowledge/plan on how to reduce and eliminate expenses as well as contact information for all your bills. We've all been faced with a hardship at some point. How did you make it through? How did you fail in that time? Make adjustments and plan accordingly so that if you were in that same scenario you would be able to survive it. Now take a step further and think of a situation somewhat worse and prepare for that so you can survive it. How far up the "oh *hit" scenario ladder you want to go is up to you, some people will plan for an extreme and some people won't plan at all.

I agree. It's taking responsibility for your finances. 

For me that means:

-keeping a well stocked pantry in the basement

-Keeping the stand up freezer in the basement well stocked when sales happen

-I have plenty of OTC medicine, toothpaste, toothbrushes, soap, shampoo, feminine supplies, toilet paper, etc. I buy on sale when I have money available to do so. 

-I have long term disability insurance

-preventing problems by staying as healthy as possible and by keeping the car maintained.

-Know the difference between a want and a need and how to live without the wants if need be. 

-Live below your means so you can survive on just the needs 

- Living without credit card debt which I am working on paying down. 

What I need to work on is building my savings back up. This summer zapped my savings with all the dog expenses, new tires, ac needed a new control panel and I had to get a new water heater. While the girls have been gone with their dad this last week I've picked up extra shifts at work. 

I have a TIAA/CREFF retirement account through work. Perhaps as a last resort I could tap into that in an emergency situation. 

It could also mean growing a garden, having an emergency go-to menu for when times are tough, and learning how to fix things around the house yourself or know which friends you have that can help out with certain things. 

I would say that it would be to prepare for what will shake your foundations. 

Step A would be to have insurance to cover all the what if's. The things you can't prevent that would turn your wold upside down.

Step B would be taking care of your life so those what if's don't happen.  This could mean having a good work ethic so when times get tough you are more likely to keep a job. Taking care of your auto, your health, your appliances. Doing some of the monthly or annual things that will prevent future spending. 

Stockpiling may be useful but it also may be a waste. I would want a storage shelf like my parents have. You roll the cans into in and they roll to the back and then back to the front. So the oldest is always the first one you grab. I don't think poverty prepping is exactly the same as short term disaster prep but it wouldn't hurt to do both.

Step C would be to pay off your debt if you have consumer debt and then save like crazy. I would like to see 3 -6 months income. 

Personally it really really hard to prepare for the worse when you are already struggling. What doesn't hurt is to build your network. It will help to have people to ask for help when times get really bad.