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.