As if moms and dads didn’t already have enough anxious thoughts that keep us lying awake at night. Whether we like to admit the obvious or not, hyperinflation is already outside knocking on America’s doorstep.
Don’t believe me? Unless you’ve been turning a blind eye, we’ve already begun to see it with the jump in fuel, energy, and food prices over the past several months. These are just the tip of the iceberg. There are many experts out there that have said that it’s only going to get much worse for us in the future and that it’s no longer a matter of if, but when.
Preparing for Hyperinflation
While we could just sit back and point a finger at who’s to blame for the mess we’re in, we’d be wasting precious time. It’s a no-brainer that our government certainly isn’t going to be the one to bail us out of this nightmare. Instead, it’s crucial that we prepare ourselves for what is inevitably coming.
These are several steps that you and your family members can take to be in a better position for when the time comes.
1. Pay Off Debt as Quickly as You Can
Make it your number one priority to pay off all your debt as soon as you possibly can, especially those of which have an adjustable interest rate. Take, for instance, an unsecured credit card debt. During hyperinflation, these companies may charge you a ridiculous higher interest rate than what you could afford and there’d be nothing you could do about it.
2. Refinance your Mortgage
You’ve probably already heard it dozens of times before, but it’s true. It’s never been a better time to refinance your home than right now. Interest rates are at a ridiculously all-time low, so it’s worth checking into. If your home is already on a fixed-low rate, turn your attention to any other debts you may have that have an adjustable rate.
3. Cut Back on Wasted Spending
Do you find yourself eating out with your family at fast-food restaurants far too often? Or maybe it’s Starbucks or perhaps the shoe store for you? It’s okay to visit these places every now and then, but just remember you’re spending far more money than necessary by doing so.
Whatever your bad habits may be, don’t wait until it’s too late to scale back on wasted spending.
4. Stock Up on Food and Household Products
To help save your family money in the future now’s the time to be stocking up on non-perishable foods, bottled water, and household supplies that you use on a regular basis. Hyperinflation means that prices on all consumer items will rise at a very quick rate, so this advice should make sense to you.
If the situation were to get really ugly, store shelves would become empty before too long, and you’d be glad that you had an emergency supply you could rely on.
I have a list of what to stock up on for every month of the year. Shop sale cycles and fill your pantry, fridge and freezer. Learn more about food storage!
5. Look for Ways to Make Extra Cash
Fortunately for you, there are hundreds of different gigs and side jobs out there that are just waiting for you to jump on board with them. You might be surprised that you can do the things you love by earning extra cash to help your family out. There’s a chance that you may already be doing some of them now, but without the reward.
If you have teenagers, there’s sure to be at least more than one job that they’d be good at so don’t wait to get them involved too.
6. Stop Buying New
Stop paying full retail on new items! Just stop. You can purchase gently used items at certain locations for less than half the price. With places like garage sales, resale shops, eBay, and Craigslist, there’s really no reason to be buying everything brand new. You’ll save with your finances and be able to use that money elsewhere.
7. Use Cheaper Modes of Transportation
Do you live within a mile or two of the office? On nice sunny days, you should consider commuting by bike or on foot. Also, cut back on any unnecessary traveling. You might end up having to do this anyway if gasoline prices shoot out of control.
Maybe you have an extra car in your driveway that’s just sitting there? Instead of having to keep on paying for insurance, gas, plates, and maintenance, consider selling it for extra cash.
8. Find Sustainable Sources of Food and Water
Food and water may be harder to get your hands on at some point down the road, and that’s hard news to swallow when you have hungry mouths to feed. If you’re able to, consider using a portion of your property for gardening and planting fruit trees that could help sustain you and your family. Or perhaps, you may need to purchase additional land that has a water source on its property if you have the money to do so.
9. Purchase Gold and Silver
Get yourself educated on gold and silver now and begin making investments with them at a pace that you’re comfortable with. As the U.S dollar’s value begins to tumble, the value of gold, silver, and other precious metals, will only go up.
10. Become More Self Sufficient
You don’t have to have a lot of land to provide a little more food security to you, your family and friends. You can do small but simple things like grow a garden, raise some meat rabbits, raise a few quail and have a few home remedies on hand.
11. Increase Your Home’s Security
When resources become scarce and store grocery shelves are empty, it will only take a very short amount of time before law enforcement is completely overwhelmed with phone calls. So, it’s critical that you take every safety measure that you can to protect your home and your family, whether it’s setting up security cameras, motion-sensor lighting, or buying something for self-defense.
Just don’t make the mistake of brushing everyone’s safety under the rug.
Being Prepared for Hyperinflation
Just think for a moment. If hyperinflation comes and goes and years from now we’re all still living our normal lives, there will be no reason to be upset with everything that you did to prepare for it. You’ll be living without any debt, have a secure home, plenty of food to fall back on, and gold and silver that’s hidden away.
And that seems like something smart to plan for.
How are you preparing?