This is a guest post from Gale about debt and prepping.
When it comes to prepping, it is often forgotten that prepping as a set of actions is much more than stocking up on extra cans of vegetables or gallons of water. It is also a common fallacy that prepping is done exclusively for the future when it is also a set of strategies to improve your current situation. Don’t believe me? Take debt as an example. While debt is something you’ll need to someday completely erase from your future, working to pay down starts now. Getting out of debt is prepping.
Never Go Into Debt By Prepping
Prepping can be bank breaking if done incorrectly. Prepping is one of those activities that can turn out to be a money pit; one purchase can lead to another, then to another, then to another, and so on and so forth until you’ve expended your entire account balance and still have other weapon attachments, security measures, food supplies, and improvements left to purchase. Set an overall budget for your prepping purchases each month (I limit myself to $225). Do not go over this arbitrary limit, even though I realize how difficult that can be as TEOTWAWKI draws closer with each passing day.
Pay For Everything In Cash
No more credit cards, no more loans. It’s easy to make purchases with money you don’t have, and this is exactly why people buy with credit cards. If I have a $5,000 credit limit, it is much easier putting a new television on a credit card as opposed to writing a check (or using a card linked to your checking account) for that money to be automatically deducted from my current account. This is how people get into trouble and deep debt fast. Pay for everything in cash and don’t give debt collectors a reason.
Become Debt Free And Stay Debt Free
Student loans, auto loan, mortgage, credit cards – these are all types of debt that can cripple your monthly budget, and for a long time. One of my best friends from high school went to college for 5 years. Here is the conversation we had:
-Friend: Man if it weren’t for my student loans, I’d be making bank right now.
-Me: Really? I’m sorry bud, is it that unmanageable?
-Friend: Yes! I barely even make enough to pay for rent and student loans! That doesn’t even count towards food or my other bills.
-Me: That’s so sad. Not to pry, but what are we talking – $20k to pay back?
-Friend: Nope, guess again – $70,000.
Sorry to say it, but my friend is a slave to his student loan debt. In some places in the United States, you can outright purchase a home for $70,000. Instead he is paying for a college degree for the next few decades of his life. While this is an extreme situation (average student loan debt is $29,400), it goes to show the tough situation many people find themselves in. If you have any debt, get all hands on deck to pay that debt off completely and as quickly as possible. Work on paying off one debt at a time, generally higher interest debts should be paid off first while making minimum payments on all other debts. As interest accrues, you are throwing money straight out the window towards whoever owns your debt. Break the shackles of debt and regain your financial independence.
At first glance, debt and prepping may seem unrelated. By looking a little deeper, you will find that debt and prepping are interconnected and it is imperative that a prepper must break the bonds of debt to protect themselves and their families. No one said the task would be easy, but as someone who regained control of their financial livelihood by putting forth all effort to paying off a heinous amount of debt on a new boat (talk about feeble financial decisions), I can say that the journey may be long and hard but the feeling once you reach the end is something so gratifying and liberating that it is a road certainly worth traveling, for anyone. Will you take control of your financial future?
About The Author
Gale Newell is continually working on being a self-sufficient human being. She finds herself spending her summer days outdoors, whether that raising her own food in her organic garden or playing cards with friends and family. She is very much into grilling meals on her old-school charcoal grill and has since lifted her addiction to multiple television series. She feels freer than ever and is truly happy. She is prepared for the future and ready for whatever happens next.