Will you be able to survive an economic depression? It seems the coronavirus may be leading us there. While things do look bleak now, it’s only a matter of time until humanity overcomes this challenge. The economic fallout, however, can’t be denied. Nevertheless, we have to do what we can to get through this time of economic downturn.
It’s not like this is unprecedented. Depressions have taken place throughout recorded history – from the banking panic of the Gilded Age to the Great Depression of 1929, etc. Based on the lessons we have learned from history, here are 10 tips that you can use to survive an economic depression.
How To Survive An Economic Depression
1. Throwing Stuff Away Doesn’t Help
The economy today runs on single-use items. It’s better, however, to reduce, reuse and recycle. In an economic depression, you especially don’t have that luxury. So, to survive an economic depression, you need to buy items that will last longer.
2. Be More Neighborly
During periods of economic downturn, people feel more alone than ever. They feel like they’re being abandoned by the government, their employers and the community at large. Hence, reaching out to your neighbors in this tough time can help you to survive an economic depression. You can help them out with their housework, lend them money if they need it, send over food, etc.
You will both help each other to stave off feelings of loneliness, which is is essential during tough times.
3. Learn New Skills
It’s possible that you may lose your job during an economic crisis and wind up in debt collection. Even if you’re indispensable to the company you work for, this could happen. It’s not personal, rather it’s all about cutting costs, so don’t take it personally. Instead, use the time you have during the recession to learn a new skill. It could be coding, graphic design, video editing, or even some financial skills. There are so many free courses online that this shouldn’t be a problem. In order to survive an economic depression, learning new skills is essential.
4. Eliminate Wants and Focus on Needs
This is how to survive an economic depression 101. You need to eliminate all the frivolous things you shop for and focus on what you need. Don’t waste your money on junk food, pricey electronics or clothes that you don’t need. Strictly keep it to the basics, which includes your utility bills, general food items, and more.
5. Learn to Be Cautious
During an economic depression, the crime rate may rise. Hence, it’s important to become more cautious in general. This doesn’t mean that you should carry guns or work on your combat skills. You can, however, get close to your neighbors to organize a neighborhood watch. You can also look up safety tips to better advise your family on safety measures
In the era of the internet, it’s good to keep your eyes peeled for scams and catch them. If someone emails you with vague promises of getting rich or some shady deal, do not go any further. Also, don’t open emails from unknown emails or answer texts and calls from unknown numbers.
6. Discounts and Coupons are Valuable
Discounts and coupons never help as much as they do during an economic depression. Getting food, spices, saving on utility bills; this is the time to do it. If you use an app that has discounts on gasoline or a super saver card for groceries, use it now. You’ll need to save up as much money as possible for the coming days. So, it’s best to use all the discounts you can.
7. Don’t Get Depressed
Of course, we’re not talking about clinical depression here. If you do have that, you should visit a mental health professional to get help. However, for the rest of us, we need to keep our composure in order to survive an economic depression. Beating yourself up and getting anxious about how it will all turn out is counterproductive.
Instead, you should keep yourself busy and get to work. Learn new skills, read books on financial savings or engage in volunteer work. All these things will help prevent sadness and depression from overpowering your productivity.
8. Learn to Grow Your Own Food
This is one of those vital life skills that you should know. Growing your own food gives you security and sustenance combined. You don’t have to worry about how to survive an economic depression when it comes to food. Planting your own crops in a small plot of land can save a bundle. Also, you can grow a lot of herbs that last a long time for food seasoning.
If you don’t have a green thumb or are short on land to grow things, you can try community gardens. You can even grow a couple of grains and crops with your neighbors to keep things interesting.
9. Your Family Comes First
Remember that spending more time with your family is the most important thing you can do. No matter where you are or fit in with your family, you need to think about them. Family closeness is what helped people get through the economic depression of 1929. Families were out of work and near broke at the time. However, they turned to each other for support and managed to survive. That’s the kind of support you and your family members will need at this time.
You can do small things like help around the house, entertain each other, read to each other, etc. All these things generally help people build meaningful relationships and stay sane. That helps to survive an economic depression.
10. Modern Society Is Volatile
When an economic depression occurs, society usually sees itself crumble under the weight. Yes, institutions and governments still function but people in general start thinking of different things. Suddenly, the most immediate thing on your mind is how you’re going to afford your next meal. Dreams, hopes and future plans of many people are all washed away under pressure.
You should use this time to focus on the essentials and minimize costs. The economic fallout of a great depression needs to color your thinking.
By following these tips closely, you’ll be much better equipped to get through this economic downturn.
