Financial Barriers: How to be Financially Prepared for Emergencies

money and savings

The question “How can I be financially prepared during emergencies” in a highly inflated world can feel daunting. Let us discuss some financial barriers, ideas and financial topics to get us on the financial preparedness path:

Overcoming Financial Barriers to Emergency Preparedness: Practical Solutions for Every Budget

In an ideal world, everyone would have the resources to adequately prepare for emergencies. However, financial constraints often present significant barriers to building robust emergency preparedness plans. Let’s explore common financial obstacles to preparedness and offer practical solutions for individuals and families on any budget.

Financial Barriers to Emergency Preparedness:

  • Limited Disposable Income: Many individuals and families struggle to allocate funds for emergency preparedness due to tight budgets and competing financial priorities.
  • High Cost of Emergency Supplies: Essential emergency supplies such as food, water, first aid kits, and emergency shelters can be costly, particular with the rise of inflation these past few years, making it challenging for some to afford these items.
  • Cost of Specialized Training: Training courses in first aid, CPR, wilderness survival, and other essential skills may come with a hefty price tag, putting them out of reach for those on limited budgets.

CPR First aid class

Practical Solutions for Every Budget:

  • Budgeting and Prioritization: Start by assessing your current financial situation and creating a budget that allocates a portion of your income to emergency preparedness. Prioritize essential items such as food, water, and first aid supplies within your budget.
  • Gradual Accumulation of Supplies: Rather than trying to purchase all emergency supplies at once, gradually accumulate items over time. Look for sales, discounts, and bulk purchasing options to stretch your budget further.

Pro Tip: Do not overwhelm yourself with thinking you require a 1 year food/water supply right now. Start with a goal of 1 week. Once you feel confident your home is sufficient for 1 week, aim for 2 weeks, then a month, and so on.

  • DIY and Homemade Solutions: Explore DIY alternatives for emergency supplies whenever possible. For example, you can create homemade first aid kits catering to your specific needs.
  • Community Resources and Support: Take advantage of community resources and support networks to access free or low-cost preparedness resources. Local government agencies, community organizations, and volunteer groups may offer training courses, workshops, and assistance programs.

helping hands cochraneExample: In Cochrane we have a free food shed run by our local Helping Hands association. You could budget a certain amount of money (lets use the example of $20) that you would spend on some pantry items, but rather purchase something for your long term storage and utilize the free food shed for the items you would have purchased. Later in life when you’re set you can pay it forward by adding to the free food shed for others in need at that time.

 

  • Education and Skill-Sharing:
    • Seek out free or low-cost educational opportunities to acquire essential emergency preparedness skills. Online resources, library books, community workshops, and skill-sharing networks can provide valuable information and training at little to no cost. Certain workshops and classes can be compensated by an employer, which is worth inquiring.
  • Second-Hand and Thrift Stores: Shop at second-hand stores, thrift shops, and garage sales for gently used emergency supplies and equipment. You can often find items such as camping gear, outdoor clothing, and emergency tools at a fraction of the cost of new items.
  • Bartering and Trading: Explore bartering and trading with friends, family, neighbors, or local communities to acquire necessary supplies or skills without spending money. You may have skills or resources that others need, allowing you to exchange goods or services mutually beneficially.
  • Government Assistance Programs: Investigate government assistance programs and initiatives aimed at supporting emergency preparedness efforts. Some programs offer financial assistance, grants, or subsidies for purchasing emergency supplies, retrofitting homes for disaster resilience, or obtaining insurance coverage.
  • Long-Term Financial Planning: Incorporate emergency preparedness into your long-term financial planning strategy. Set aside a designated emergency fund or savings account to cover unexpected expenses related to emergencies or disasters.

bills and coinsDave Ramsey offers some excellent free advice in regard to budgeting, as do many other great sources (I will just give credit where credit is due as I am the most familiar with his concepts). He suggests with his baby steps to start by saving a $1000 emergency fund. After that you pay off your debt (minus the mortgage). After that you start increasing your emergency fund to be 3-6 months worth of your income.

  • Focus on High-Impact Investments: Prioritize investments in high-impact emergency preparedness items that offer significant benefits in terms of safety and resilience. Focus on acquiring essential supplies such as water, food, first aid supplies, and emergency communication devices before investing in less critical items.
      • Create a plan. Have an itemized list of what you would want to have in your emergency storage, then prioritize them.

Conclusion:

By implementing these practical solutions, individuals and families can overcome financial barriers to emergency preparedness and take meaningful steps toward building resilience and safety for themselves and their communities. Remember, even small actions taken today can make a significant difference in your ability to weather future emergencies.

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