Financial preparedness: 13 Ways to prepare for hyperinflation

While it’s good to stock up on food and supplies before SHTF, you also need to get ready for economic collapse by making sure you are financially prepared for hyperinflation. (h/t to TheSurvivalMom.com)

Hyperinflation refers to “an extremely rapid period of inflation, usually caused by a rapid increase in the money supply.” It is often caused by the unrestrained printing of fiat currency like the U.S. dollar.

America is going through hard times and facing a possible economic collapse. There’s also the supply chain crisis, which may have already affected your stockpile.

If you’re worried about hyperinflation, prep ahead so you don’t have to worry about the skyrocketing prices of necessary goods like food and fuel. Use the money you save on other essentials like bills and prepping projects.

Here are 13 ways to prepare your family for hyperinflation:

Look for new ways to earn extra money

If you want to make extra money, try setting up a side business like selling extra produce from your home garden.

Here are some ways to earn extra money for your prepping needs:

• Grow edible flowers in your home garden and sell them to food stores or local restaurants.
• Grow and sell medicinal plants.
• Propagate and sell seedlings to gardeners.
• Start your own organic market and sell produce from your home garden.
• Sell fresh eggs (chicken, duck or quail).

If you’re good at arts and crafts or cooking and home canning, make and sell some of the following products:

• Handmade scarves, hats, mittens, socks, quilts or baby blankets
• Herbal bath salts
• Herbal salves and tinctures
• Fresh-cut flower bouquets
• Homemade bread
• Homemade jelly or jam
• Homemade pies and cookies
• Homemade jerky or fruit leather
• Potted flowers and hanging baskets
• Veggie starter plants
• Flower seed bombs
• Handmade soap or lotion
• Fresh or canned salsa or barbecue sauce

Settle all debts

Pay off any debt with an adjustable interest rate as quickly as you can. If you have unsecured credit card debt, it is vulnerable to increased interest rates. That can spell trouble during financially difficult times. (Related: Surviving economic collapse: How to prepare for hyperinflation.)

Refinance your mortgage

Take advantage of interest rates since they are at historic lows and consider refinancing your mortgage. If your mortgage rate is already low and fixed, focus debt repayment on anything with an adjustable rate.

Build your supply stockpile before SHTF

The price of food always increases during hyperinflation so prep your stockpile while store prices are still reasonable. Buy extra cans of food and household supplies so when prices increase, you’ll have extra supplies in your stockpile.

Buy multi-purpose, versatile supplies like baking soda, bleach and vinegar.

Cut back on restaurant spending

If you like treating your family to occasional restaurant meals, cut back on restaurant spending to save money. Instead of dining out, learn how to cook your family’s favorite dishes at home.

Find sustainable sources of food and water

If you plan on bugging in or staying at home when SHTF, look for sustainable sources of food and water on your property.

Look for a nearby source of water and start setting up a home garden if you don’t already have one. Starting a home garden ensures that you have plenty of vegetables and fruit-bearing trees. Use these resources to feed your family.

Buy used goods instead of new products

Avoid buying new when you can find similar items that are used but still in good condition. Search stores or classified advertisements and online stores for second-hand products.

Keep electricity consumption at a minimum

If electricity prices are too much during hyperinflation, make sure that you keep electricity consumption at a minimum. Learn how to hand-wash clothes and dry them using a clothesline instead of a dryer.

Spend less on transportation

When gasoline prices soar because of hyperinflation, you can walk or ride a bike instead of driving to your destination. You can also sell your extra cars to save money on gas, upkeep and insurance.

Improve your home security

Your home is an important investment and improving home security means protecting your hard-earned money. When SHTF and people panic because they weren’t prepared, having a secure home can protect you from looters.

Invest in gold and silver

If you have extra money, invest in gold and silver coins. If you’re a beginner, visit local coin shops and learn how to purchase gold and silver.

During hyperinflation, the dollar will lose its value and precious metals will become more valuable.

Get a passport for all family members

Hyperinflation will affect government operations and you can’t get a passport easily when things get bad.

Prepare before disaster strikes and file the necessary documents to get a passport for every member of your family. You don’t need to be paranoid about hyperinflation, but you should be prepared if you ever have to leave the country when SHTF.

Be positive

According to survival experts, staying positive is key to surviving difficult times.

The future is unknown, but preppers aren’t paranoid. Prepare for likely scenarios and maintain a positive mental attitude so you can care for your family if and when SHTF.

Stock up on supplies, start a home garden and settle all debts to prepare for hyperinflation and other financial crises.

Sources include:

TheSurvivalMom.com

InflationData.com

MoneyMagpie.com

MoneyCrashers.com