17 Ways to Prepare for Hyperinflation
As the prices of gas and groceries rise, there is more concern about hyperinflation. Inflation is considered normal in today’s private central bank economy. It is important to know how inflation affects our economy, the risks of hyperinflation, and how to best prepare for hyperinflation.
What is Hyperinflation?
They say inflation refers to the rising price of goods and services over time. I’ll unpack a little more in just a moment; first… They say the cost of goods and services in the US has risen about 2% every year.
Of course, you and I know these are manipulated numbers when the cost of food is increasing every time you go to the store… and gas prices have increased over $1 per gallon in the past 12 months.
There are conflicting definitions on the definition of hyperinflation. For this post, we’re talking about extreme inflation with prices rising at a very high rate in a very short time.
We are also coming from the position that the cause of inflation is NOT rising prices… it’s an inflated currency supply. When the amount of currency in circulation increases, the value of each dollar decreases.
It’s like pie.
It doesn’t matter if it’s apple, cream, or pizza pie… If there’s a whole pie, and you love pie… well… that’s a good thing. If, however, there is only one piece of pie left, the value of that slice is high. Especially if someone else wants it.
When there is a small supply, the pie is worth more than when there’s an abundance of pie. When there is a small supply of currency, each piece is worth more than when there’s an inflated amount of currency.
Now I’m hungry… and speaking of hunger…
Hyperinflation happens in severe economic depressions or turmoil. It often looks like high unemployment rates, a multitude of bankruptcies, and less economic productivity. When an economy faces a depression, the central bank increases its money supply. The economy then needs to grow with this supply. If they don’t, the cost of creating and selling products and services increases.
Do I need to Prepare?
There are many speculations on if hyperinflation has already started. Hyperinflation is rare. Let’s say you prepare for hyperinflation, and it doesn’t happen. Well, there’s no harm done, and you’re farther ahead than you might have otherwise been. And if it does happen, you will be ready.
At the end of the day, you can’t lose by being prepared.
Ways to Prepare for Hyperinflation
Get self-sufficient now.
During hyperinflation, you might expect food and energy shortages, so act quickly. You must store food, water, gasoline, medication, and supplies for your home. Reduce your reliance on energy by purchasing solar-powered products like manual washers, solar lamps, and solar cookers.
Food Plan
Stock up on food and home items. This will save you money when prices rise. Food prices rise with hyperinflation. Invest in vinegar, bleach, and baking soda. They can be used for many purposes.
Grow Your Own Food
Grow a little more food every day. It takes a long time to build soil and skills for a stable, abundant harvest. A good place to start is by growing tomatoes, or peppers in a pot or microgreens in a tray.
Water
Consider long-term food and water supplies. You’ll need to cultivate, plant fruit trees, and buy land with natural water sources. You can’t exist without food and water. These should be your first steps.
Security and Protection
Empty store shelves, inadequate resources, and overworked police are common challenges in places where hyperinflation is common. It’s only logical to be able to protect your home and family.
Gold & Silver
Visit a coin shop to learn about buying gold and silver. You can make foolish decisions in a panic, and now is not the time to invest in the unknown. As the dollar loses value, precious metals gain value. People who had money in the bank before the collapse wish they had bought gold instead. Here you can learn about precious metals in general.
Medical Preparations
Are you on long-term prescription medication? Your doctor may be able to help you store additional medicine. If you have health insurance, it usually restarts after 25 days. Take advantage of the 5-day buffer and restock as soon as you can. Your doctor may also give you modest doses of medication to help you stock up.
Do you regularly take over-the-counter medicationsPrepare pain relievers, allergy pills, cold and flu cures, or any other medicines you and your family may need. Also, keep enough vitamins on hand.
Prepare to treat minor injuries yourself. Keep a well-stocked first aid kit on hand. Get betadine, nasal spray/rinse (can use diluted betadine water solution to kill viruses), isopropyl alcohol. Quercetin, Vitamin C, Vitamin D, Zinc, Cinchona Bark
Put your health first. Exercise daily and maintain good nutrition. Get adequate rest, sun, and air. Keep up with your medical and dental appointments, and other healthy habits.
Build a collection of important tools
Even basic tools can help you support your family in a bad economy. They will be invaluable in a period of hyperinflation. The best time to collect tools is right now while they are available and affordable. Click here for ideas on which kind of tools you should have on hand >>
Make more money
Learn how to make money as a family. We all should be able to earn extra money. I’ve mentioned it here and here. It’s better to establish a joint venture. a mother helped her kids create a company at their local farmer’s market
Pay Off Debt
Pay off any variable-rate debt as soon as feasible. Unsecured credit card debt, in particular, could see interest rates climb, further reducing a family’s ability to meet basic demands.
Refinance
Consider refinancing your mortgage while rates are at historic lows. If you already have a low mortgage rate that won’t change, pay off variable-rate debt first.
Transportation
Consider strategies to save on transportation. If gas prices skyrocket, you’ll be glad to have a job close by. Save money on petrol, repairs, and insurance by getting rid of a second or third automobile. Make wise car purchases, sales, and purchases.
Buy pre-owned
If you can, avoid buying new stuff. You can find anything you need on Craiglist or eBay. Shops and garage sales also have items. Refuse to pay full price and put the savings elsewhere.
Appliance contingencies
Plan each key appliance in your home with your family. Do you have enough old-fashioned dish-drainers to use if power prices skyrocket? These strategies can help you “off-grid” in the city.
Cook at Home
If you don’t eat out often, it’s simple to save money and learn to cook more at home. This is vital if you ever need to use your food storage.
Passports
Everyone in your family should have a passport as a precaution in case you need to leave the nation. Because hyperinflation hinders the government’s ability to function, this document isn’t available from local government offices.
Breathe
Keep calm. We realize that family, friends, and a good outlook are vital. Experts claim this is the greatest way to survive. If you want to improve, start now!
Wrapping Up
These tips can help you handle the current effects of inflation. They can also help ease your worries of hyperinflation. News on hyperinflation can cause anxiety. Remember that we won’t need to be reliant on nonperishable foods tomorrow. Stay calm, and take these small steps to better handle inflation.
In case you missed it:
Essential Tools For a Bad Economy
Essential Tools For a Bad Economy
