We already have plans for cutting costs on the homestead to help ride out the declining economy ahead.
Our homestead is mostly off the grid already so saving money is a little bit easier for us. But the points I bring up in this video apply to anyone and can help you cut costs if your income is reduced by the slowing economy.
We already have prepaid cell phones and no contracts. We did this years ago so we are not tied down to a contract. If we are low on money, we dont pay for a reload. Its that simple. We may get a very cheap dollar store basic prepaid phone if finances get really tight. We do not have a home phone so we do need something for emergency. Smart phone contracts are more expensive than plan calling cards so we may have to dump the smart phone later.
We can also use the internet to stay in contact with family and friends. We have to keep the internet because our business runs online. Most people can cut their internet and TV though to further reduce costs.
We may park our vehicle and remove the insurance to cut a large part of our monthly costs. We are only 7 miles from town so we can use a bicycle to get to town if we need something. And I have plans to rebuild some electric scooters that I have. I want to swap out the lead acid batteries and put in 18650 flashlight batteries to power the bikes.
In emergency, our insurance can be reinstated with a quick phone call.
We will keep some gas on hand for the vehicles though in case we do have to go somewhere in an emergency.
Most families can also cut a major part of their expenses by reducing their electric consumption. Turn off lights when not needed. Cut the microwave, toaster and other power hungry devices. There are many things you can cut or reduce to lower your electric bill each month.
We must keep the grid connection but we do not have to use it. I will most likely add on some more solar panels. We have some broken solar panels that I can work on and get going. This will help us even more.
You can cook on the grill using natural fuel if you are allowed. This depends on where you live and what type of fuel is available.
Look at your monthly bills and see what you can cut out to save money during the hard times.
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