Budgeting For Your Family In The Event of Unexpected Effects of the Current Economy

The news has not covered extensively what China is doing with their currency. As I understand it the China Monetary system is based on exchange rates to the dollar. As recent as last week they closed the banks for a few days or maybe longer to change their currency. The “Yuan” which is China’s currency has had the value against the dollar declining for several months. China has closed over 1200 branch banks because so many people in China bank on line. After the most recent interest hike by the United States the Yuan has continued to decline. Many banks that are still operating in China closed temporarily last week but have not reopened resulting in riots throughout China because of the closings. It is hard to determine if this will have a significant affect on the U.S. dollar, but it is possible that it will. Some banking people have expressed fear at some point the U.S. monetary system will have to change how the dollar is backed or even possibly establish a new currency. If something this drastic occurred, is your family ready to not have a bank for a few days or weeks, not have use of your credit card for a few days or weeks, or possibly have to replace all your credit with a new system which could hurt families monetarily.

Some of our friends have shared the idea that they are stashing cash at home that they would normally put in their bank account so they have a cash supply in event the U.S. banks were to close for a period of teme. . Another rule many people follow,with the gasoline situation questionable, is to never let your vehicle’s fuel level get below half a tank. What if stations were so jammed you could not get to a pump or the stations were running out of fuel at the pump?

With all the nuclear talk by Russia and uncertainty around the world, families need to prepare for the worst. What if the water supply to your home is interrupted for days, do you have drinking water for the family. It is a good idea to buy a number of cases of water or water in gallon of larger containers to make it easier for cooking. Stock up on your favorite canned foods and have a rotation system in your pantry so you are using the oldest items first. Purchase energy bars and nutrition bars that can keep a person alive for several days if they have nothing else but water. The food is expensive but there are companies on line that you can access and order dried pre-prepared food in protective containers for emergency use. The survival food companies have charts that show how long a person would have adequate food with their various options.

Does your family have a supply of dependable flashlights and batteries in the event of extended power outages? If your family was to lose their heat or air conditioning what would your family do. If it is cold weather a family would need warm clothing and possible a place to build a fire outside. That would require a wood or pellet supply. If you live in Arizona and it is 118 degrees where could your family go to escape the heat in the event there was no electricity?

Your family should have several AM FM battery operated radios so they could get warning messages on local station. Several sets of walkie talkies would enable your family to communicate with each other for several miles if you were separated. Arm identification like they have in the hospital is used a lot in crisis situations so people know who they are particularly children.

Set up a family meeting and discuss a lot of these scenarios and set up a plans for your family