There are hundreds of tips on how to be a survivalist; however, what is a prepper’s stance on money? Do they stockpile money around their home or have a secret emergency cash fund? To answer the question, let’s look at the reasons for prepping and what the procedure can teach us about finances.
Prepping basics 101
Preppers actively prepare for emergencies and shortages. They stock their homes with enough reserves to survive on their own. Since the act depends on access to accumulated resources, it’s easy to understand why some question a prepper’s need to have an emergency cash fund on hand.
Do preppers store money in their houses?
While skimming through survivalism blogs, there seems to be a common adage for money. People should deposit the bulk of their money into a credit union or bank. It’s not to say that preppers don’t have other valuables, such as gold or gems, but they prefer to keep their cash under the safeguards of a financial institution.
Another rule of thumb for preppers is to disburse assets around their property. They never store high-value items in their master bedrooms since it’s the first place thieves look. With that said, how does one prepare? Instead of stockpiling, use the tips below to create an emergency cash fund.
How to Build an Emergency Cash Fund
An emergency fund is money put aside for unforeseen expenses. Situations, such as unscheduled medical expenses or natural disasters, fall under the reasons to have a contingency nest egg.
1. Make a budget and stick to it.
2. Cut unnecessary spending.
3. Set a monthly savings goal.
4. Save your money in an account that yields interest.
Myth or truth: preppers stockpile cash
Whether it’s creating a financial strategy or survivalism, an emergency cash fund is essential in any form of preparation. Yes, preppers pack bug out bags; however, they don’t stockpile cash. With that said, you won’t find them hoarding paper bills under their mattress, either. If we are to learn anything from the actions of a prepper, it’s to see that all things, including wealth, should have a proper place of storage.