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View Full Version : Money Matters and Prepping



The Stig
05-05-2011, 06:13 PM
There are two ways to go about prepping.

1) Spend $4,593,087.37 out of your checking account to buy everything you'll ever need all in one gigantic shopping spree.

2) What the rest of us do. Buy a little here and there.


Debt: Debt is a huge cancer that eats up money that can otherwise be funneled into prepping. There are a million resources for getting your finances in order. If you have out-of-control debt focus on getting rid of it as a priority over pepping.

Start small: Don't try to buy everything in big hunks. Just buy a little here and there. Especially if you are buying something in bulk or is a big ticket item. Best to ease into it, realize you don't like it/it's not right for you and then drive on. Much better than investing a couple hundred bucks into a pail of dehydrated squash only to find out you can't stand the taste of it.

Re-use items around the house: Got an old backpack from high-school that's been collecting dust? Instant BOB that costs you $0.00. Much better than the $300 super-duper mega bag that you aren't even sure is right for you.

Resist impulse buys: This is a lesson I have to learn over and over and over and over again. I'm just impulsive and I rush into cool looking gear without really thinking it though or doing my homework. The result? A ton of wasted money and a pile of gear that either ends up in the trash, given away or just rotting in the garage.

Coupons: Hokey? Yes. A lot of work to really save money? Yes. Worth it.....definitely. Mrs. Stig saves us at least $100 per month on various items. That's another $100 that goes into our prep account.

Anyway....just some random thoughts. Other thoughts/ideas about day-to-day money issues and prepping?

RedJohn
05-05-2011, 07:12 PM
Random thoughts? I guess not. These are well-thought thoughts (pfff, that's a mouthful)

bacpacker
05-06-2011, 12:23 AM
Good post and solid info.
One of the things I'm trying to do is perform as many task around the house as possible to save money and gain/improve my skill set. We also are attempting to raise as much of our own food (if the weather will cooperate) garden, fruits, eggs(in the next few months) to offset the rising food cost. We do the coupon thing too. Some times we have great savings sometimes not so much.
Excellent point on watching out for the impulse buy's, that has gotten me into debt quicker than anything.
One last thing I would bring up, keep your eyes open and look for sales on needed items, whether disp soap, beans or bullets. In these times you gotta save eerywhere you can.

cwconnertx
05-08-2011, 04:25 AM
Resist impulse buys: This is a lesson I have to learn over and over and over and over again. I'm just impulsive and I rush into cool looking gear without really thinking it though or doing my homework. The result? A ton of wasted money and a pile of gear that either ends up in the trash, given away or just rotting in the garage.


I am terrible at this. Much of it is just fine, but money that would be better spent elsewhere.

jmrdrgz
06-12-2011, 08:01 PM
Talk about impulse buying. The only thing that saves me is being cheap. Almost spent over $1k in ammo today online. Aafter doing a quick inventory, I decided to hold off.

bacpacker
06-12-2011, 09:46 PM
Talk about impulse buying. The only thing that saves me is being cheap. Almost spent over $1k in ammo today online. Aafter doing a quick inventory, I decided to hold off.

A man has to know when to say when! :)

The Stig
06-13-2011, 02:11 PM
Talk about impulse buying. The only thing that saves me is being cheap. Almost spent over $1k in ammo today online. Aafter doing a quick inventory, I decided to hold off.

I have found myself doing that at least a little more often lately. The website shopping cart will have the next coolest whizbang gizmo that I can't live without. Then I check my existing stock of gear and realize I have something very close to the item that can be re-purposed, or I just flat don't need the item.

Doesn't happen every time (it's hard to be a GearWhore) but I have gotten a fraction of a smidgeon better.

LUNCHBOX
06-13-2011, 10:23 PM
I like the new gizmos also but I have learned that is I have something that I use alot and like it then I won't second guess myself or replace that item.

AlphaTea
06-16-2011, 09:21 AM
I know what you mean about coupons
I bought something on Sportsmansguide.com and used a coupon that gave me $5 off shipping AND a $25 gift cart.
So, I am just about done building a 9mm AR15 and decided I need to get optics for it. I decided on a Strikefire for this build.
Here is where it gets cool.
Payment Information:
Merchandise Total: $134.97
Shipping and Handling: $15.49
Package Protection: $0.99
Coupon -$5.00
Gift Certificate -$25.00
Grand Total: $121.45
I used the another "$5 of shipping plus get a $25 gift card" code I found online, so I still have another $25 coming!

piranha2
06-16-2011, 11:44 PM
Impulse buys are a bit of a problem for me. Gotta control that.

mitunnelrat
11-25-2011, 05:46 AM
Debt: Debt is a huge cancer that eats up money that can otherwise be funneled into prepping. There are a million resources for getting your finances in order. If you have out-of-control debt focus on getting rid of it as a priority over pepping.

Ok, confession time, and this is not coming easy. I've been back and forth on posting this for hours now because I view it as a stain on my character and a strike against my credibility, but, in short, The Stig is spot on and absolutely right about this. Current experience is telling me I should have been "reading and heeding" back when he posted it, and not thinking my own approach was better.

It wasn't.

The circumstances of my debt piling up are pretty common experiences (some of it being within my control, some of it not), so I won't belabor those, but will say the bulk of it is almost 10 years old now. The idea that it gets written off and dropped is a myth. Your original creditors will write it off, but only after selling/ passing it to collection agencies. My own debts have been transferred more than I could keep track of.

Between then and now I've made poor money, received unemployment, made crap wages again, and finally started making a decent wage for my area. For a long time I was just happy to pay my monthly bills and have enough left over for beer and skittles. When I first read this though, I felt I was finally able to realistically look at paying my debt off, and resolved to do it without filing bankruptcy (much recommended by my family) - all while balancing retirement savings and making prep expenditures. I seemed to be doing quite well at it too, to the point I financed a car 7 months before when prompted to by the woman then in my life . I won't begrudge that, I did need something larger and more reliable, but it all plays in. Anyway, I'm fast learning that I was maintaining an illusion.

Starting to pay those debts and signing a new loan after so many years of inactivity triggered an avalanche. I've had the current crop of collections agencies aggressively pursuing their money. I finally conceded I'm in over my head and called a bankruptcy attorney earlier this week.

Since The Stig's post I've received two judgments. I was able to make payment arrangements on both, and was still comfortable enough to keep my "balanced" approach to my finances going. I'm finding that mindset is another myth. There is nothing balanced when you owe others money. Anyway, the first came in, and just as I paid it off I got notice of the second. I made payment arrangements with them, made a payment, went to Joplin, and when I got back I couldn't find the paperwork with the address I needed to remit payment to. This gets ugly, but I'll get back to that in a minute. I need to maintain chronology.

That chronology being my decision to end the committed, live-in relationship I was in, and move into my own place. In the process of packing I found the paperwork I needed, but it was already too late. I'm currently saddled with a garnishment and feeling like a total shit bag. The 25% hit on my pay is enough to put a serious pinch on my monthly living expenses. I also got two more notices in the mail this week, each threatening legal action if I don't handle them, and, my car quit running at the start of the garnishment. I'm fast realizing I can't keep up with the demand.

The silver lining so far has been what turned out to be a fortuitous move on my part. I didn't get onto a cooperative farm as I had hoped, but did make it into a farm community instead of a city apartment. That was good. I'm living with my dad, but that's a mutually beneficial, temporary arrangement. He needed another set of hands at his place and it reduced my living expenses vs. maintaining my own place, which I could have done. I've been able to stay afloat due to this, even with everything coming as it is. I'd even venture to say I'm worse off today than I ever was when I was laid off and unemployed.

I couldn't help but think of The Stig's post on this as its happening though, and realized its worth the humiliation of exposing my mess if even one person reads this and can work to avoid it within their own life. Debt is a cancer, and will royally fuck you up if it isn't caught and treated in time. Don't be like me.

Twitchy
11-25-2011, 06:51 AM
Hope your situation works out for you mitunnelrat... Collections agencies are in the same pool of scum that lawyers and politicians belong to... We have dealt with them over minute charges that weren't even linkable to us... Its down right harassment in some cases... I wish you the best of luck to work things out!

mitunnelrat
11-25-2011, 07:09 AM
Thanks. It'll all come out in the wash, but in the mean time its definitely a bitch being wrapped around the wringer!

Really this was a wake up call as much as anything, and a good hard knock to help me swallow my pride. I'll have it all corrected in a year's time and chalk it up as a life lesson then.

Twitchy
11-25-2011, 07:15 AM
Thanks. It'll all come out in the wash, but in the mean time its definitely a bitch being wrapped around the wringer!

Really this was a wake up call as much as anything, and a good hard knock to help me swallow my pride. I'll have it all corrected in a year's time and chalk it up as a life lesson then.
As long as you get out of it on top, that is all that matters!

The Stig
11-25-2011, 11:24 AM
Ok, confession time, and this is not coming easy. I've been back and forth on posting this for hours now because I view it as a stain on my character and a strike against my credibility, but, in short, The Stig is spot on and absolutely right about this. Current experience is telling me I should have been "reading and heeding" back when he posted it, and not thinking my own approach was better.

It wasn't.

The circumstances of my debt piling up are pretty common experiences (some of it being within my control, some of it not), so I won't belabor those, but will say the bulk of it is almost 10 years old now. The idea that it gets written off and dropped is a myth. Your original creditors will write it off, but only after selling/ passing it to collection agencies. My own debts have been transferred more than I could keep track of.

Between then and now I've made poor money, received unemployment, made crap wages again, and finally started making a decent wage for my area. For a long time I was just happy to pay my monthly bills and have enough left over for beer and skittles. When I first read this though, I felt I was finally able to realistically look at paying my debt off, and resolved to do it without filing bankruptcy (much recommended by my family) - all while balancing retirement savings and making prep expenditures. I seemed to be doing quite well at it too, to the point I financed a car 7 months before when prompted to by the woman then in my life . I won't begrudge that, I did need something larger and more reliable, but it all plays in. Anyway, I'm fast learning that I was maintaining an illusion.

Starting to pay those debts and signing a new loan after so many years of inactivity triggered an avalanche. I've had the current crop of collections agencies aggressively pursuing their money. I finally conceded I'm in over my head and called a bankruptcy attorney earlier this week.

Since The Stig's post I've received two judgments. I was able to make payment arrangements on both, and was still comfortable enough to keep my "balanced" approach to my finances going. I'm finding that mindset is another myth. There is nothing balanced when you owe others money. Anyway, the first came in, and just as I paid it off I got notice of the second. I made payment arrangements with them, made a payment, went to Joplin, and when I got back I couldn't find the paperwork with the address I needed to remit payment to. This gets ugly, but I'll get back to that in a minute. I need to maintain chronology.

That chronology being my decision to end the committed, live-in relationship I was in, and move into my own place. In the process of packing I found the paperwork I needed, but it was already too late. I'm currently saddled with a garnishment and feeling like a total shit bag. The 25% hit on my pay is enough to put a serious pinch on my monthly living expenses. I also got two more notices in the mail this week, each threatening legal action if I don't handle them, and, my car quit running at the start of the garnishment. I'm fast realizing I can't keep up with the demand.

The silver lining so far has been what turned out to be a fortuitous move on my part. I didn't get onto a cooperative farm as I had hoped, but did make it into a farm community instead of a city apartment. That was good. I'm living with my dad, but that's a mutually beneficial, temporary arrangement. He needed another set of hands at his place and it reduced my living expenses vs. maintaining my own place, which I could have done. I've been able to stay afloat due to this, even with everything coming as it is. I'd even venture to say I'm worse off today than I ever was when I was laid off and unemployed.

I couldn't help but think of The Stig's post on this as its happening though, and realized its worth the humiliation of exposing my mess if even one person reads this and can work to avoid it within their own life. Debt is a cancer, and will royally fuck you up if it isn't caught and treated in time. Don't be like me.

http://images3.wikia.nocookie.net/__cb20110705203444/glee/images/3/38/Orson-welles-clapping.gif

A real man can say, "hey, I fucked up", put his head down, formulate a plan and drive on. Bravo to you sir to reach the breaking point where you realize more focused efforts are needed to deal with a problem.

I can relate to your situation. I went through the same "tinkering" phase before I got serious and me and Mrs Stig got our debts paid off.

It will take some hard work, involve some frustrating moments and likely leave you exasperated, but I assure you Tunnel, the day you write the check to pay off your last closed out/past due creditor, will be one of the happiest of your life. It will be a sense of accomplishment and freedom I simply can't describe.

Please let us know what your online family can do to help.

Again, bravo for your statement.

mitunnelrat
11-25-2011, 07:24 PM
Thanks.

I tried editing out the whiny, pity party sections from my blackberry early this morning, but it didn't work. I got a little caught up in it when I was writing that, but even with that I come back this last night, and on again today and see that my online family has once again given the one, best thing they can. Encouragement and support.

The rest is just a matter of time and effort.

Thanks Stig.

Evolver
11-26-2011, 12:39 AM
The only thing that I have to add is... Water, Food, Shelter and BBB's (Black Bitches with Bullets) are the musts in life and everything else come second. :) Sorry just had a High Ball... Or two.

ladyhk13
11-26-2011, 01:29 AM
mitunnelrat I do hope that you are able to work through all of these troubles...have you ever read any of Dave Ramsey's books? He is totally awesome when it comes to getting to "Financial Peace" as he puts it. If you go through a bankruptsy or pay everything off, his guidence should be able to help you get to a point where you can become free of debt and get on with your life and future. Good luck and my prayers are with you..take care.

bacpacker
11-26-2011, 01:39 AM
I agree with Lady on using the Dave Ramsey stuff. We are going thru that process right now ourselves. It is so easy to get sucked into the debt deal, and it will swallow you up before you realize it.
Rat it sounds like you have a plan for your life and just need the time to work thru it. Best of luck with everything. I'll be prayin for you!

mitunnelrat
11-26-2011, 01:46 AM
As a matter of fact, I have. I actually own a couple of his books, and just pulled them out of storage a short time ago. About a year ago I was intent on following his plan, tried to convince my ex to get on board with it, and over time they fell by the wayside and I started working on my own approach as I said above. Good call there, lady

I've already stopped payments to my roth and pared my budget down to nothing but absolute necessities for right now, and I've been going through my "stuff" to see what I can sell, which is also helping me clean out my storage unit.

mitunnelrat
11-26-2011, 01:47 AM
Thanks bp!

The Stig
11-26-2011, 07:58 PM
I've been going through my "stuff" to see what I can sell, which is also helping me clean out my storage unit.

I can't say enough for doing that to help turbo charge debt reduction efforts.

Some people poo-poo selling off stuff because they'll "take a loss" but that misses the forest for the trees. Don't give the stuff away but keep in mind that the goal is to stop throwing so much money in the toilet to support the interest on all that debt. Sell it for what you can get out of it and plow that into debt reduction.

For most of us it was the pursuit of "stuff" that lead to much of our debt. It only seems fitting that the selling of that stuff should help dig us out of the hole.

And you'd be surprised how much money you can raise selling off stuff. So far I've financed an Aimpoint 3x magnifier and the better part of a SBR AR build just by selling off stuff that's collecting dust anyway.

Katrina
02-16-2012, 07:17 PM
mitunnelrat,
I hope I can add my 2 cents here. While some may not think highly of IRA's and such I would encourage you to keep adding to the ROTH, it is after tax money and if you need to pull some out it is, depending on how long it's been there, a return of principle and as far as I know no taxes withheld but confirm with your tax person . If you are under 59 and half, yes there will be the 10% penalty but much better than the taxes AND penalty if taking from regular IRA. Even if it is only a couple of dollars a month, you are building a cushion for yourself down the road. Duh hubs and I think of it as a debt/bill to ourselves as part of our debt load.

mitunnelrat
02-17-2012, 04:13 AM
That is a good way to look at it. I'm a huge fan of the roth because its low maintenance. Its still on the back burner for now, but I'll be adding as much as possible to it again later. I still have a 7% deduction coming out pre tax for my pension at work. I'm not counting on that being enough, hence the roth and some other things I'm doing.

If the roth was all I had I'd definitely be putting as much as I could into it. I'd be hard pressed to retire and live well if not. Still may be even now.

Katrina
02-17-2012, 05:55 AM
Good to know you have other things besides the ROTH. Just don't leave adding to it too late, okay? Keep up the good job clearing out the debt. I was able to clear up last of our long term debt(other than mortgage)last year due to an inheritance I received but that doesn't happen everyday. Now that moneyspent on debt retirement is being stashed for home repairs and upgrades in the future.

mitunnelrat
02-19-2012, 05:12 PM
Awesome! That has to be a liberating feeling! And I won't wait too long. Its one of the most important preps a person can make I think.

Katrina
02-20-2012, 03:45 AM
Yes it is a great feeling. Now I can concentrate on improving the house and adding to my preps"