Low Income Rich Life
Welcome to "Low Income, Rich Life," the podcast that helps you prepare for a secure and fulfilling retirement, even on a limited income. I'm your host, Kevin Bass. Each week, we'll explore practical tips and strategies for getting out of debt, lowering expenses, living a simpler life, and finding true contentment.
Low Income Rich Life
Preparing for the Unexpected: Stockpiling Essentials on a Budget
Imagine being ready for life's curveballs without draining your wallet. That's the promise we explore today as we unravel the secrets to stockpiling essentials on a budget. Through personal stories like managing the saline shortage as a surgical assistant, we delve into the power of preparation. Learn how to gradually accumulate a six-month supply of necessities by simply adding a few extra items during your routine grocery trips. This episode introduces you to our practical stockpile workbook, offers tips for those who'd rather not be bogged down by spreadsheets, and provides creative ways to ensure your pantry is always ready for anything from a natural disaster to a supply chain hiccup.
But that's not all. The journey to financial peace of mind doesn't stop at stockpiling. We tackle the broader topic of maximizing your resources, emphasizing time management as the key to financial success. Join our vibrant community on Facebook to keep the conversation going, and don't forget to check out our website for additional resources and show notes. Whether you're planning for retirement or just starting to think about your future, let's explore how to craft a prosperous and joyful journey without breaking the bank, all while keeping things light and informative.
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Today we're breaking down how to stockpile the essentials on a budget. I'm going to share how you can build up to a six-month supply of necessities without needing a second mortgage. And don't worry, I'll throw in a few laughs along the way to keep things light. Plus, I've got a downloadable resource to help you calculate and track your stockpile, so you know exactly what you have and what you need. Stick around, I promise this one's going to be both fun and super helpful. Need Stick around, I promise this one's going to be both fun and super helpful.
Speaker 1:Welcome to Low Income Rich Life, the podcast that helps you prepare for a secure and fulfilling retirement, even on a limited income. Each week, we will explore practical tips and strategies for getting out of debt, lowering expenses, living a simpler life and finding true contentment, whether you're nearing retirement or just starting to plan. Join us as we navigate the journey to a brighter future. Let's dive in and discover how to make the most of your golden years without breaking the bank. Hey, everyone, welcome back to another episode of Low Income Rich Life.
Speaker 1:Today we're diving into something a little different but super important preparing for the unexpected. Yep, we're talking stockpiling essentials, and no, I don't mean building an underground bunker in your backyard or hoarding toilet paper. I'm looking at you 2020. What I'm talking about is sensible, budget-friendly preparation. Think of it as future-proofing your life. You don't need a six-figure income to be prepared for whatever life throws your way, whether it's a natural disaster, a job loss or, in my case recently, the old saline shortage Yep, the shortage that could have affected my work hours, which was a pretty wild realization. More on that in a bit. Look, life's unpredictable. One minute you're binge watching Netflix, the next you're hunting for bottled water like it's Black Friday. We've all seen what happens when hurricanes or blizzards hit or, in my case, when something as small as a saline shortage due to factory damage from a hurricane messes with your work life. It's those everyday disruptions that remind us how important it is to have a little extra stashed away for a rainy day or a very, very stormy day. So let's talk about why stockpiling even matters in the first place. Now, I'm not suggesting we all turn into doomsday preppers, though I admit I do go through a little phase after watching too many episodes of the Walking Dead, but that's a story for another time.
Speaker 1:Stockpiling isn't just about prepping for the apocalypse. It's about being ready for another time. Stockpiling isn't just about prepping for the apocalypse, it's about being ready for everyday emergencies. If you've been paying attention, you'll know we've had hurricanes recently that left parts of the country with severe shortages in well everything from gas to groceries. Let's take that saline shortage I mentioned earlier. Turns out, a hurricane devastated a major factory and bam, suddenly hospitals are scrambling to get saline, you know like the stuff used for IV drips, and this doesn't just affect hospitals, it trickles down into all kinds of supply chains.
Speaker 1:You may not know this about me, but my day job is a surgical assistant. I work in surgery and we've had to adjust the type of elective surgeries that we can schedule due to this shortage. For me, it could mean fewer hours at work. Now, think about that. A shortage in saline could mess with my paycheck, obviously. This is just one example that affects me personally, but there's so many things that can happen in this crazy world and really none of us have a hundred percent guarantee that our jobs will be there tomorrow.
Speaker 1:I try to stay positive and not be a doomsayer, but being prepared just makes plain good sense. One way we can prepare is to stockpile essentials, and that means you're ready for stuff like this, so you're not left worrying when things go sideways. Remember back in the good old days when the biggest disruption was a surprise snow day? Well, now we've got hurricanes, supply chain breakdowns and toilet paper shortages. I mean, what's next? Are we going to run out of coffee? Oh gosh, I don't even want to think about that.
Speaker 1:Okay, now let's get down to business. How do you start stockpiling without burning through your entire budget? First of all, don't panic. We're not going full-on bunker mode. You don't need to stockpile everything overnight, and you definitely don't need to spend a fortune doing it. The key is to build slowly over time, just like I did with that one Lego set that took me six months to finish.
Speaker 1:First things first, set yourself a budget. Maybe it's $5, $10, or even $20 a week. You don't need to go big, just go consistent. Pick up an extra item here and there when you do your normal grocery shopping. Before you know it, you'll have a decent stash of the essentials. This is where my stockpile workbook can come in handy. It'll help you calculate how much of each item you need in order to have, say, a six-month supply. Then I like to shoot for buying a little extra each time I go to the store, I enter it into my inventory and that way I eventually have a full stockpile.
Speaker 1:Now if you're not an organization nut like I am and don't think a good time is creating or keeping track of spreadsheets, then I have a second suggestion for you. You can still use my stockpile workbook to get an idea of what items you should stockpile, as well as figuring out how much of each item you need. But instead of keeping a meticulous inventory, you can just find a storage spot for that item and create a visual queue that tells you that your inventory is full or low. For instance, above our washer and dryer we have a shelf that will fit six bottles of laundry detergent. When we need a new bottle, we just reach up and grab one and bring it down to the washing machine. Next time I'm at the store, I pick up a new bottle and I stick it to the back of that shelf and pull the older bottles forward. This way, I just buy a new bottle of laundry detergent as I use one, but I always have a six-month supply. This way, I just buy a new bottle of laundry detergent as I use one, but I always have a six-month supply. Oh, and here's a little stockpiling hack for you Sales. You know those buy one, get one free deals or those coupons that you can snag. Use them. Keep an eye out for discounts and watch the weekly ad flyers. You want to stock up when prices are low. Your future self will thank you when you're not paying full price for toilet paper during a panic buying frenzy.
Speaker 1:Next, let's talk about focusing on high-impact essentials. What I mean by this is start with the stuff that's going to make the biggest difference in an emergency. We're talking food, water, meds, hygiene products. You know the basics. Don't go splurging on gourmet popcorn or fancy scented candles just yet, though, hey, no judgment. If you love a good snack while you weather a storm, all right. Let's break down what essentials you should be stockpiling. Remember we're aiming for a six-month supply, but don't let that number freak you out. Start small and build over time Food and water out. Start small and build over time Food and water. Start with food that has a long shelf life, stuff like canned vegetables, beans, rice, pasta and grains. You don't need to live off ramen noodles, I mean. Less ramen noodles is your thing, but think hearty, nutritious stuff that'll keep you full and give you energy. And when it comes to water, here's a pro tip Aim for at least one gallon of water per person per day for three days and then work your way up to more.
Speaker 1:When it comes to medications and hygiene products, stock up on things like over-the-counter meds and first aid supplies if possible. Just make sure you keep track of the expiration dates. As far as prescription meds go, you can ask your doctor to write you a prescription for a 90-day supply if your insurance allows it, and a lot of insurance companies actually prefer that you get 90-day supplies, especially if you do it through a mail order. Now, I personally keep a one-year supply of my prescription meds on hand. I'm on let's see a cholesterol medicine and a couple of blood pressure medications and have been on the same dose for several years. I consult with my doctor regularly about my prescription and make sure that I'm still taking the appropriate dose according to my blood work and labs, but the service I use for getting a year's worth of medication is called Jace Medical. I actually saved a lot of money by buying a year's supply. I was paying roughly $30 per month after my insurance, which was around $360 a year out of pocket, and I was able to get a year's supply through Jace Medical and only paid a little under $170. So I saved almost $200 that first year. It's also convenient not to have to call in my prescription and find time to go by the pharmacy every month. I'll leave a link to Jace Medical in the show notes for you.
Speaker 1:All right, let's not forget the hygiene products Shampoo, soap, toothpaste, deodorant. Trust me, you don't want to run out of deodorant in an emergency. I treat these items the same as the rest. I try to keep six months of each in my stockpile. You can also think about batteries, flashlights, candles and the infamous toilet paper. Again, we all learned this the hard way in 2020. Cleaning supplies are also a must Bleach, sanitizers, that kind of stuff. Oh, and don't forget blankets and cold weather gear if you live somewhere with crazy winters. Now for the pet parents. If you've got fur babies, like I do, don't forget pet food, medications and other essentials for your pets. They got to eat too and, trust me, no one wants a hangry cat during a crisis. Okay, so now that you've got all this stuff, where do you put it? I'm glad you asked.
Speaker 1:Organizing your stockpile is key to making sure nothing goes to waste. First off, use shelves, bins or storage containers to keep everything neat and easy to access. Label stuff with expiration dates so you can keep track of what needs to be used first. First in and first out. That's the golden rule of stockpiling right. When you buy new stuff, rotate it so the older items get used up first. You'll be surprised how quickly things get used up. So keep a close eye on what needs replacing.
Speaker 1:Now one thing I want to touch on is stockpiling without waste. It can be tempting to go overboard, but remember you don't want your stockpile to turn into a landfill. Be practical about what your family actually uses. I know that there's a trend among preppers to stockpile stuff like freeze-dried foods and expensive specially prepared food. I personally do not believe in that. I mean, I guess if you have the money to burn and can afford it, then go ahead, knock yourself out. But I have a hard enough time just buying regular groceries to eat day-to-day without paying a premium for something that has been marketed for preppers.
Speaker 1:I feel like you should simply buy the things that your family already eats on a day-to-day basis. For example, I checked pricing on Walmartcom for some freeze-dried food in the pre-packed buckets and found the prices were between $0.75 and $3 per ounce. You can easily buy rice and beans for around $0.05 an ounce. Canned green beans are an amazing $0.04 an ounce. And here's a trick I use I incorporate the stuff that I'm stockpiling into my regular meals. That way, nothing goes bad and you get used to having a little extra on hand. Plus, it keeps your stockpile fresh and ready for when you really need it. I mean, my family eats green beans and rice all the time. I can't say that I've ever had any freeze-dried savory stroganoff. I guess it might be really good, but not at $3 an ounce.
Speaker 1:Now for those of you looking to go a little further. Maybe you want to prep for bigger disruptions like natural disasters or long-term supply shortages. Let's talk about what that looks like. Think about picking up extra gear like solar chargers, water filters or emergency radios. And hey, a portable phone charger isn't a bad idea either. I know I get anxious when my phone battery dips below 20%. All right, folks, let's wrap this up.
Speaker 1:The key takeaway here is this Start small, focus on the essentials and build your stockpile over time. It doesn't matter whether you're financially comfortable or on a low income. Everyone can start preparing for life's unexpected moments. And don't forget, I've put together a handy spreadsheet to help you track your stockpile and calculate what you need. You can download it for free and the link should be in the show notes on this episode Next week. We're talking about how to stick to your financial goals even when life gets in the way. So hit that subscribe button if you haven't already, and I'll see you next time. And I'll see you next time.
Speaker 1:Thank you for joining us on this episode of Low Income Rich Life. I hope you found today's tips and strategies helpful. If you enjoyed the show, please subscribe, rate and leave us a review on your favorite podcast platform. Your feedback helps us reach more listeners and improve the content we bring to you. Don't forget to visit our website at lowincomerichlifecom for additional resources, show notes and links to everything we discussed today. You can also join the conversation in our Facebook group at facebookcom slash group slash lowincomerichlife. Remember, a truly rich life is not about how you spend your money, but how you spend your time. I'm Kevin Bass, wishing you a prosperous and joyful retirement journey. Stay well and stay inspired.
