2020 Potential Economic Collapse

[diamond lil]

Ysverine have both. Won't go wrong and that way you're covered for any eventuality.

[jansman]

Have an account and use the linked card for purchases and DD for regular bills.
Keep a stash of cash to cover any banking issues (some people put a number on it, others just have a few months worth of 'running costs').
Have a second wad of cash for buying the more obvious survival-prepperist gear..... Because there are watchlists
If you decide to hold PM's (Precious Metals) for whatever reason, remember that these are not immediately available for use

If you do keep a lot of cash at home (or PM's), be ready to prove how you came by it or it could be taken off you under anti-money laundering and proceeds of crime legislation.

In the early days of Covid 19, a lot of places shunned cash. Now they will take your hand off for it, because they are on their knees! For the first time ever, I had to use a debit card. Glad to be back to cash. Precious metals and cash *could* be investigated for laundering, but it’s not a bad idea to keep it secure and secret anyway. Problems tend to arise when you try to put a lot of cash INTO the banking system. That’s when awkward questions are asked. When I was paid in readies it was simple to say, “ I get paid in cash.”, but now it’s straight into the bank ( I hate it).My wife still draws pound notes each week for me to load my wallet with. Anything I make in cash, now stays out of the system.

[diamond lil]

Isn't this a fabulous learning curve though? Especially for younger people who have become used to the easy credit/ongoing ways of doing. Shows us all how quickly things can change.
And/or go to custard

[Ysverine]

Isn't this a fabulous learning curve though? Especially for younger people who have become used to the easy credit/ongoing ways of doing.

Well, I think I'm definitely guilty of being in that category, although I have my Luddite moments Only started using contactless recently because of places insisting on it, and I still point blank refuse to get a banking app on my phone.

So if it's looking like we need to be bracing for a collapse, I guess I need to learn pretty sharpish how to shore up some money despite a limited income. I'm reluctant to put much in a savings account in case the DWP get wind of it and come down on me faster than you can say 'PIP reassessment' Are cash/food/PM the only options out there?

[jansman]

Isn't this a fabulous learning curve though? Especially for younger people who have become used to the easy credit/ongoing ways of doing.

Well, I think I'm definitely guilty of being in that category, although I have my Luddite moments Only started using contactless recently because of places insisting on it, and I still point blank refuse to get a banking app on my phone.

So if it's looking like we need to be bracing for a collapse, I guess I need to learn pretty sharpish how to shore up some money despite a limited income. I'm reluctant to put much in a savings account in case the DWP get wind of it and come down on me faster than you can say 'PIP reassessment' Are cash/food/PM the only options out there?

Food is the ultimate‘savings’. You cannot eat ten pound notes or sovereigns. Long term grub, rice , pasta, tins. Ultimately the best investment.

[diamond lil]

Ysverine be very careful about bank accounts yes. All the banks talk to each other and sooner or later everything comes out in the wash. The other thing is that money in the bank isn't really yours - until you get your hot wee paws on it. And if the bank announced a sudden unexpected bank holiday weekend - saying they were updating IT or catching up on Brexit or whatever excuse - then you're stuck in the house with no money. Even power cuts will close down shop tills and card readers - but wave some £££s under their noses and you'll be served.
Plus food as Jansman says. We will always have to eat, whatever happens But only buy food that you know you will eat - don't go mad and grab everything.

[ForgeCorvus]

Well, I think I'm definitely guilty of being in that category, although I have my Luddite moments Only started using contactless recently because of places insisting on it, and I still point blank refuse to get a banking app on my phone.

When I changed banks last time I had to exchange my debit card four times until I got what I wanted from them:
Non-contactless
First name, initial only
No title.

You would of thought that in the day and age of computerised everything it should be an easy job... Not on your nelly

So if it's looking like we need to be bracing for a collapse, I guess I need to learn pretty sharpish how to shore up some money despite a limited income. I'm reluctant to put much in a savings account in case the DWP get wind of it and come down on me faster than you can say 'PIP reassessment' Are cash/food/PM the only options out there?

Have you any skills or interests you could turn into a second income stream?
I know a hand-knitter who used to pay for her student drinking that way.


Closer to topic.
I look through the online catalogues of a local auction house (mainly guns, militaria and sporting goods) and sometimes buy from them. You can find out what sold and for how much (with a little bit of messing around).
The last sale pretty much sold all the air guns (except for a couple of FAC rated ones), most of the 12 bores, all the .410's and all the swords and knives below £100.
The stuff that is left are things like collectables, fancy knives, single shot .22's, uncommon shotgun bores and full bore rifles....... Make of that what you will.

[Tankford]

Food is the ultimate‘savings’. You cannot eat ten pound notes or sovereigns. Long term grub, rice , pasta, tins. Ultimately the best investment.

I am completely with you on this - Banks all have to have the safety net of £75k per-person tucked away, your money won't vanish any longer like it did (Northern Rock for instance) and if we are in a situation where it does all vanish then we are not using money, not using gold, not using silver, we will be trading items and skills.

However, in such a situation, the first month or two, maybe even first year, would be hell on earth. There are a lot of very violent people who would kill to survive and having the ability to vanish and survive whilst they thin each other out I would suggest is always going to be the best solution so enough food and water to do that would always be my number 1.

[itsybitsy]

Isn't this a fabulous learning curve though? Especially for younger people who have become used to the easy credit/ongoing ways of doing.

Well, I think I'm definitely guilty of being in that category, although I have my Luddite moments Only started using contactless recently because of places insisting on it, and I still point blank refuse to get a banking app on my phone.

So if it's looking like we need to be bracing for a collapse, I guess I need to learn pretty sharpish how to shore up some money despite a limited income. I'm reluctant to put much in a savings account in case the DWP get wind of it and come down on me faster than you can say 'PIP reassessment' Are cash/food/PM the only options out there?

Keep your money out of the bank if have even a whiff of a concern about DWP.

[itsybitsy]

Have an account and use the linked card for purchases and DD for regular bills.
Keep a stash of cash to cover any banking issues (some people put a number on it, others just have a few months worth of 'running costs').
Have a second wad of cash for buying the more obvious survival-prepperist gear..... Because there are watchlists
If you decide to hold PM's (Precious Metals) for whatever reason, remember that these are not immediately available for use

If you do keep a lot of cash at home (or PM's), be ready to prove how you came by it or it could be taken off you under anti-money laundering and proceeds of crime legislation.

In the early days of Covid 19, a lot of places shunned cash. Now they will take your hand off for it, because they are on their knees! For the first time ever, I had to use a debit card. Glad to be back to cash. Precious metals and cash *could* be investigated for laundering, but it’s not a bad idea to keep it secure and secret anyway. Problems tend to arise when you try to put a lot of cash INTO the banking system. That’s when awkward questions are asked. When I was paid in readies it was simple to say, “ I get paid in cash.”, but now it’s straight into the bank ( I hate it).My wife still draws pound notes each week for me to load my wallet with. Anything I make in cash, now stays out of the system.

I'm doing the same. Paying for most things in cash then drawing the identical amount back out of the bank. I paid for my recent MOT that way. I was happy, my mechanic was happy, and the bloke who had to do a bit of welding on the sills was also happy. Everyone's a winner.