Financial Preparedness: Prepare for Financially Hard Times

How would one prepare for financially hard times?

1. The breadwinner in the family should make every effort to stay employed and keep earning wages or salaries, profits, and benefits.

2. Try to build tenure or seniority with your employer, and demonstrate both creative and productive skills.

3. Keep knowledge and skills current through continuous upgrading; thus, you can compete with the best and offer the best service or product available in your field. Even family members not employed should do the same. Where possible, everyone should have or work toward a potentially marketable skill or product.

4. Protect yourself during a recession—or times of inflation—by keeping monthly expenditures well under control. It is no time to have any excessive debt or large installment payments. Also, you may not be able to borrow money for major things like houses, farms, or businesses. Wait until money is more available and the interest levels are moderate.

5. Have an emergency cash reserve. The longer or deeper the economic downturn, the greater the need for ready money in such cases as unemployment, reduced income, illness, or injury.

6. As much as possible, get ownership and clear title (or deed) to cars, major appliances, homes, farms, businesses, etc. During a recession or depression, repossession, foreclosure, and garnishment—and the resulting risk of bankruptcy—are more likely since cash demands continue and income may stop. Ownership of your major possessions would provide you with great security.

7. Have an adequate one year’s supply of food and clothing. It takes most families months and even years to build a good supply and learn how to store and rotate it properly. Get started now.

8. Be willing to make significant life-style changes. Economic hardship could force you to sacrifice many comforts and luxuries such as recreation, travel, nonessential clothing, eating out, entertainment, and gifts; can you make some of these changes voluntarily now? Expenditures might have to focus on essentials such as food, housing, utilities, health care, and transportation.

9. Organize your extended families to give help to each generation as needed.

10. Self-reliance is important. Knowing how to make bread, sew clothes, make gifts, toys, and home decorations, paint the house, fix the plumbing, etc., will become increasingly valuable. As much as possible, be able to sustain life. Grow a garden, cultivate fruit trees, keep animals, etc., wherever practical, or have access to these resources.

One of the best defenses against a recession or a depression is owning things like food surpluses (such as grain, sugar, corn, rice, beans, and dried fruits), precious metals and gems, coal and wood, land, etc. They have intrinsic value, demand for them stays high, and they can be used in many ways.

11. Be good friends and neighbors. During hard times, you’ll be exchanging products and services much more.

Source: Ensign, "Questions about Coping Financially: Welfare Services Suggests Some Answers," June 1980. This article was prepared under the direction of the Welfare Services Department by BYU’s Family Resource Management Department, including Dr. Gary Hansen, Dr. Kay Edwards, Dr. Susan Easton, Beth Bastian, and Connie Roberts. '

For many other resources about financial preparedness, click this link: http://preparednessmatters.blogspot.com/search/label/Financial%20Preparedness

Cooking with Basic Food Storage: Gravy, Sauces and Dressings

Gravy, Sauces & Dressings add delicious flavors to meals made from basic food storage and food from your garden. Making sauces from scratch can also save you lots of money as you won't have to rely on prepared food or sauce mixes!



Mormon Gravy

8 T fat or meat dripping

4 C Milk

6 T Flour

Salt and Pepper to taste

Fry the meat and drain off the fat. Use an ample amount of the fat and drippings. Add the flour and brown it slightly. Add the milk and stir until well blended. Season and cook to desired thickness.



Milk Gravy

1 C Powdered Milk mixed with 3 C Water

1 T Margarine

3 Heaping T Flour

1/2 tsp salt

Mix the water and powdered milk together. Add the flour and salt. Cook over medium heat until the gravy is thickened. Add the margarine and stir until smooth. - Ruth Scow



Homemade Gravies



Chicken Gravy

1 1/2 T Butter or Margarine

1 1/2 T chicken bouillon

1/2 tsp. garlic powder

1 1/4 C Water

1/4 C Dried Milk (Instant)

1 tsp onion powder

1/4 tsp turmeric

1 T Flour



Onion Gravy

1/4 C Butter or margarine

1 T Beef Bouillon

2 T Cornstarch

3 C Chopped Onions

2 C Boiling Water

1/4 C Cold Water

Salt and Pepper to Taste



Beef Gravy

1 1/2 T Butter or Margarine

1 Tsp Minced Onion or powder

1 tsp Worcestershire Sauce

1 1/4 C Water

1 1/2 T Beef Bouillon

1 T Flour



Herb Gravy

1 Can Regular Strength Chicken or Beef Broth

3 1/2 to 4 T Flour

1 T Parsley

Pinch of Thyme

Drops of Kitchen Bouquet

1/2 tsp salt

Pepper to taste

1 tsp. chives



Brown the onions if they are used. Add all other ingredients except cornstarch (or flour) and cold water together in a pan. Cook until dissolved. Add the cornstarch (or flour) and water together. Pour them into the gravy base. Continue cooking until thick. Add salt and pepper to taste. - Lorraine Dalton



Basic White Sauce



Prepare Ahead Mix:

1 C Flour

1 C Margarine

4 tsp salt

2 1/2 C Nonfat Dry Milk



Blend ingredients with a fork until resembles a crumbly coarse meal. Store in the refrigerator. To prepare: Blend 1/3 C Mix with 1 C Cold Water or Broth. Add liquid slowly. Heat to boiling, sirring constantly until thick.



White Sauce--thin, medium, thick



Thin

1 T butter

1 T flour

1 C Milk

1/4 tsp salt



Medium

2 T Butter

2 T Flour

1 C Milk

1/4 tsp salt



Thick

3 T Butter

3 T Flour

1 C Milk

1/4 tsp salt



Over low heat, melt butter in sauce pan. Add flour. Blend until smooth. Add milk at once and cook until thick. Stir constantly so it won't burn. Add salt. To make a cheese sauce, add 1/2 C grated cheddar cheese. - Leanne Beal



Cheese Sauce

1/2 C Cheese powder

3 T powdered milk

1 tsp. dried onions

1 1/2 tsp corn starch

1 1/4 tsp salt

1 C Water

Prepare the above recipe, stirring until thickened.



Mayonnaise

1 whole egg

2 tsp sugar

1/4 tsp salt

1 1/2 T Vinegar

dash of pepper

1 C oil

Put all ingredients in the blender, except for 3/4 C of the oil. Blend together well. While blending slowly, add the remaining oil until the mayonnaise is thick. -Connie Gardner



Tomato Sauce

2 C chopped onion

3 cloves garlic

3 T oil

3 1/2 C Bottled Tomatoes

2 small cans tomato paste

2 C water

1 bay leaf

1/2 tsp salt

1/4 tsp pepper

1/4 tsp oregano

1/4 tsp basil

Saute onion and garlic in oil. Add tomatoes, paste, bay leaf, salt and pepper. Simmer 2 hours. Add more water if necessary. Add oregano and basil. Cook another 15 minutes until thick.



Tomato Sauce (from Dried Foods)

1 C Tomato Powder

3 C Water

1/2 tsp salt

1 tsp sugar

1 T oil

1 T margarine powder

1/4 C onion flakes

1/4 tsp garlic powder

1 bay leaf

pepper to taste

Simmer the tomato powder, water, sugar and salt on low heat for 20 minutes. Saute onions in oil and margarine powder until tender. Add onions and remaining ingredients to the tomatoes and simmer another 15 minutes. Stir often, until thick.



Tomato Catsup

1 C Tomato Powder

2 tsp Sugar

1/4 tsp vegetable oil

1/2 tsp salt

1/8 tsp pepper

Dash of onion powder

1 1/2 C Water

Combine all ingredients. Boil, then simmer for 10 minutes until thick.



Sweet and Sour Sauce

2 C pineapple juice

3 T vinegar

1 C Water

1/4 C Honey

1/4 C Tamari

2 or 3 T Corn Starch

1 tsp ginger

1 large tomato, cut in eighths

1 pineapple, cut in chunks (3 C)

1 large green bell pepper, sliced



Put juice and vinegar in a large sauce pan and heat. Add honey, tamari, and ginger. Remove some of the juice, add arrowroot or cornstarch to it. Mix to a smooth paste, then add to sauce. When sauce thickens, add tomato, pineapple, and bell peppers. Cook one minute, remove from heat.* Serve with fried rice, egg rolls or vegetables. *At this time, check your sauce. If it is too sour, add a little more pineapple juice and honey. Yield: 4 cups



Basic Sweet Sauce



Prepare ahead mix:

1/2 C Corn starch

1 C Margarine

4 C Sugar

1/2 tsp salt



Blend until mixture is uniform and crumbly. Store this in a jar in the refrigerator. Label it. Pack the mix as you would brown sugar. Blend 1/3 C mix with 2/3 C cold liquid. Heat to boiling, stirring constantly.



Variations:

Cherry Sauce: Add juice from red sour cherries and water to make 2/3 C. Add 1/2 C red cherries and red food coloring after mixture has thickened (optional: add 1/4 tsp almond extract)

Orange Sauce: Use orange juice to replace the cold liquid

Lemon Sauce: 3 T lemon juice and water to make 2/3 C liquid

Raisin Sauce: Water and 1/4 C raisins

Chocolate Sauce: Milk an 1/2 square of unsweetened chocolate

Pineapple Sauce: Juice from crushed pineapple and water to make 2/3 C. Add 1/2 C Crushed pineapple.

Strawberry Sauce: Add 1/2 C Fresh Strawberries and a few drops of red food coloring.

Barbecue Sauce

4 T Worcestershire sauce

2 T mustard

1 C vinegar

1 C water

1/2 C Sugar

1 C Catsup

4 tsp chili powder

2 tsp accent

4 tsp minced onion

1 tsp seasoned salt

Heat to dissolve all ingredients. Simmer 15 minutes.

Taco Sauce (dried foods)

2 C Tomato Powder

4 C Water

1/4 C Minced Onion

1/2 tsp garlic powder

1 tsp cumin

1 tsp chili powder

1/4 tsp nutmeg

2 T vinegar

1 T brown sugar

dash of salt

1 T salad oil

1/4 tsp. pepper

Combine all ingredients and simmer until done.

French Dressing

1/8 tsp onion powder

1 tsp dry mustard

1/4 c sugar

1/4 c vinegar

1 1/2 tsp salt

1 1/2 tsp paprika

3/4 c vegetable oil

Combine all ingredients and blend until smooth. Chill before serving.

Ranch Dressing

1 T parsley flakes

1/8 tsp. garlic powder

1 C buttermilk or sour cream

2 tsp. minced onion

1/2 tsp salt

1 C mayonnaise

Combine all ingredients in a bowl. Blend until smooth. This can also be used as a dip for vegetables.

Source: Cookin' with Home Storage by Vicki Tate

Cooking with Basic Food Storage: Powdered Milk Snacks

These healthy and easy-to pack-balls can go anywhere from school lunches to soccer practice. They're best really cold and will keep up to a week sealed in a zip top plastic bag stored in the refrigerator.

Crunchy Coconut Balls
1/4 C Cashew (or soy nut or almond) butter
1 T honey
1/2 C Crispy Rice Cereal (like Rice Krispies)
2 T nonfat dry milk
1/2 C Shredded Coconut

Combine cashew butter and honey with fork. Add cereal and dry milk, mashing well with fork. Form 3/4 inch balls and roll in coconut, pressing firmly. Makes 10 balls.

Nutter Butter Nibblers
1/2 C Crushed Fat-free pretzel sticks
1/2 C Mini Chocolate Chips
1/2 C Peanut Butter
1/4 C Nonfat dry milk
1 T honey

Place half the pretzels in medium bowl; add choolate chips, peanut butter, dry milk and honey. Mix well with hands or fork. Form 3/4 inch balls and roll in remaining pretzels. Makes 10 balls.

PBJ Crunchers
1/2 C Peanut Butter
1 C Crispy Rice Cereal (like Rice Krispies)
1/4 C Nonfat Dry Milk
2 T grape jelly

Combine peanut butter, cereal and dry milk in a medium bowl with hands or fork, mashing well. Spread jelly over top of entire mixture and mix in slightly. Form 3/4 inch bals. Makes 12 balls.

Source: Christine Gable, Relish Magazine