I’m not a financial guru of any sort, just person with limited income trying to survive. You should think both short-term and long term before you make any moves. Try and make both plans fit together for your economic well being as it won’t be a good thing to max out your credit cards on stuff only to have this blow over and you get stuck with a huge debt or some other debacle!
Staying liquid and with physical assets in your “grubby little fist” is a good place to start. Having the physical paper FRNs on hand for your basic needs like gasoline, a gallon of milk and paying some local bills or a small emergency is a good plan. I’d say $50.00- $500.00 in coins and all denominations up to a $50.00 bill but make most of the bills $20.00 and smaller. This paper will be “King” for purchases at stores if electronic banking goes down for any reason. I am going to plan on all electronic transaction coming to a screeching halt at any time for the next 2 weeks. Not a big deal as I usually get cash after my check is deposited which is 3 long days away. Nothing I can do about it if things blowup fast, though I hope to access my CU and direct deposit this week.
Do a walk through and inventory on what you have on hand to see if you are lacking in any area of your preps? This should be bare bones basics not a wish list. Depending on what happens I may have to suspend my 7 year food project for a few weeks and focus on cash on hand. No worries, if it happens it happens and I will adapt. I feel darn confident of my long term preps even if they are not quite as long term as I had hope to make them if this is the “Black Swan event” . If you have anything that you are low on (1-3 months) I would get those items, but other than that I would hold on to my cash and just pay your bills like normal.
Think of this as just another storm warning and do your normal storm prep. Top off the gas tank, make sure you have plenty of cash on hand for the next week or two and if you are low on something you will need in the next week or two buy it. Other than getting out of the TBTF banks and into a Credit Union and using any electronic banking device from credit and debit cards to checks I can’t advise you what you should do because each person’s situation is unique.
If you have been working on your preps and have even a couple of weeks of stuff on hand you can get through the first big panic, stay calm and evaluate logically what your next move should be and what you will do to make the best of it. There could be some great opportunities for buys on stuff you need if people need cash.
Let us see how this thing works out, because fear and panic makes folks do strange things.