Section 2: Building Your Financial Foundation
A well-stocked pantry can bring you peace of mind, help you save money, and provide financial stability, allowing you to rely on stored foods during times of financial stress. This can free up more money for urgent needs.
Consider this the third step of your emergency fund/reserves.
1. Have a cash emergency fund.
2. Have a fully funded emergency reserve of at least 3 to 6 months.
3. Have a well-stocked pantry of 1 to 12 months’ worth of food and supplies.
To create a practical, helpful, and resilient, well-stocked pantry:
Divide your pantry into three sections:
(This can help you decide what items to purchase and when to purchase them, helping you buy only the items you will use.)
Working Pantry – This pantry is one everyone will have. It is typically housed in the kitchen and stores the food you use every day or plan to use soon. Most have anywhere from a few days to a few weeks’ worth of food in this pantry.
Extended Pantry – Consider this your personal warehouse/grocery store that contains a stock of the common, every day, shelf-stable items you typically use. This is anywhere from 2 weeks to 12 months’ worth of shelf-stable foods and supplies you can shop from to restock your working pantry before heading to the store.
(Note: This can also be a great money-saving tool as some items will rotate when they go on sale. Stock up when your essentials are on sale, so you can, hopefully, wait for another sale to restock maximizing your savings.)
Long-Term Pantry – This is anything you will store longer than one or two years
Tips:
Be sure to invest before focusing on long-term storage, as your investments are what will help you achieve financial independence. Let your pantry provide peace of mind—but let your investments power your independence.
Focus on having a 9- to 12-month supply of water, food, medications, and essential supplies before considering freeze-dried foods.
Be sure to research how to store these items properly so you will not waste any of your hard-earned money.
For more information, check out https://www.lemmikkiwealth.com/blog/stock-up-pantries
Other Stock-Up Notes
Consider the 3’s:
3 B’s - Essential items to help navigate stressful times.
Beans = Anything food-related with a stable shelf life. (beans, rice, canned goods, water) *Be sure to research how to properly store these items, and don’t forget alternative cooking methods.
Bullets = Anything security-related. (weapons, locks, lights, alarms, batteries)
Band-Aids = Anything medical related. (medications, vitamins, hygiene, alternative heating and cooling)
- And -
3 Metals – Great for bartering.
Gold (God’s money)
Silver (God’s money)
Anything backed by gunpowder (such as ammo)
These are generally not considered an investment but a store of value. You may store these on your own or in a vault. Research what’s best for you. If you plan to store physical metals on hand, it’s suggested to buy silver until you no longer have room to store silver, then start buying gold.
*Refer to the Investing Hierarchy Chart (in Building Your Wealth) to help you decide when investing in precious metals may be right for you.
For more information and tips, please visit the links below:
Stock-up pantry tips: https://www.lemmikkiwealth.com/blog/stock-up-pantries
Other prepping tips: https://www.lemmikkiwealth.com/lessons-of-2020
Printable stock-up lists: https://www.lemmikkiwealth.com/blog/stocking-up-preparing-lists
Precious Metals information and tips: https://www.lemmikkiwealth.com/precious-metals
Please remember, while prepping can help you avoid setbacks from unforeseen circumstances, don’t get stuck on this step as your investments are what will propel you to financial independence.
If prepping or having a well-stocked pantry is important to you, then I suggest starting with a small goal for your working and extended pantry, then go to the Building Your Financial Wealth section and completing at least the first step (ensuring you’re investing at least 15% of your gross income), before coming back to expand your stock-ups.
What are your stock-up goals?
Consider your working pantry, extended pantry, long-term pantry, vitamins and medications, water sources, cleaning and household supplies, automotive parts and supplies, gardening and outdoor supplies, survival and security supplies, precious metals or other assets that can be used for bartering, and/or any other areas of need.
For help on getting started, check out the free printable stock-up lists at https://www.lemmikkiwealth.com/blog/stocking-up-preparing-lists
Use the worksheet below to help you build a practical, helpful, and resilient Well-Stocked Pantry for yourself. Attach this to your Annual Financial Checkup workbook for future reference.
Downloadable Worksheets
Well-Stocked Pantry Worksheet
This worksheet is also included in the Annual Financial Checkup Section 2 bundle.
Section 2 Annual Financial Checkup bundle.
This bundle includes all the worksheets for Section 2, including the WELL-STOCKED PANTRY worksheet, in a single, easy-to-use PDF download.
Additional Resources
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Check out this Printables page for other stock-up templates.
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Check out Lessons of 2020 page for other stock-up tips and ideas.