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Step 1
Have a back up plan. In this economy it seems like no one's job is stable. Brainstorm ideas of what you would do if your company went out of business tomorrow. Try to save up a reserve so you can get by for a few months if you don't find a job immediately. Update your resume.
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Step 2
Stay calm. Just because you are afraid that we are headed for a depression doesn't mean that you have to be depressed. No one knows how long the recession will last or how bad it will get. Make it a goal to be prepared. Then the fear will subside & you'll be able to enjoy life, even if it's in a different way then you used to enjoy life before the economic collapse.
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Step 3
Build up a food storage. If you coupon you probably hit a lot of buy one get one free sales. Any time it's a canned good look at the expiration date to see how long it will last. This way you'll be prepared for a natural disaster or if the budget gets tight. Try to pick foods that you will actually eat if you need to add them into your diet.
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Step 4
Get out of debt. This can be a daunting task but if you cut expenses you can use the money to go towards credit card balances. You'll be surprised how little amounts of money start to add up over time. The important part is to keep going even if it seems impossible.
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Step 5
Cut costs. See if you can live without cable or with less cell phone minutes. You will be probably be shocked that you have time to read now. There's a lot of places to watch tv online legally & free so you can still catch your favorite shows. This can save you $50-$75 a month. Put all of the savings in an account & after a few months you'll have a nest egg.
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Step 6
Find free entertainment. In the summer check to see if your city offers free concerts in the park. Many cities show old movies on the side of buildings. Adjust to the idea of life being simpler even if you aren't to the point where you have to cut your budget yet.
