There is a real likelyhood that this 'credit crunch' in the US could turn into the real-deal crisis that many have been prediciting. In addition, it is a near certainty that the US$ will continue to depreciate.
Given those two assumptions, these are my recomendations for financial prudence:
1). In the event of a banking crisis, you will not be able to access you money in the bank for some period of time. Keep 4 to 8 weeks worth of expenses in cash in a waterproof/fireproof safe in your home.
2). Have $10K in physical gold for each person living in your household.
3). When people like Greenspan are saying that the US$ could depreciate by 50%, take note. Diversify your savings into a basket of foreign currencies (currency ETF traded like stocks make this easy). This may be the only way to keep your money's purchasing power.
And other more generic ideas:
- have a large vegetable garden in the summer, and can/freeze.
- plant fruit trees in your yard.
- become obsessed with turning out lights in rooms in your house that aren't in use
- try to wait longer in the spring without turning your air conditioner on by installing ceiling fans and table fans in each room.
- either walk or bicycle to run errands when you can, and always try and combine atleat two trips/tasks in one when you drive
- if you have young kids, start a program with other parents where you pass down hand-me-down clothes and toys rather than buying everything new
- become less dependent on premade food items (ie. cook from scratch)
- spend a weekend going to yard sales and thrift stores -- it takes alittle effort but you'll be amazed at what you find
- instead of dropping off your junk at Goodwill, have a yard sale
- get a library card and use it, rather than going to the bookstore (or video store)
- always buy Craftsmen tools and other things with lifetime warrenties (my mother just returned a broken rake and garden hose to Sears, and they replaced them for free because they were Craftsmen).