The Church of Jesus Christ of Latter-day Saints put out this pamphlet on food storage a couple years ago:
http://www.providentliving.org/fhs/pdf/WE_FamilyResourcesGuide_International_04008_000.pdf
I think it has some really good info. Start somewhere. Build up your 3 month supply of food you eat regularly. Then get some longer storage items to just keep like wheat, white rice and beans. Those longer storage items will keep for 30 years. It's insurance. But if inflation keeps us and the economy keeps worsening, we may need that insurance sooner than we'd like.
For water we really like our Berkey-- we use it daily, but it's supposed to be good enough to clean water from a stream. www.berkeywater.com