Prepare as you might for a potentially damaging storm. Store some water. You can buy water, or simply fill a few large containers on December 31. Have flashlights and fresh batteries on hand. Have candles and matches on hand.
Oil lamps are inexpensive and give off a lot of light.
Fill your cars with gas. If you have a fireplace or wood stove, be sure you have a good supply of dry wood. Fill prescriptions during the last week of December, so you have at least a 2-week supply. If your power goes out, refrigerated and frozen foods are at risk. Put off stocking your freezer until after the new year.