Buy Now to Protect Your Purchasing Power?

Inflation, hyperinflation, deflation which one is going to be?

I listen to lots of economic podcasts and the buzzwords are those three words above that all end in tion. No one economist or financial expert agrees which one is going to happen but all of them are in agreement, that it’s time to think about your financial future and if you’ll take a proactive stand against whichever one comes our way.

Lots of people have been saying that food prices are going up, others say prices are the same but content is getting smaller. I’ve heard talk about building supplies going up by as much as 150%. Also think about some of the shortages we’ve seen and the panic buying…toilet rolls, and yesterday I read, it’s ketchup!

What can you do? Here are a few ideas-

Bulk Buying

I’ve always been a fan of buying in bulk especially if it’s something I use often. Things like cans of tomatoes, beans, and vegetables. Buy them in bulk and stock up so if food prices do go up, you’re set for awhile. If you have extra freezer space, stock up on frozen foods too.

Grow Your Own Food

I love to garden so it’s no hardship to plants seeds and vegetable plants. It’s fun, it gets you outside and it’s something the whole family can do. Start small and learn everything you can about growing your own food. You could even plant some fruit trees if you have space.

Think About Future Needs

Is there something you’re thinking about buying in say a year or two from now? Do you think that the cost is going to go higher or lower by then? Keep watching prices and see if you can spot a trend. For example, one financial expert said if gas prices reach a certain threshold then people might start selling their not so great miles per gallon vehicles for bargain prices. I think the key is to observe and watch what happens and be in the know so you can be ahead.