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Wednesday, April 23, 2008

Preparing for tough times

As per Reuter's article, Sam's club has joined Costco stores in limiting the number of bags of rice customers can puchase. It's limiting the number of bags customers can purchase in a single visit to 4. Reason for this limit is because of stocking up on essential food items by consumers who are worried about the global food shortages and rising prices. However, as per some officials, there's no shortage of rice.

On Tuesday, Tim Johnson, president-CEO of California Rice Commission, which represents growers and millers of rice in the state, said: "Bottom line, there is no rice shortage in the United States. We have supplies."

Regardless whether there is shortage of rice or not, one thing is certain that most consumers are feeling the pinch in their purchasing power, thanks to the rising price of gas, healthcare, commodities and so forth. All this is occurring at the same time when the home values and equity values are declining rapidly, dollar remains weak, and the job market and economic conditions are uncertain at best. Talk about perfect storm. However, hopefully things will improve over the course of the time. In the mean time, it's always better to prepare for tough times by having sufficient emergency fund, cutting on unnecessary expenses and so forth - things that should be done even in the best of the times but are more important during the tough times.

For complete article, see:

Reuters: Wal-Mart's Sam's Club limiting rice purchases

posted by Ruby @ 1:10 PM

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