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Financial Planning Tip July

July 2021

Fight inflation and go green this summer. Prices are rising throughout the economy. All sorts of products, or critical components, are in short supply, thanks to bottlenecks in the global supply chains and fallout from the pandemic. But while it may be tough to get a new computer from China or build a new house with Canadian lumber, it’s a great time to take advantage of goods that are already here. Instead of thinking Amazon for shopping, think garage sale. Your neighbor’s estate sale is probably a better bet for furniture and household goods – especially if you want them now rather than in six months. While new bicycles are harder to find, that old bike in your garage could be just what your neighbor has been looking for. It’s also a good time to sell a boat or car because re-sale prices are extraordinarily high.

It's been a long time since we’ve experienced much inflation. We’ve been spoiled by sophisticated global supply chains and affordable imports. But there are tried and true ways of beating inflation, like recycling goods that are already here. The War Advertising Council coined a memorable slogan: “Use it up… wear it out… make it do... or do without.” It worked in World War II for keeping prices down and it is still sound advice for beating inflation today.


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