What to stock up on for the 2020 recession
Are you prepared to weather an economic crisis?
Many people may not believe there is a recession coming. Many more people believe that if it does happen they will fair better than most. But, those of us that made it through the last recession know that things were tough. For some, they just had to cut their spending a little. But quite a few lost their jobs and even their houses, I'm not here to offer any financial or real estate advice but I believe stocking up on daily essentials will help most of us when money gets tight.
Articles from the Washington Post and CNBC claim that the risk of a 2020 recession are low. But the Fed and Forbes, as well as several financial experts predict a recession will begin in the next six months.
Simple and inexpensive food items you can store long term
It is difficult to stock up on all daily essentials because shelf life varies from product to product. But most things that we buy every time we go shopping can be stored for a year or more. So, next time you go to the store just pick up a little extra. Here are a few items that should have very long shelf life and having on hand will, if nothing else, provide a little piece of mind when you aren't sure you can afford to buy groceries if your hours get cut or you get laid off.
-Dry or canned beans
-Rice (white rice will have a longer shelf life than brown rice)
-Canned fruits and vegetables
-Soap (Hand soap, laundry and dish detergent)
Just having some simple staple foods can save you money on a shopping trip. Another ten or twenty dollars with each shopping trip now can save you hundreds of dollars when you need it most.
The possibility of the United States reaching the level venezuela is at now is very unlikely. Citizens there report going to the store to find empty shelves. They can't get basic staple foods or bottles of water.
But I would like to point out that grocery stores in the united states operate on a just in time delivery system. The goal is to have the right amount of food and supplies for the right amount of time. Businesses don't want to have a surplus that will spoil on the shelves.
If you look at the stores whenever a natural disaster hits the shelves are empty. People are fighting for food or bottled water. This is because stores are only set up to supply a small percentage of the local population shopping per day.
Whenever something happens to scare people they flock to the store to stock up at the last minute. Frequently the stores in that area are sold out in hours.
Wouldn't it make sense to stock up slowly and have a surplus of non perishable foods at home so that you don't need to rush to the store at the last minute. Even if you are lucky enough to beat everyone to the shelf and get what you need you would inevitably be out quite a bit of money at the last minute.