Lastminute.com
Lastminute.com
Good Morning 😃
How was your weekend?
Is it too early to talk about the festive season? Yes/No/Maybe? Today’s newsletter is titled Lastminute.com and it's a slang used for someone who is the last to know something very popular.
Permit me to expand its use to the personal finance space. Are you someone who leaves every personal finance decision to the last minute, especially purchase decisions? In this ember period, you may have a huge cost ahead of you if you do so.
If you read newspapers or watch the news, then you may have come across the world supply chain. No, we are not referring to a physical chain, but it works in the same manner.
Let’s take bread for instance. It gets made by the baker. The baker supplies the store or the hawkers on your street from which you buy the bread. If for some reason the baker does not supply bread on time, that means the store or the hawkers would get it late. That in turn means you get it late.
These chains apply to goods and services across the world. The more complex a product is, the more complex its supply chain. Covid (I'm sure you are tired of hearing the word mentioned, but we can't avoid it) has disrupted supply chains across the world.
Port issues in China, for instance, mean goods that should take a few weeks to land but may be delayed a bit longer. You have a chip shortage across the world which has led to a delay in assembling brand new cars and cell phones.
Gas shortages in China and around Europe (caused by an increase in demand due to a surge in post-pandemic operations and colder weather) means some factories have had to shut down or operate at a limited capacity.
So how does this affect you? The ember season is one filled with lots of spending. Broken supply chains however mean those goods and services will be more expensive than they are now. You also have inflation a bit by then, as higher demand leads to an increase in prices.
If you can afford it, try to pay for items you will need in December right now. It could be your airplane ticket or food items you intend to send back home. Now is the time to put things in place. By December, prices could either double or triple.
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